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Krassimir is a Senior Consultant at Oxbow PartnersContact Krassimir
August 22, 2020 Krassimir Iankov
Evari is a SaaS platform that lets insurers launch and manage products that are easy to buy and manage, and can flex to changing needs. Founded in 2017, the InsurTech has expanded from Australia to Europe, and the United States with ambitions to grow further.
In addition to offering their SaaS platform to insurers, Evari also uses it to sell small business cover itself in Australia.
A feature which has been widely used during the COVID-19 epidemic is the ability for policyholders to change their coverage depending on their needs throughout the year. When small businesses had to shut down due to public health regulations, one of their top priorities was to preserve cash. Pausing their insurance coverage was one way policy holders were able to do this.
The ability to self-serve and manage policy details digitally is also a benefit. The transition to working away from offices combined with the sharp rise in customer enquiries led to delays in customer service times for many insurers. Evari’s platform has been able to relieve some of the pressure by allowing policy holders to make changes to their policies themselves.
Going forward Evari will continue working with insurers across General, Personal and Life insurance and onboarding more partners to increase its global footprint.
COVID-19 is creating favourable tailwinds for businesses like Evari. Prior to the COVID-19 pandemic, many insurers had embarked on multi-year digital transformation journeys. Omni-channel distribution and support, including self-service, has been a top goal on the roadmap of many insurers. We have argued that Covid-19 will accelerate insurers’ digital transformation and this was a view shared by Microsoft CEO, Satya Nadella, who said on a recent quarterly earnings call that “we’ve seen two years’ worth of digital transformation in two months.”
In another recent blog post, we described how insurance propositions could evolve, with suitability, transparency and certainty being the watchwords. The trend towards a new generation of insurance products has been increasing steadily over the last several years, with companies like By Miles proving there is demand for such products.
Insurers will need to reassess their digital transformation roadmaps as many competitors have accelerated their own transformations. If shortening digitisation timelines becomes a priority, we believe that insurers will increasingly seek help from third parties such as Evari to provide proven solutions.