At inari, we are committed to providing our clients with cutting-edge technologies, bringing new features relevant to the needs of the modern insurer. Across all our features and chosen technologies, our teams deep-dives into how users can be more empowered as they navigate through the different systematic steps.

What is 2024 for inari users?

This year, we have laid out plans to enhance our flagship products with functionalities that can supercharge our users´ day-to-day activities.

We will leverage AI-enabled technologies to automate the mapping process for our Bordereaux management tool (Matsuri) and capture and triage submission data in our Workbench solution (Kitsune).

We will also bring innovative functionalities to facilitate digital interactions with collaborative notes, support information-sharing across organizations, and dynamically leverage large datasets for more timely and accurate insights.

The opportunities and challenges the industry faces around enhancing operational processes and systems are critical priorities for inari to help our clients innovate organically.

Reaching wider adoption of AI

Amid all the background noise and hype around AI adoption, it’s worth noting that according to Swiss Re’s predictions, the impact of AI across the value chain has not materialized yet (ref: Benefits and use cases of AI in insurance | Swiss Re). Also, according to a paper from the leading management consulting firm Oliver Wyman found that only 8-14% of US insurers have GenAI in production (ref: How Insurers Can Use Generative Artificial Intelligence) as projects often face various constraints due to Data management, cloud migration, and automation of a broader range of operational processes.

Data insights with clean data through validation

GenAI and Large Language Model (LLM) models have a promising outlook. Obstacles to broader adoption must, nevertheless, be acknowledged and addressed. Those include, among others, data quality issues that require human intervention.

“Neither AI nor humans can be perfect. That’s why we shouldn’t 100% automate decision-making but leave it in the realm of ‘recommended options with confidence indicators and peer review.” said one of the respondents in a survey by TIN insurance network. Among the several ways AI-enabled systems can make more accurate predictions and relevant recommendations is data validation tools, which could relay the output to the user for verification.

Insurance is a highly regulated insurance industry; humans will remain in the loop to confirm the results. Nevertheless, an intuitive, smart, and agile interface that accompanies the users through the process is what the users desire.

Wrapping up

Technological advances in the insurance industry are a carriage with two adjoining horses advancing together: 1) the technology and 2) the users. Vendors in this space must continuously cater to both by adopting emerging technologies and providing easy-to-navigate interfaces that facilitate operational workflows. At inari, our roadmap is designed with our clients’ technology advancement journeys in mind.

As we deliver the 2024-26 Roadmap, technology trends will come and go, but our approach to adopting these emerging technologies will remain the same. We will continually ask, ‘do the tech solutions address the problems we are trying to solve, and how will they create value for our clients?’

We are hugely excited about what 2024 has in store!

Reach out to Ollie Fox – ollie.fox@inari.io for more.

As an established global leader in (re)insurance technology services, this latest senior appointment will further support inari’s ambitious growth strategy, following a successful funding round in September, which raised $5.2 million. Based in Barcelona and founded in 2017, inari provides core insurance policy administration, underwriting dashboard and bordereaux management systems for MGAs, Insurance Carriers, Lloyd’s Syndicates and Reinsurance companies worldwide.

Based in Barcelona, Jonathan will report into Veronique Gob, and will join inari’s Executive Team. He will be instrumental in driving inari’s product strategy and will work with the company’s commercial team  to expand inari’s geographical footprint beyond its current markets.

“After focusing on building our product suite, 2023 has been a turning point for our company, strengthening our shareholder base and Executive Team,” said Veronique Gob, Chief Digital Officer at inari. “Our company is now more than ever better equipped to solidify our position as a top-tier solution for the (re)insurance industry.

“Working alongside a uniquely talented team, Jonathan´s expertise, as well as his deep ties within the market and strategic insights to the clients, will be crucial to helping us further strengthen our product strategy and support our clients in reaching their digital transformation objective. We also know him to be a resourceful leader with strong teamwork and problem-solving skills that embody our values as a company,” Veronique added.

Jonathan brings over 22 years experience in insurance underwriting and portfolio management with roles at Tokio Marine HCC, and AXA Corporate Solutions. Jonathan joins from Tokio Marine, after spending nearly 20 years of service. He was most recently Underwriting Manager – Financial Institutions, based in Spain. 

“I am extremely proud and excited to join inari,” said Jonathan. “I look forward to contributing to this amazing team, delivering innovative solutions to existing as well as future clients, and ultimately growing the business.”

Inari was launched by Frank Perkins with three co-founders Veronique Gob, Jochi Jimenez and Teresa Madariaga, all with significant re/insurance experience in markets such as Lloyd’s as well as US or Continental Europe.

