Asia-based InsurTech Coherent has announced a partnership with US-based Unqork, the enterprise no-code platform, to combine its core insurance logic and rules engine, Spark, with Unqork's enterprise no-code platform to realise faster, more seamless insurance sales and servicing solutions. The combination is expected to empower insurers to accelerate and enhance the development of complex, mission-critical insurance applications.
Insurers and MGAs in around the world are undergoing dramatic digital transformation, in response to significant pressure to deliver better and simpler ways to purchase insurance. These rapidly changing customer expectations require insurers to act fast and innovate to meet their growing needs. The Coherent and Unqork partnership does just that, transforming the insurance technology landscape, so that insurers can create, update and manage applications faster and seamlessly, making it easier to service existing business and for customers to buy new products.
“For many years, the complexity of insurance ratings, illustrations and applications have made them difficult to update, change and manage quickly, due in part, to decades-old legacy systems. This impacts the customer experience of buying insurance as they often find the applications confusing to navigate. Powered by our proprietary logic and rules engine, Spark, we make it simpler, faster and more economically efficient for insurers to manage their logic and their data,” said Coherent co-founder and CEO John Brisco.
With Coherent’s machine learning Spark technology, insurers can manage, change, and test their own insurance logic and rules easily with a simple upload of their Excel-based models, which turns into deployable rating, product recommendation, illustration and underwriting engines in seconds. Using Unqork’s enterprise no-code platform, insurers can then build a workflow around that, accelerating time to market for new customer-facing products that can be sold and serviced more quickly — transforming the new business experience all without writing a single line of code.
Coherent and Unqork have already partnered together to support multiple customers across the US, Japan, LATAM, EMEA and APAC markets and are jointly building global products including products focused on MGAs, agency distribution, digital operations and rapid product launch across markets.