Coherent, which helps insurers build digital-first services, has scored $14m in its Series A funding round.
The investment was led by Cathay Innovation, with contributions also coming from Franklin Templeton.
Coherent provides insurers with the tools to transform their business from product development through to sales and customer engagement. Its Product Factory solution makes it easy to create, update and manage products, and its Flow solution enables companies to create and customise insurance applications.
Its services are currently available in Hong Kong, Singapore, Indonesia, the Philippines, Thailand, China, Japan, Myanmar and Brazil.
The company currently has four offices, with one each located in Hong Kong, Singapore, Shanghai and Manila, with 120 employees spread across these offices. Following the close of the round, the company is looking to grow its technology and actuarial team, as well as open offices in Japan, Thailand and the US.
Coherent CEO John Brisco said, “The insurance sector today has a unique opportunity to accelerate growth to new levels but also face a historic challenge as legacy systems have created a vortex of process pain for insurers which slowed their potential to innovate and harness the vast distribution scale they possess.
“This funding round enables us to boost our teams and empower more insurers to unlock their potential to develop at speed, sell with ease and engage with precision.”
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