Inari speaks of its Generation IV tech to re/insurers at RVS
Inari started talking publicly about its products six months ago in Bermuda. With several clients there and one in Asia under its belt, it has come to Monte Carlo to speak to European re/insurers.
Inari offers a secure software-as-a-service platform with 360-degree access to a broad variety of datasets and types, providing automated ingestion, processing, and governance. Inari says this allows for bespoke and legacy business processes to be easily integrated.
“We are here to catch up with a number of re/insurance clients and to meet other new clients, to talk about our four re/insurance products,” Inari’s chief commercial officer Alex Pike told Intelligent Insurer.
“We’re here for the entire ecosystem of people who help facilitate reinsurance transactions because we want other people to plug into our platform,” Pike said.
Its two main products are an ‘inwards’ and an ‘outwards’ reinsurance platform.
Pike explained: “Inwards means how re/insurers take all the treaties from an insurer and process them and decide if they’re going to underwrite it. Outwards is looking internally at the treaties and seeing where they have gaps for the outward programme, so retrocession, and how to analyse and manage that.”
A trend that has been a talking point in Monte Carlo, Pike said, is digitisation.
“More attention is being paid to the user experience.” Alex Pike
“Everyone has legacy systems but they don’t always perfectly fit the needs of the clients. So, how do they work with what they currently have? People are also looking at how to automate things.”
The Inari products work in real time, meaning updates are instantaneous.
Inari chief executive officer and chief technology officer Frank Perkins says Inari is of the third generation of InsureTech, is working on the fourth generation and thinking about the fifth.
“The first generation was just a system of record where you can put your data in, try and extract it and run insights. The second one is when you start to have task-specific technologies.
“In this, the third generation, there are truly interconnected operating systems, more attention is being paid to the user experience, and there is more automation of process. The fourth generation is for when machine learning and artificial intelligence are commoditised,” he explained.
“We jumped directly to generation three because, out of the box, our value proposition has always been to have an interconnected ecosystem for a client-friendly platform. It’s in our DNA to do the heavy lifting for customers, giving time back to people to do people tasks and having the system do machine tasks. What we’re doing is generation four already.”
Inari is “scaling up”, having grown its team to 41, from 34 employees in March, and is hiring, he said.
