The partnership aims to enhance how insurance carriers and MGAs (Managing General Agents) approach product development.
The collaboration combines Martin & Company’s extensive experience in insurance technology solutions with Coherent’s innovative SaaS platform. The plan is to significantly reduce the time required for insurers to bring new products to market.
Coherent’s leading software product, Spark, centralises companies’ product models and legacy technology into a unified calculation and distribution hub. Spark stands out as the sole enterprise platform tailored to automate, scale, and oversee intricate spreadsheet environments.
By leveraging their combined technologies and expertise, the partnership will help to streamline product development processes, reducing the time from concept to market readiness from nine months to just 30 days. The accelerated timeline is expected to translate into substantial cost savings, with potential reductions of hundreds of thousands of dollars per product implementation. Moreover, the collaboration aims to cut down quoting times by an impressive 60%.
“With a programme market of over $80 billion, Martin & Company’s combined actuarial experience and innovative approach makes them a key partner in delivering speed to market for insurers,” John Brisco, Coherent’s CEO said.
He continued: “The rate models they create make it easy for us to develop custom APIs that ultimately save our customers millions of dollars in the course of product management.”
“As our services become increasingly tech-enabled, we’re excited to partner with a company like Coherent. They’re revolutionizing the product go-to-market for our clients by drastically reducing the time it takes to implement a new program,” Paul Martin, Martin & Company’s CEO said.
