Entrepreneurial insurance distribution and investment company, Envest has acquired the award-winning underwriting portfolio of insurtech company, Evari.
Evari was founded in 2016 by former CEO of Zurich General Insurance for Australia and New Zealand Daniel Fogarty, Risk Consultant Robert Jeffery and Tech Entrepreneur Brack Norris to create flexible insurance, that is easy to buy, easy to manage and flexible to customer’s needs.
In 2019 Evari.Insure won Finders’ best insurance innovation category and was a finalist for Best Online Customer Service, and the business has a 4.4 star TrustPilot ranking.
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 so successful, Evari.Tech is now a Software as a Service (SaaS) model with clients in Australia and overseas.
Envest Managing Director Greg Mullins said the acquisition of 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.
“As part of the sale, Envest will also license Evari’s tech platform, for the existing underwriting portfolio as well as for other insurance products.”
Evari founder Daniel Fogarty said 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” Mr 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.”
Evari Tech was named in the DIA's Top 100 Insurtechs to watch in 2021 and in the 2020 Insurtech100 list of 100 of the world’s most innovative InsurTech companies selected by a panel of industry experts and analysts.