Ends

About inari

Established in 2017 in Barcelona by experienced re/insurance industry professionals, inari has developed leading technology software for the insurance and reinsurance industry. The company provides modern core technology infrastructure for Insurers, Reinsurers, Managing Agents, Managing General Agents (MGAs) and Lloyd’s Syndicates that enables them to increase operational efficiency, improve data insights and streamline connectivity across multiple systems. Inari’s fully managed platforms deliver end-to-end solutions for all insurance and reinsurance risks, as well as provide data-driven insights that help market practitioners better manage their business. 

Inari’s products can be implemented as standalone modular solutions or seamlessly integrated alongside other technology platforms. Inari’s solutions leverage the use of API’s, distributed ledger and cloud-based technologies that enable insurance and reinsurance organisations to concentrate on proactively managing their risks. 

Inari’s clients include major re/insurance industry players, market-leading MGAs, Lloyd’s of London Syndicates and Managing Agencies, based across the US, London, Bermuda, and Asia. 

For more information, please visit www.inari.io.

Media

James Milne, Rein4ce
james.milne@rein4ce.co.uk
+44 7867 484854

The funds raised from this round of financing establishes Barcelona-based inari as a global leader in (re)insurance technology services and will provide further impetus to inari’s longer-term growth strategy, which includes expanding the teams in both Barcelona and London, venturing into new territories expanding its geographical footprint and building more features based on its innovative and best-in-class technology to fit their current (re)insurance customers and new customers’ needs.

Founded in 2017, inari helps its clients operate as next generation insurance and reinsurance organizations both for greenfield operations and long-established companies. The inari client base is worldwide in geography and includes MGAs, Insurance Carriers, Lloyd’s Syndicates and Reinsurance companies in Europe, the Lloyd’s and London markets, US, Asia and Bermuda.

Inari provides core insurance policy administration, underwriting dashboard and bordereaux management systems for MGAs, Insurance Carriers, Lloyd’s Syndicates and Reinsurance companies worldwide. Inari’s platforms are secure, cloud based, natively API enabled, fully managed services. They aim to provide a modern, easy-to-use tool that manages the end-to-end policy lifecycle while handling the ‘heavy lifting’ of day-to-day (re)insurance process management. The platforms provide frictionless interconnectivity and integration with other systems and data sources, which enriches the risk lifecycle experience. Using proprietary technology for data ingestion and capture, it provides users with agile, digital-first underwriting and risk management that has the potential to increase operational efficiency, enhance data accuracy, improve data distribution through the value chain and lower costs.

Three investors were part of this year’s round. The leader, Caixa Capital Risc, the venture capital arm of Spanish holding company CriteriaCaixa, alongside CDTI, a public organisation for technology development in Spain, and a leading industry partner.

“Today’s announcement validates inari’s vision, value and year-on-year track record as part of our mission to revolutionise the (re)insurance industry, establishing inari as a core technology provider that is trusted and valued by the insurance industry and is attracting talent and investors,” said Frank Perkins, Chief Executive Officer at inari. “The funding will support enhancements to our product offering, enable us to add to our team’s insurance industry and technology expertise and to expand globally.

“I am incredibly proud of our team and would like to thank them for what we have achieved together. It is our people’s hard work, resilience, expertise, creativity and innovation that has driven and continues to drive our successes and we are equally thankful to the modern and forward-thinking client base that has supported inari since its beginning.

“I am highly optimistic about what the future holds as we strive to create solutions that are truly transformative and provide world class outcomes for our client’s operational needs,” Mr Perkins added.

Xavier Álvarez, director of Tech Funds at Caixa Capital Risc, said: “inari’s innovative approach to insurance infrastructure has the power to redefine how we perceive risk and resilience in the insurance sector. Our investment signifies our belief in their vision and our commitment to fostering innovation in industries ripe for change. We’re excited to join this journey with Inari to help them grow and revolutionize this critical industry segment.”

Inari was launched by Frank Perkins with three co-founders Veronique Gob, Jochi Jimenez and Teresa Madariaga. These four (re)insurance industry veterans have held executive roles at companies such as Frankona Re, HCC Global Financial Products or ANV. They have long and distinguished experience in markets such as Lloyd’s as well as US or Continental Europe.

Ends

Notes to Editors

About inari

Established in 2017 in Barcelona by experienced re/insurance industry professionals, inari has developed leading technology software for the insurance and reinsurance industry. The company provides modern core technology infrastructure for Insurers, Reinsurers, Managing Agents, Managing General Agents (MGAs) and Lloyd’s Syndicates that enables them to increase operational efficiency, improve data insights and streamline connectivity across multiple systems. Inari’s fully managed platforms deliver end-to-end solutions for all insurance and reinsurance risks, as well as provide data-driven insights that help market practitioners better manage their business. 

