Evari: CloudStream, the flexible platform for the next generation of insurance
Many insurance systems have trouble meeting evolving business needs because they are built to perform a specific task in a particular way. When using internal platforms, making modifications in code can be time-consuming as developers are needed to do so. Using no/low-code application platforms allows product teams to modify templates and create insurance applications. These applications must often fit within the template bounds though – any adjustments outside these bounds will require developers to build in code, making it time-consuming and expensive.
The Evari CloudStream platform addresses this issue as it is a highly configurable platform, without hardcoded industry logic. Industry-, product-, and customer logic are applied in the second stage via the Evari Configuration layer, using low/no-code builder tools.
Evari’s end-to-end insurance solutions cover product management and distribution (rate/quote/bind, pricing, underwriting etc.) and policy administration (payments, endorsements, renewals, cancellations, claims etc.), across all product types (P&C, Life and Health).
Evari’s Insurance Solutions are built on the innovative Evari CloudStream platform. The Evari CloudStream characteristics:
- Highly flexible: first principles architecture with core business logic abstracted into the ‘Evari Configuration Layer’, not baked into the system.
- Easy integrations: to both modern and legacy systems, internal and external data, and facilitates embedded experiences.
- Rapid implementation: empowers product teams to build (using no/low-code builders).
- Disruptive commercial model: lower project costs and usage-based pricing.
How it works
Evari Insurance Solutions (see Figure 1) are powered by the innovative Evari CloudStream platform (see Figure 2). The Evari CloudStream Platform has four layers, which are used to create the Insurance Solutions:
- The Evari CloudStream platform runs on the ‘Evari Data Backbone’. The platform produces and consumes events in real-time, enabling native features such as live data integration and real-time multi-user collaboration.
- The platform has six ‘Core Platform Services’. These provide the power to run complex digital insurance products and experiences. Evari Insurance Solutions cover end-to-end applications and can be used across all product areas.
- These six services are modified via the ‘Evari Configuration Layer’. Insurance business flows and processes are configured here, and not baked into the core code like traditional systems.
- The platform makes it easy to add smart interfaces and front-end capabilities such as user portals, embedded experiences in third-party sites/apps, APIs, and integrations to modern and legacy systems.
Why did we choose Evari for ITC DIA Europe 2023?
Two of the three founders, Daniel Fogarty, CEO and Robert Jeffery, COO will take the stage at ITC DIA Europe 2023 and talk about how easy it is with Evari to build and iterate any insurance product via any channel, and also add innovative capabilities to the user experience (e.g. real-time data processing, easy integrations with legacy and modern systems).
Evari is Included in FinTech Global InsurTech 100 lists in: 2020, 2021, and 2022 and Winner of Best Global and Best Asia at The Digital Insurer.
Who is Evari?
Evari is a London-based InsurTech revolutionising enterprise IT. Evari CloudStream is a flexible platform that can be used to build modern enterprise applications and has proven to effectively address the insurance industry’s technology challenges.
The company was founded in 2016 by three insurance- and digital experts: Daniel Fogarty (former CEO Zurich Australia & NZ), Robert Jeffery (former Head of Risk in banking), and Brack Norris (serial entrepreneur).
The team built a direct-to-small business MGA (Evari Insure), which was sold in 2021. Evari has a global presence, with headquarters in London, and the majority of staff are situated in the UK and Australia.
Evari serves insurance clients in Europe, USA, and APAC. This includes listed insurance carriers to MGAs.
“We founded Evari with a desire to enable enterprises, particularly insurers, to deliver next-generation digital solutions and innovative products to customers. We believe the best way to achieve this is with a flexible platform to build enterprise applications. We wanted this platform to be easy to use and cost-efficient while delivering innovative technology.”