Tokio Marine Kiln (TMK), the specialist and corporate insurance business, announced it has formed a strategic agreement with Australian insurtech firm Evari.
The agreement will allow TMK to access Evari’s digital insurance platform and on-demand products in the Australian market.
Perth-based Evari has developed insurance for SMEs that directly links in to a business’ cloud accounting system and its data. This allows for automatic, “live” adjustments to insurance policies according to changing financial and other information. The platform also offers clients real-time online policy management functions including endorsements, certificates of currency and claims.
Part of the agreement, which includes an investment component, furthers Evari’s plans to build and deploy digital insurances rapidly, especially on-demand products.
“We hear lots about InsurTech and how technology is changing insurance. But we are first and foremost an insurance company that specialises in underwriting risk,” said Tom Hoad, head of Innovation at London-based TMK.
“So when we see young companies who have something that aligns with our expertise then we’re keen to work together,” he added. “This is what makes Evari special. They understand insurance, but they also have a competitive edge and an ability to rapidly build and deploy technology. The two businesses are a natural fit.”
Daniel Fogarty, CEO of Evari, said: “TMK’s underwriting expertise, their global reach and their willingness to collaborate on new products were the main attractions for us when entering in to this agreement. TMK have an enviable track record of building long-term relationships and we are delighted to be able to work together on some exciting new digital initiatives.”
Source: Tokio Marine Kiln (TMK)
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