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Coherent, a Hong Kong-based InsurTech provider of digital platforms and data intelligence engines, has undertaken a a partnership with New York-based Unqork, provider of an enterprise no-code platform, to combine Coherent’s core insurance logic and rules engine, Spark, with Unqork’s enterprise no-code platform to realize faster, more seamless insurance sales and servicing solutions, according to a joint statment. The vendors say the combination of their offerings will empower insurers to accelerate and enhance the development of complex, mission-critical insurance applications.
The vendors say that their partnership will address the pressure that insurers and MGAs in Asia, the U.S. and elsewhere are undergoing to achieve dramatic digital transformation and deliver better and simpler ways to purchase insurance. These rapidly-changing customer expectations require insurers to act fast and innovate to meet their growing needs, the vendors’ statement asserts. Coherent and Unqork say partnership addresses that need, transforming the insurance technology landscape, so that insurers can create, update and manage applications faster and seamlessly, making it easier to service existing business and for customers to buy new products.
“For many years the complexity of insurance ratings, illustrations and applications have made them difficult to update, change and manage quickly, due in part, to decades-old legacy systems,” comments John Brisco, CEO and Co-founder, Coherent. “This impacts the customer experience of buying insurance as they often find the applications confusing to navigate.
Coheren’s proprietary logic and rules engine, Spark, makes it simpler, faster and more economically efficient for insurers to manage their logic and their data, according to Brisco. “Coupled with Unqork’s no-code platform, we are providing unparalleled support to insurers looking to revolutionize the current process of insurance sales and service,” he adds.
Partnership a ‘Critical Step’ in Unquork’s Work
“Legacy, laborious code-based methods have left insurers unable to deliver leading customer experience or effectively support insurance sales and servicing processes.” comments Farooq Sheikh, Insurance Go To Market Lead, Unqork. “By combining Unqork’s no-code platform, including leading edge customer experience, business workflow and integration capabilities with Coherent’s high-powered machine learning engine, we are transforming the insurance application process, reducing costs, saving time and improving outcomes for insurers. This partnership is a critical step in Unqork’s work to digitize and modernize insurance.”
With Coherent’s machine-learning Spark technology, insurers can manage, change, and test their own insurance logic and rules easily with a simple upload of their Excel-based models, which turns into deployable rating, product recommendation, illustration and underwriting engines in seconds, the vendors say. Using Unqork’s enterprise no-code platform, insurers can then build a workflow around that, accelerating time to market for new customer-facing products that can be sold and serviced more quickly, transforming the new business experience all without writing a single line of code.
Coherent and Unqork report that they have already partnered to support multiple customers across the U.S., Japan, LATAM, EMEA and APAC markets and are jointly building global products including products focused on MGAs, Agency Distribution, Digital Operations and Rapid Product launch across markets.
Through this technical partnership, Coherent will further accelerate the advancement of its Spark technology into the U.S. market after establishing office locations and teams there earlier in the year, following a recent $14M Series A investment led by Cathay Innovation and Franklin Templeton. Unqork reports that it is rapidly expanding its footprint in Asia, bringing no-code to one of the largest and most advanced customer bases to meet growing demand in the region.