Insurity, a leading cloud software provider for insurance carriers, brokers, and MGAs, has announced a strategic partnership with Coherent, a platform dedicated to streamlining and accelerating insurance product development.

The partnership will boost the capabilities of property and casualty (P&C) insurance organisations, enabling them to modernise their systems and streamline operations.

Coherent’s Spark solution is central to this partnership. It transforms traditional spreadsheet business logic into easy-to-use APIs, allowing insurers to launch new products more rapidly. When integrated with Insurity’s advanced product suite, this technology facilitates seamless migrations from legacy systems, boosts processing speeds, and reduces operational costs.

Key benefits of the Insurity-Coherent collaboration include:

• Enhanced Operational Efficiency: The integration of spreadsheet APIs transforms insurance operations, significantly reducing time-to-market and development costs.
• Accelerated Product Deployment: Insurers can expect an 89% faster product deployment, thanks to the streamlined processes.
• Cost Savings: Previous deployments of Coherent’s platform have resulted in significant financial benefits, including a $740,000 saving from a single deployment and a 75-fold acceleration in runtime.

By reducing dependency on outdated systems, Insurity and Coherent empower insurers to efficiently manage rating and rules, ensuring product compliance and governance while accelerating the launch of new products. This innovative approach promises to revolutionize the way P&C insurers operate, offering a comprehensive solution for modern insurance product management.

“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.”

Source: Insurity