Insurity Launches New Spreadsheet API Solution to Enhance Insurance Product Development

August 13, 2024 at 09:57 AM EDT

Insurity Spreadsheet API is set to modernize the insurance industry by offering a rating platform that integrates seamlessly with existing systems, ensuring faster, more efficient product launches

Insurity, the leading provider of cloud-based software and analytics for insurance carriers, brokers, and MGAs, today announced the launch of Insurity Spreadsheet API, a solution designed to help insurance organizations launch new insurance products faster by transforming the business logic in spreadsheets into easy-to-use APIs. This highlights Insurity's commitment to providing innovative solutions that meet the evolving challenges of the insurance market.

Insurity Spreadsheet API, developed in partnership with Coherent, enables insurers to convert complex spreadsheet logic into streamlined, reusable APIs. This notably enhances product deployment speed, cutting the time to launch new products from months to just 30 days or less. Additionally, the product offers an impressive 75x faster runtime, allowing insurers to handle tasks quickly and efficiently.

Insurity Spreadsheet API significantly improves operational efficiency and cost-effectiveness by accelerating time to revenue by transforming spreadsheet workflows into reusable APIs and reduces product development costs by 83% on average. The API streamlines compliance management by centralizing risk governance and version control in a secure, cloud-based location. Additionally, it maximizes business logic management while leveraging advanced cloud performance, supporting multiple version inputs, and enabling historical comparisons. Insurity Spreadsheet API allows for confident strategy validation through user-defined bulk case generation and process visualization with version comparison charts.

“Partnering with Insurity and embedding Coherent software into Insurity’s industry leading insurance platform enables insurance professionals to bring new products to market in an accelerated, cost effective, and innovative manner,” said John Brisco, Coherent Co-Founder and CEO.

"Insurity Spreadsheet API represents a significant leap forward for insurers looking to modernize their operations," said Chris Lafond, Chief Executive Officer at Insurity. "By converting business logic from spreadsheets into APIs, our solution not only accelerates product launches but also reduces development costs by hundreds of thousands of dollars. This integration will drive greater efficiency and agility in day-to-day operations, allowing insurers to stay ahead of the competition."

To learn more about how Insurity’s Spreadsheet API can benefit your organization, please reach out to 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 and with unrivaled industry experience and the industry's 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/