Business Reporter: Transforming the insurance industry
Hong Kong-based Coherent's digital platforms are helping insurers break away from legacy systems
LONDON, April 8, 2021 /PRNewswire/ -- In a video published on Business Reporter, John Brisco, CEO and Co-founder of the insurtech company, Coherent, explains why the insurance industry needs to transform itself and how it can achieve this. Covid-19 has accelerated the need for change amongst insurers, such as forcing face-to-face selling to go online. Additionally, changing consumer trends mean insurers face more individualistic demands from customers which mean that insurance products need to become more modular and capable of customisation.
To do this, insurers need to streamline their processes. These include:
- Product development
- Customer acquisition and engagement
- Sales enablement
- Policy management
All processes benefit substantially from Coherent's innovative suite of platforms, which are powered by Spark – the company's core proprietary logic and rules engine.
Coherent's Spark-powered flagship platform, Coherent Product Factory, turns complex spreadsheets into deployable code within seconds, allowing insurers to push products out to market faster. With Coherent's platforms, marketers can engage with prospects, upsell or cross-sell to existing customers in a timely fashion using social media. Sales teams can also use Coherent's online sales platforms to walk customers through products, model scenarios and deliver instant quotes. Once sold, policies can be managed automatically with integrated communications to enable efficient policy notifications for renewals and claims.
The flexibility of Coherent's platforms mean that they can be deployed together or separately. They can also easily plug into existing insurer systems or third-party platforms through API.
To learn more about how Coherent helps insurers break away from legacy systems, watch the video.
About Business Reporter
Business Reporter is an award-winning supplement published in the Sunday and Daily Telegraph, City AM and online, delivering news and analysis on issues affecting businesses to a global audience. It also hosts conferences, debates, breakfast meetings and exclusive summits.
About Coherent Group
Established in 2018, Coherent Group is a Hong Kong headquartered insurtech company that creates digital platforms that help insurers transform key stages in their business lifecycle including product development, sales, customer acquisition and engagement, and policy management. Coherent employs more than 150 team members across Hong Kong, USA, Japan, Singapore, India, Mainland China, Thailand and the Philippines who are passionate about helping the insurance industry evolve to its full potential. For more information please visit: www.coherent.global
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