John Brisco, CEO and Co-founder, Coherent
Covid-19 has massively changed the way insurers operate, most likely forever
The pandemic has placed a spotlight on the need for insurance, but it has also raised many systemic issues within the industry that need to be addressed urgently. Social distancing rules mean agents cannot sell insurance to customers face-to-face, and customers’ increasingly individualistic demands mean insurance products need to become more modular and tailor-made in order to meet their needs. Additionally, increased competition such as D2C virtual insurers mean incumbents need to streamline their processes and push propositions out to market faster.
Faster, smarter and simpler with a Coherent ecosystem of platforms
At Coherent, our platforms are developed to help insurers work faster, smarter and simpler across four key stages of the insurance business:
- Product development – Coherent Product Factory is our flagship platform that turns complex Excel pricing models into code in seconds, cutting product development time from months to weeks
- Sales enablement – Coherent Explainer helps agents explain complex products to customers virtually with interactive illustrations, scenario simulations and instant quotes, while Coherent Flow helps agents complete insurance applications remotely through co-browsing, co-editing and e-signature features
- Customer acquisition and engagement – Coherent Connect is the marketer’s solution for timely engagement with prospects and customers via social messaging platforms
- Policy management – our automated policy management platform Coherent Sonic enables straight-through processing, and can be integrated with communications channels through simple API calls for policy notifications such as renewals and claims
Our platforms can be deployed and used independently for immediate results, or they can be experienced as a full ecosystem for more holistic benefits.
Insurance technology with added Spark
All our platforms are powered by our core proprietary technology, Spark, our logic and rules engine that can handle complex logic and run hundreds of thousands of calculations per second on a single processing unit.
Because of Spark, our platforms can run consistently in all operating environments. It’s easy to scale and replicate with Spark, meaning insurers can update and reuse models without time-consuming development and redeployment. Spark is continuously learning as it gathers more data, so you can operate with richer insights and at faster speeds as you keep using our technology and platforms.
Spark also enables our platforms to integrate easily with any insurer or third-party system through API, making it easy for insurers to migrate from legacy systems at a pace they’re comfortable with.
Working with insurers around the world
In light of Covid, we helped AIA Indonesia create its first end-to-end digital journey by leveraging Coherent Connect to deliver its “Buy One Love One” campaign, where customers can purchase life insurance and protect their loved ones for free, with policy information sent back to them via WhatsApp.
As people become more conscious about saving for a rainy day, we helped Sun Life Hong Kong roll out its online retirement calculator and journey planner to educate people on the importance of saving and investing early, using Coherent Explainer.
The pandemic has clearly become a catalyst that has prompted insurers to transform their business for the post-Covid future, and those who act fast will ride this wave and come out on top.