Insurity Partners with Coherent to Modernize Insurance Product Management and Accelerate Migrations from Legacy Systems for P&C Insurers
2024年6月27日 - 11:00PM
ビジネスワイヤ(英語)
The partnership between Insurity and Coherent
will enable P&C insurers to rapidly launch new products, ensure
product compliance and governance, and manage rating and rules with
spreadsheet logic
Insurity, the leading provider of cloud software for insurance
carriers, brokers, and MGAs, today announced that it has partnered
with Coherent, a platform that simplifies and accelerates insurance
product development. This collaboration marks a significant step
forward in the capability of P&C insurance organizations to
modernize their systems and streamline their operations.
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. Integrated with
Insurity’s modern product suite, this technology facilitates
seamless migrations from legacy systems, enhances processing
speeds, and significantly reduces costs.
The partnership directly addresses the critical challenge of
rating and rules externalization and provides a holistic solution
that covers the complete workflow for carriers and intermediaries.
By reducing dependency on outdated systems, Insurity and Coherent
enable insurers to manage diverse risks and customizations more
effectively.
Key benefits of this collaboration 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% faster product deployment and provides a
comprehensive approach to managing carrier and intermediary
workflows without needing third-party development or coding.
Previous deployments of Coherent’s platform have brought
considerable benefits to insurers, including a saving of $740,000
from a single deployment and a 75-fold acceleration in runtime.
"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."
To learn more about Insurity’s partnership with Coherent, please
contact Elizabeth.Hutchinson@insurity.com.
About Insurity
Insurity is a leading provider of cloud-based software for
insurance carriers, brokers, and MGAs. Insurity is trusted by 22 of
the top 25 P&C carriers and 7 of the top 10 MGAs in the US and
has over 400 cloud-based deployments. Through its best-in-class
digital platform, unrivaled industry experience, and its most
robust analytics offerings, Insurity is uniquely positioned to
deliver exceptional value, empowering customers to focus on their
core businesses, optimize their operations, and provide superior
policyholder experiences. Insurity is a portfolio company of GI
Partners and TA Associates. For more information, visit
www.insurity.com.
About Coherent
Coherent is a global software-as-a-service (SaaS) company that
helps over 100 of the leading financial services firms, including
top insurers, to transform their business modelling and logic
management. Trillions of dollars in IP value is trapped in legacy
and desktop applications and companies spend billions trying to
pull this into systems as they modernize and transform. Coherent
offers Spark to liberate this business logic and create next
generation, modern services. Spark adds controls, provides
intelligent insights, and accelerates connectivity for this
valuable IP to other applications, to workflows, to audit
readiness. Spark leverages the scalability and security of the
cloud. Use Spark to instantly create requirements, simulate, test,
rate, price, and launch products faster. Modernize your
modernization. Transform your transformation. Cut costs out of your
cost-cutting. For more information, visit:
https://www.coherent.global/
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240627953204/en/
Elizabeth Hutchinson Elizabeth.Hutchinson@insurity.com