Thursday, June 10, 2021

Coherent and Unqork Partner to Deliver Leading-Edge Insurance Applications, Logic and Services

(Hong Kong/US/Singapore, 10 June 2021) – Coherent, the Asia-based insurtech today announced a  partnership with U.S.-based Unqork, the leading enterprise no-code platform, to combine Coherent’s core insurance logic and rules engine, Spark, with Unqork’s enterprise no-code platform to realize faster, more seamless insurance sales and servicing solutions. This powerful combination will empower insurers to accelerate and enhance the development of complex, mission-critical insurance applications.  

Insurers and MGAs in Asia, the U.S., and globally 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 businesses 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. Coupled with Unqork’s no-code platform, we are providing unparalleled support to insurers looking to revolutionize the current process of insurance sales and service.” said John Brisco, CEO, and Co-founder at Coherent. 

“Legacy, laborious code-based methods have left insurers unable to deliver leading customer experience or effectively support insurance sales and servicing processes.” said Farooq Sheikh, Insurance Go To  Market Lead, Unqork. “By combining Unqork’s no-code platform, including leading-edge customer experience, business workflow and integration capabilities with Coherent’s high-powered machine learning engine, we are transforming the insurance application process -- reducing costs, saving time, and improving outcomes for insurers. This partnership is a critical step in Unqork’s work to digitize and  modernize insurance.” 

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 a 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. 

Through this technical partnership, Coherent will further accelerate the advancement of its game-changing Spark technology into the U.S. market after establishing office locations and teams there earlier in the year, following a recent $14M Series A investment led by Cathay Innovation and Franklin  Templeton. Unqork is rapidly expanding its footprint in Asia, bringing no-code to one of the largest and most advanced customer bases to meet growing demand in the region.  

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