Coherent: Creating digital platforms that enable insurers to be future-ready
Legacy systems are often mentioned as one of the main factors in holding back the pace of insurance innovation and digital transformation. Insurance companies across the globe are looking for new and effective ways to tackle this challenge, so that they can pick up the pace of innovation. This is where Hong Kong-based Coherent can help.
Coherent helps insurers break through the constraints of legacy systems via a suite of platforms that radically improve efficiency and productivity – all powered by Coherent’s proprietary technology, Spark.
Spark is Coherent’s logic and rules engine that offers API services, data storage and cloud provisioning. It is the underlying technology that powers all of their six platforms, which aim to tackle four key stages of the insurance business; Product Development, Sales Enablement, Customer Acquisition and Engagement, and Policy Management.
- Coherent Product Factory: A no-code solution that makes it easy to create, update and manage your products. Product Factory is a single platform on which you can test, integrate and operationalise complex pricing, product and compensation models.
- Coherent Pulse (Hong Kong market only): A database of medical, life and retirement products, that provides the intelligence to benchmark, price and market your products. Insurers can use insights from Pulse to identify profitable opportunities and develop propositions at competitive price points, so they can get ahead of the competition.
- Coherent Flow: Allows agents to sell remotely with co-browsing, co-editing & video chat functionalities. Build and update application forms easily with no coding required.
- Coherent Explainer: Generates illustrations from mobiles and tablets in a matter of seconds. Whether it be a quick quote, or a complex life product walkthrough, Explainer is the tool agents need to sell effectively and with confidence.
Customer acquisition and engagement
- Coherent Connect: Makes it possible to interact with customers on their favourite social messaging platforms. Send timely, targeted messages to drive customer engagement and retention, and increase customer ROI.
- Coherent Sonic: Automates policy management processes from issuance and billing to collection and claims. It supports any insurance product and enables streamlined, simplified and secure straight-through processing. Generate and manage policies with a simple API call.
All six platforms are already in market and being used by many leading insurers, including Sun Life Hong Kong, AIA Indonesia and 30 more insurers in Hong Kong, Singapore, Indonesia, Mainland China, Japan, the Philippines, Thailand, Brazil and Myanmar.
How it works
All Coherent platforms are powered by Spark, Coherent’s proprietary logic and rules engine. This enables all the platforms to be easily integrated with insurer systems or other third party tools such as social messaging platforms, payment gateways, etc. through simple API calls. Traditionally, this is not feasible for existing legacy systems due to their inflexibility. With containerised deployment and a microservices architecture, Spark platforms run consistently in all operating environments. They’re easy to replicate and scale – platforms can be updated and models re-used without time-consuming development or redeployment.
Spark’s intelligent learning system
Spark is an intelligent learning system: the more data it gathers, the more it reveals hidden relationships between rules. As a result, insurers’ product development, policy management and customer interactions can operate based on richer insights and greater speed. Spark also allows for better user experiences by making use of intuitive user interfaces and simple data visualisations – making it easy for non-technical users to manage its features by using familiar looking tools.
King Leung, Head of Fintech, InvestHK about Coherent:
“Along the process of market expansion, Coherent has also been in close contact with InvestHK in weaving the business network which is needed as well as enhancing the market exposure both in Hong Kong and globally. InvestHK offers free, customised and tailor-made service to assist your business launch in Hong Kong, from planning stage to market expansion. Global Fintech enterprises can leverage Hong Kong’s proven resilience and Fintech opportunities to scale their business and accelerate innovation. There are now more than 600 Fintech companies and start-ups in Hong Kong, including five Fintech related unicorns with business covering Mainland China, Asia and worldwide. It is clear that Hong Kong is the prime choice for Fintech companies to fast-track their next success and scale their business in the region.”
Who is Coherent?
Established in 2018, Coherent is an insurtech company that creates digital platforms to help insurers transform key stages in their business lifecycle, including product development, sales, customer acquisition and engagement, and policy management. Headquartered in Hong Kong, 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.
In November 2020, Coherent raised US$14 million in a Series A funding round led by Cathay Innovation with participation from Franklin Templeton.
“Coherent will empower insurers to unlock the potential to accelerate growth to new levels with our digital platforms and data intelligence engines to help them develop at speed, sell with ease, acquire and engage customers with precision, and automate back office processes.”
John Brisco, CEO and Co-Founder, Coherent.