Insurity Partners with Coherent to Modernize Insurance Product Management

The partnership will enable P&C insurers to accelerate legacy migration, rapidly launch new products, ensure product compliance and governance, and manage rating and rules with spreadsheet logic.

(Image source: Coherent website.)

Insurity (Hartford), a provider of cloud software for insurance carriers, brokers, and MGAs, has announced a partnership with Coherent (New York), a platform designed to simplify and accelerate insurance product development. An Insurity statement characterizes the collaboration as marking a significant step forward in the capability of property/casualty insurance organizations to modernize their systems and streamline their operations.

Sylvester Mathis, Chief Insurance Officer, Insurity.

Coherent’s Spark solution stands out by transforming the business logic in traditional spreadsheets into easy-to-use APIs, allowing insurers to launch products faster, according to the Insurity Statement. Integrated with Insurity’s modern product suite, the solution will facilitate seamless migrations from legacy systems, enhances processing speeds, and significantly reduces costs.

Insurity characterizes the partnership as directly addressing the critical challenge of rating and rules externalization, providing holistic solution that covers the complete workflow for carriers and intermediaries. By reducing dependency on outdated systems, Insurity and Coherent will enable insurers to manage diverse risks and customizations more effectively, the statement says.

Insurity says that the key benefits of its collaboration with Coherent include transforming insurance operations through the integration of spreadsheet APIs, leading to a reduction in time-to-market and development costs. This results in an 89 percent faster product deployment and provides a comprehensive approach to managing carrier and intermediary workflows without needing third-party development or coding, the vendor asserts. Insurity reports that previous deployments of Coherent’s platform have brought considerable benefits to insurers, including a savings of $740,000 from a single deployment and a 75-fold acceleration in runtime.

John Brisco, Co-Founder and CEO, Coherent.

“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,” comments John Brisco, CEO, 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.”

Unlocking Business Logic in Spreadsheets into Easy-to-Use APIs

“This partnership with Coherent will help our customers launch products faster by unlocking the business logic in spreadsheets into easy-to-use APIs,” comments Sylvester Mathis, Chief Insurance Officer, 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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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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