Asia InsurTech Podcast spoke with John Brisco, CEO & Co-Founder of Coherent. Originally from Scotland, John has worked for insurance incumbents AXA, QBE, and Manulife in Europe, Australia, and Asia. With his rich experience in the industry, he started Coherent to help insurers get new, innovative products out to market faster, tackling the challenges around legacy systems.
Coherent allows insurers to build new products outside their legacy systems while still being able to connect to the front and backend. Their solution, Product Factory, transforms complex Excel pricing models into code that can be integrated into policy administration systems and frontend broker platforms. This approach allows insurers to step away from hard-coding within the legacy mainframe platforms and move product calculation externally.
John believes that the lack of innovative insurance products is not based on a lack of creativity within the industry but due to the challenges of bringing a new product to market and integrating it into the legacy systems. By industrialising the launch of new products, he believes we will see an increase in innovative products.
In addition to Product Factory, Coherent has launched a number of other products. One of them is Coherent Connect which allows insurers and agents to interact with customers on their favourite social messaging platforms and launch social media campaigns. Digital engagement has become an important part in the customer journey and has been accelerated by the outbreak of COVID-19.
Want to learn more about InsurTechs solving legacy challenges? Listen to this episode with Manuel San Miguel, CEO of Ignatica.
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