Insurity Partners with Coherent to Modernize Insurance Product Management and Accelerate Migrations from Legacy Systems for P&C Insurers

June 27, 2024 at 10:00 AM EDT

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 By reducing dependency on outdated systems, Insurity and Coherent enable insurers to manage diverse risks and customizations more effectively.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/