(Image source: inari homepage.)
inari (Barcelona), a core technology infrastructure provider for the global insurance and reinsurance industry, has raised $5.2 million in funding as part of a seed round led by Caixa Capital Risc (Barcelona), through its Criteria Venture Tech fund.
Frank Perkins, Co-Founder and CEO, inari.
The company says the funds raised from this round of financing establishes inari as a global leader in (re)insurance technology services and will provide further impetus to the company’s longer-term growth strategy, which includes expanding its teams in both Barcelona and London, venturing into new territories expanding its geographical footprint and building more features based on what it characterizes as its innovative and best-in-class technology to fit its current (re)insurance customers and new customers’ needs.
Founded in 2017, inari aims to help clients operate as next-generation insurance and reinsurance organizations both for greenfield operations and long-established companies. The inari client base is global and includes MGAs, insurance carriers, Lloyd’s Syndicates and reinsurance companies in Europe, the Lloyd’s and London markets, the U.S., Asia and Bermuda.
Veronique Gob, Co-Founder and Chief Digital Officer, inari.
inari provides core insurance policy administration, underwriting dashboard and bordereaux management systems using platform the company describes as secure, cloud based, natively API-enabled, fully managed services. The company says it seeks 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, inari says 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.
Jochi Jiménez, Co-Founder and COO, inari.
Three investors were part of the current investment round, including the leader, Caixa Capital Risc, the venture capital arm of Spanish holding company CriteriaCaixa, alongside CDTI, a public organization for technology development in Spain, and a industry partner.
Product Enhancement, Global Expansion
Teresa Madariaga, Co-Founder and Chief Actuarial Officer, inari.
“Today’s announcement validates inari’s vision, value and year-on-year track record as part of our mission to revolutionize 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,” comments Frank Perkins, CEO, 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,” Perkins adds.
Power to Redefine Risk and Resilience in Insurance
Xavier Álvarez, Director, Tech Funds, Caixa Capital Risc.
“inari’s innovative approach to insurance infrastructure has the power to redefine how we perceive risk and resilience in the insurance sector,” Xavier Álvarez, director of Tech Funds, Caixa Capital Risc. “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 Jiménez 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 U.S. and Continental Europe.
Insurance Disruption as a Purpose: MAPFRE Director of Transformation at ITC DIA Europe