Inari’s products can be implemented as standalone modular solutions or seamlessly integrated alongside other technology platforms. Inari’s solutions leverage the use of API’s, distributed ledger and cloud-based technologies that enable insurance and reinsurance organisations to concentrate on proactively managing their risks. 

Inari’s clients include major re/insurance industry players, market-leading MGAs, Lloyd’s of London Syndicates and Managing Agencies, based across the US, London, Bermuda, and Asia. 

For more information, please visit www.inari.io.

About Caixa Capital Risc

Criteria Venture Tech, managed by Caixa Capital Risc, is a multi-stage venture capital fund based in Spain that invests in early and growth SaaS and Deep Tech companies, with a particular focus on DevOps, Infrastructure, Data, Cybersecurity and Insurtech. Caixa Capital Risc currently manages more than 200 million euros and is part of CriteriaCaixa, the largest investment holding in Spain with €25bn in assets. CCR has been investing since 2007 and portfolio companies have gone public or been acquired by blue-chip companies like Apple, Meta, AirBnB, Qiagen, Vente-Privee, Pernod Ricard, Repsol and similar.

Media

James Milne, Rein4ce
james.milne@rein4ce.co.uk
+44 7867 484854

Our CEO, Frank Perkins, will be at the event along with our CDO Veronique Gob, and are looking forward to meeting friends, colleagues and journalists at the event.

Along with them, Mayssam El-Kaii and Ailen Hadji Kovakis from our reinsurance team will be attending and we are looking forward to meeting you all and sharing how inari and our technology can help you managing risk in reinsurance.

Will they see you there?

Thank you for having us! 👏Great job on yet another successful Instech event👏

Tech entrepreneurs, investors and insurance industry incumbents convened at ITC Dia Europe in Barcelona last week to discuss digital transformation and the future of insurance.

The key point of conversation was collaboration. By working together insurance companies and technology experts can evolve products and services quicker, as well as delivering a vastly-improved client experience. Organisations that are creating new partnerships with technology providers are not only demonstrating innovation and creativity, but are also improving efficiency and profitability.

Matsuri: inari’s bordereaux platform 

The conference was an ideal opportunity to share the benefits of one of our most exciting products in a show and tell. We explained how MATSURI cleans data and saves precious time for insurers sending reports to their reinsurers, listing either assets covered, or the actual claims paid – known as bordereaux processing.

Within seconds, MATSURI can ingest thousands of rows of data, fix broken data to avoid insurers making mistakes, and ensure data conforms to a company’s reporting format and complies with regulations.

Matsuri turns bordereaux management from an error-prone manual process to an easy, straightforward and reliable workflow. The system enhances data, providing market practitioners with valuable detailed information so they can focus on what they do best.

The platform was showcased at the ITC Dia Europe conference as an important tool for companies undergoing digital transformation. A recent survey found 79% of insurance carriers are either currently implementing or planning to implement back-office automation solutions in the next two years, and 75% of insurance executives believe that back-office automation is a key driver to business growth.

Exchanging ideas with experts

Inari also took part in a round-table discussion about trends, customer experience and data at the conference. One of the main topics analysed was the complexity of digital change, how change is continuous, and the importance of collaboration between technology providers and insurance carriers.

Digital transformation is at the top of every business agenda as insurance carriers embrace technology faster than ever. But change is not purely driven by technology, it also involves getting people on board, and getting them to change behaviours. No easy task, it was agreed.

The change necessary for digital innovation is a continuous process – more of a journey than a one-off project. The panel agreed that staff should be trained in new processes and their skills updated continuously and consistently for best outcomes.

However, a concern was raised during the discussion: while insurers understand they can use tech and data to add value in their supply chain, getting access and insight from all the data has its challenges and limitations, partly because it is a two-step value approach. First, the business needs to know what they want and second, pass on that information to the technical team.

As a global insurance technology firm that works with global re/insurers, MGAs and Lloyd’s practitioners to perform better and faster, inari recognises the importance of working in partnership with carriers seeking digital transformation, a topic discussed by the round table.

Technology companies, it was agreed, can build successful partnerships with insurance companies on the journey towards digital transformation, which is happening at an unprecedented pace. Tech firms focus on the people – or users – and the technology to allow C-suite executives to focus on business and direction of change.

Collaboration, co-operation, and consensus

Overall, it was such a great and productive conference, having seen old friends, colleagues and partners, and returning with new contacts.

We were inspired by the conference’s thought-provoking themes including climate change; the power of generative AI to transform insurance, and the importance of responsible AI; health and insurance in football with a talk from the director of the Barça Innovation hub at Barça FC; and the next steps towards digital transformation.

