Envest, an entrepreneurial insurance distribution and investment company, has acquired insurtech Evari's award-winning underwriting portfolio.
In 2016, Evari was founded by Daniel Fogarty, the former chief executive officer of Zurich General Insurance for Australia and New Zealand, along with risk consultant Robert Jeffery and tech entrepreneur Brack Norris. It aims to provide flexible insurance that is easy to buy and manage and can quickly adapt to customers' needs.
Evari Insure developed an innovative approach to online insurance for small businesses, initially as a Lloyd's coverholder. The platform built to sell this insurance has been successful, with Evari Tech now a Software as a Service (SaaS) model with clients in Australia and overseas.
In 2019, Evari took home the Finders' best insurance innovation category and was a finalist for Best Online Customer Service. It also boasts a 4.4-star TrustPilot ranking. Meanwhile, Evari Tech was named in the DIA's top 100 insurtechs to watch in 2021 and the 2020 Insurtech100 list of 100 of the world's most innovative insurtech companies.As part of the acquisition, Envest will license Evari's tech platform for the existing underwriting portfolio and other insurance products.
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Envest managing director Greg Mullins said acquiring the Evari underwriting portfolio by business subsidiary Envest Direct was a win-win for both organisations.
“Evari's underwriting portfolio has an established customer base and opportunities for growth that fits our model of distribution to customers in partnership with big brands,” Mullins said in a statement.
Fogarty commented that he was excited by the acquisition and the opportunities it presented to both businesses.
“We feel like our underwriting portfolio is in good hands with Envest, and we can focus our energy on creating value for insurance businesses in Australia and around the world, with our best in class tech,” Fogarty said. “We have multiple clients in the US and Australia and expect further expansion in these markets, as well as the UK, Europe, and elsewhere.
“The beauty of our platform is that it can and has been used for all types of insurance, and our tech is cloud-based and flexible.”
