Tokio Marine Kiln (TMK), a UK-based specialist insurance business, has signed a strategic agreement with Australian insurtech firm Evari.
The deal will give TMK to access Evari’s digital insurance platform and on-demand products in the Australian market.
The Australian insurtech firm developed an insurance offering for SMEs which directly connects with a business’ cloud accounting system and its data.
This integrates enables automatic ‘live’ adjustments to insurance policies as and when financial and other information change.
The product also offers SMEs real-time online policy management functions including endorsements, certificates of currency and claims.
The agreement includes an investment component, TMK said.
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Evari intends to use the investment to build and deploy digital insurances particularly on-demand products.
TMK head of innovation Tom Hoad said: “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. So when we see young companies who have something that aligns with our expertise then we’re keen to work together. 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.”
Evari CEO Daniel Fogarty 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.”