We will now work on how can inari help the industry come up with solutions to these issues. What we do know is that change is almost impossible with industry-wide collaboration.

We will now work on how can inari help the industry come up with solutions to these issues. And return to ITC in Vegas at the end of October!

Just like their animal totem🐝, we were buzzing after such a productive day at the MGAA annual conference. The room was busy with new and old faces, and it was lovely to chat with everyone on the future of insurance, where inari fits in and how we can support the evolution of one of the oldest industries.

How the world of insurance plays a crucial part

We listened to a great talk from AXA Partners UK & Ireland‘s CEO, Claudio G. about the value and importance of #insurance.
His first point was to emphasise how we play the role of ‘safety net’ in our communities and how it’s crucial we learn how to communicate better about it.

Claudio also raised the million-pound question: ‘What makes an ideal partner?’
We were all ears at INARI.IO as we’re proud to be part of an #ecosystem. Short answer (from his own granddad!): “Big things take time. There is nothing in the world that is good but doesn’t take time. That’s how relationships grow and get better.”

Finally, he closed with another (perhaps more tangible) question: “Why should the future be a risk?” We all have a role to play to make it safe – and ready to help, support and be there for our customers in times of need!

How tech can come handy if you want to stand-out

Another great panel discussion this afternoon at the Managing General Agents’​ Association focusing on the customer view as explained by industry-leading brokers.

One piece of advice is how MGAs can use technology to differentiate themselves – we couldn’t agree more!

Another piece of advice from the panelists was to migrate to a new ground-breaking technology as it will help stand-out from competitors… we’re here to talk if that rings a bell!

What do you expect to hear when you attend those events? We’re curious to know!

Come see us on Thursday 6th July and learn more about our platforms and how we can help grow your business.

On the morning of 28th June, the inari team will take the floor and show the world a demo of our bordereaux platform, MATSURI. Even wondered how our data ingestion platform can help you get access to the world of clean data and precious time saving? Hear it first hand from our team during our Show & Tell or stop by our stand during the two days.

With already 180 speakers confirmed, expect a pack two-day events, full of showcases, show & tells, networking opportunities and so on…Have a look at the agenda (can you spot us on there?) and tell us you’re not smitten – we dare you!

And guess what? Come to our stand and you might leave with a surprise too!
Let us know if you’re going, we would love to meet you! Follow the link if you haven’t registered yet.

Last week, the inari team, including Oliver Fox, Marion Mazari, Norbert Gimeno and Mayssam El Kaii, participated in the TinTech Blueprint Two Deep Dive Day and met with London market experts to discuss the changes that need to happen in order to embrace a new way of working.  

Blueprint Two sets out the roadmap to digitalise market processes, make them better, faster and cheaper for all participants – as well as improve the client experience and enhance the value that the Lloyd’s and London markets offer. These changes will impact Lloyd’s firms, the Company Market and broker operations. Traditional processes, data absorption and technology architecture will all be transformed – and Inari is here to help the market facilitate changes in processes to assist the adoption of the Blueprint Two programme.

Here are inari’s top five takeaways from the event. 

1. Digital Adoption.

Blueprint Two is more than just ticking boxes to meet a set of requirements – it is a change in mindset. That said, it will require insurance companies, brokers and MGAs to make significant changes that they cannot afford to get wrong. Market participants need to have a clear adoption strategy to comply with the requirements of this initiative. Inari’s technology can help a company seamlessly comply with the Blueprint Two changes.

• The rise and rise of automation.

Automation will be a fundamental aspect of effective Blueprint Two automation. This will be a challenge for many companies in the London market as processes such as algorithmic underwriting are still relatively new concepts in insurance technology. However, there are many productivity tools – many of which are provided by Inari – which can use automation to extract and trigger data. This will give insurers the power to automate the process of taking on risks and allow them to customise their own bespoke rule set and risk appetite.

• Clever data

A key challenge for getting Blueprint Two ready is figuring out how your firm is going to maximise benefit from the ongoing market modernisation process, deliver an operating model that aligns with Blueprint Two and delivers your own strategic ambitions and operational objectives – both now and in the future.

One of the key aspects to modernising the Lloyd’s market is to harness the power of data – unlocking the analytical capabilities of the data being collected is key to a successful adoption. Inari’s expertise in data analytics and management will help market participants create crucial insights and make informed decisions, as well as streamline their processes. 

For the Blueprint Two programme to succeed, it requires the buy-in and adoption of the entire market. We are encouraged by the pace of innovation in technology and the opportunities a modern data-led working environment can offer to the Lloyd’s and London market.

For more information on inari and its blockchain offering, click here https://www.inari.io/.