Insurity has announced a new partnership with Coherent to advance the capabilities of property and casualty (P&C) insurance organisations, enabling them to modernise their systems and streamline operations.
The partnership is driven by the need to address critical challenges in rating and rules externalisation, providing a comprehensive solution that spans the complete workflow for carriers and intermediaries.
By integrating Coherent’s Spark solution with Insurity’s modern product suite, the collaboration facilitates seamless migrations from legacy systems, enhances processing speeds, and significantly reduces operational costs.
Insurity offers a wide range of cloud software solutions tailored for insurance carriers, brokers, and managing general agents (MGAs), focusing on improving efficiency and performance in the insurance industry.
Coherent, on the other hand, stands out with its Spark solution, which transforms business logic in traditional spreadsheets into easy-to-use APIs. This technology allows insurers to launch products faster and manage diverse risks and customisations more effectively.
One of the key benefits of this collaboration is the transformation of insurance operations through the integration of spreadsheet APIs.
This leads to an 89% reduction in time-to-market and development costs, providing a holistic approach to managing carrier and intermediary workflows without the need for third-party development or coding.
Previous deployments of Coherent’s platform have demonstrated substantial benefits, such as a saving of $740,000 from a single deployment and a 75-fold acceleration in runtime.
This partnership is set to empower hundreds of P&C insurers to overcome the challenges of legacy systems and launch new products quickly.
The integration of Coherent’s technology with Insurity’s systems simplifies complexities, reduces deployment times, operational costs, and enhances market responsiveness.
“Coherent is thrilled to partner with Insurity and empower hundreds of P&C insurers to overcome the challenges of legacy systems and launch new products quickly,” said John Brisco, CEO at Coherent. “Our platform’s ability to unlock business logic and seamlessly integrate with Insurity’s systems is just one example of how we simplify complexities for insurers at scale. Together, we’re delivering a powerful solution that reduces deployment times and operational costs and significantly enhances market responsiveness.”
“This partnership with Coherent will help our customers launch products faster by unlocking the business logic in spreadsheets into easy-to-use APIs,” said Sylvester Mathis, Chief Insurance Officer at Insurity. “Coherent’s technology compiles the logic within spreadsheets and generates an API, integrating effortlessly with Insurity’s systems to simplify operations and boost responsiveness in the market.”
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