Insurance is estimated to become a $7.5 trillion industry by 2025 (Source: Accenture). Yet it operates on incredibly thin margins. In such an environment, a key to success is operational efficiency. That is why Coherent and Seyna decided to solve one of brokers’ key pain points: the integration of new insurance product pricing models into the tools used to manage subscriptions and contracts.
Both companies operate on separate, yet very complementary, parts of the insurance value chain. On one hand, Seyna is a platform combining tailor-made insurance products and SaaS for subscription and policy management. On the other, Coherent is the SaaS super-utility that helps insurers modernize and transform faster, while reducing disruption, allowing them to turn an Excel pricing grid into a stable API.
When an insurance carrier changes its pricing model, an insurance broker must update all their subscription and policy management tools to respect this new pricing. Seyna’s market data shows this update process takes 3 to 4 months on average. With this integration, if a broker subscribes to both Coherent and Seyna, all they will do is upload their pricing grid into Coherent Spark. The new pricing data is sent by API from Coherent into Seyna Sell (Seyna’s subscription SaaS) without needing any manual updating. Instead of waiting months, the Brokers can immediately start selling at the updated rate. As for any further pricing adjustments, a simple upload of the updated pricing into Coherent Spark will make the new pricing instantly available on Seyna’s distribution platform.
Rapid quoting, enhanced customer journey traceability, continuous product and UX customization, immutable audit trail for every transaction, … the solution was built with one goal: boost brokers’ revenues.
“Seyna and Coherent share a DNA of enablement, not disruption. Brokers’ time and creativity are being held back by technological legacy and barriers. When technology should help protect more people, better. This is why we chose to partner with Coherent: to centralize on our platform all the tools brokers need to protect their customers and grow their business.” says Stephen Leguillon, CEO at Seyna.
“Seyna and Coherent are both a new breed of SaaS solutions that work together seamlessly to supercharge and modernize critical insurance workflows. We’ve seen how our combined solution can help insurers and brokers move faster—turning months into moments. The combined solution enables our joint customers to gain a competitive edge and helps them deliver an exceptional experience to their own customers,” says John Brisco, Coherent founder and CEO.
Seyna and Coherent’s ambition is to transform the product launch and iteration experience for brokers. Starting with a pilot project, the plan is to achieve full integration of solutions within the next year. This partnership not only embodies innovation but also a commitment to empowering brokers in a competitive market, ready to take broker orders today.
For more information on how this partnership can benefit your brokerage, contact Seyna and Coherent today.
Seyna empowers insurance brokers to grow their business. It provides a platform which combines tailor-made insurance products and advanced SaaS (Software as a Service). Brokers using the Seyna platform are equipped to focus on what matters most: their customers. By building their business on Seyna’s platform, brokers can create unique and personalized insurance experiences, from underwriting to claims handling. The platform automates administrative and compliance tasks, freeing up brokers’ time to spend with policyholders. Additionally, Seyna is built as an open infrastructure, enabling brokers to adopt it according to their specific requirements.
Since its launch in 2019, when Seyna acquired an insurance company license, the platform has enabled over 100 insurance brokers who use Seyna to protect over 1 million policyholders. With €47 million raised in funding from GFC, WhiteStar Capital, and Elaia, Seyna has ambitious global plans to revolutionize the insurance industry by modernizing the design, distribution, and management of insurance programs, all with the ultimate goal of enhancing customer protection.
For more information: Rodolphe Strauss - Brand & Communications Manager
Coherent is a global software-as-a-service (SaaS) company that helps over 100 of the leading financial services firms, including top insurers, to transform their business modeling and logic management. Trillions of dollars in IP value are trapped in legacy and desktop applications. And companies spend billions trying to pull this into systems as they modernize and transform. Coherent offers Spark to liberate this business logic and create next-generation, modern services. Spark adds controls, provides intelligent insights, and accelerates connectivity for this valuable IP to other applications, to workflows, to audit readiness. Spark leverages the scalability and security of the cloud. Use Spark to instantly create requirements, simulate, test, rate, price, and launch products faster. Modernize your modernization. Transform your transformation. Cut costs out of your cost-cutting. For more information, visit https://www.coherent.global/.
For more information: Rémy Dorflinger - France Head of Sales