Scout InsurTech Interview with Evari

Evari is an insurtech company. They seek to enable insurance providers to digitize their business processes and connect and use data in real time. Chris Luiz sat with CEO and Founder, Daniel Fogarty, to learn more about how Evari is impacting the industry.

Who are your clients?

 

We work with three primary client groups. We serve MGAs, brokers and insurers. 

What does your product do? 

We offer two main products. Our primary product, Evari Cloud Stream, is a fully configurable insurance system, largely focused on property and casualty (P&C) insurance. It’s adaptable, allowing clients to tailor processes, test, launch and scale products and adjust their offerings as needed. We also have Client Connect, a product specifically designed for brokers to help them capture data from their clients and seamlessly integrate it with their systems and the broader market. 

How much capital have you raised? 

We’ve raised capital from private investors and are currently pre-Series A. Additionally, we’ve financed our growth in several ways, including selling our MGA, leveraging government incentives and R&D grants in the UK and Australia and through customer revenue. 

Was the company born from within or outside the industry? 

It’s a blend of both. I previously served as CEO of Zurich in Australia and New Zealand, so I bring a lot of industry insights. Another of our co-founders led risk management at an Australian bank, giving us a unique understanding of the risk side of things. Our tech co-founder was working with SMBs to digitize their processes and was frustrated by the lack of digital integration with the insurance industry. We all came together from distinct perspectives, and we started Evari as an MGA. So, we collectively became part of the industry. 

What growth metrics have you accomplished over the last 12 months? 

Over the past year, we’ve achieved several significant milestones. We signed a long-term platform license agreement with one of the largest UK insurers. We’ve also expanded the number of MGAs using our platform, particularly in Australia and the US. Additionally, we launched our new product for brokers, Client Connect, and are seeing strong interest with it. Finally, we’ve successfully built and refined our fully configurable technology platform, which leverages real-time data—something we’re particularly proud of. 

Within your domain, what is the current challenge that the industry is facing?

The industry is facing a few challenges. One of the biggest is conservatism—many large insurers are slow to innovate due to an ingrained resistance to change. There’s a level of IT protectionism within these companies, where new tech gets sidelined in favor of older, more familiar systems, which stifles innovation. Another issue is customer frustration: consumers are upset by rising prices and shrinking coverage, and they don’t have confidence that the industry will honor claims—even though the industry pays out the vast majority of claims. But unfortunately, it’s those claims that aren’t handled well that stir up the most noise. 

How does Evari take a unique approach to providing value? 

We provide value through two main approaches: system configurability and advanced data handling. Our platform is highly configurable, allowing insurers, MGAs and brokers to tailor processes to their needs—offering them a competitive edge by enabling customization and iteration. Additionally, we’ve integrated event streaming technology throughout our platform, enabling extensive connectivity and use of data in real time. This has many advantages such as facilitating collaboration between underwriters, brokers and clients in ways that feel as seamless as working in a shared live document. 

What inspired you to start this company? 

The inspiration came from a combination of personal and professional experiences. While I was with Zurich, I witnessed firsthand the importance of quick and accurate data during weather-related events. One of our co-founders saw how many businesses were forced into foreclosure due to poor risk management and another was frustrated by the lack of digital solutions in the insurance space as a business owner himself. These experiences led us to create a company that could address industry frustrations by improving the way insurance technology works and the use of data —first starting as an MGA and then pivoting toward providing innovative tech solutions. 

Can you share any goals for the next 12 months? 

For the next year, we have a few key goals lined up. Firstly, we want to increase the number of MGAs using our platform. Secondly, we're focused on growing Client Connect among brokers starting with the Australian market, before expanding to the UK and other regions. Additionally, we’re working hard on securing more insurers as customers in the US, UK and Australia, although the sales cycles tend to be long. Lastly, we want to strengthen and expand our partnerships with consulting firms, SI partners and other insurtech vendors to broaden the reach and integration of our platform.

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