Specialized Risk Management Firm Automates Rating Workflows and Streamlines Carrier Collaboration
Company Background
This client, a specialized risk management firm focused on property and inland marine risks, relied heavily on Excel-based raters for pricing and underwriting decisions. Their workflows incorporated various tools provided by their carrier partner and their policy administration system, Insurity’s ConceptOne.
While effective at supporting core underwriting tasks, these processes required significant manual intervention. Data from the Excel raters had to be manually entered into multiple carrier partner tools, including Property, Contractors Equipment, and Motor Truck Cargo. Additionally, underwriters were tasked with ensuring that all data entered into the carrier partner’s tools was accurately reflected in ConceptOne.
This reliance on repetitive manual data entry not only slowed down operations but also increased costs and introduced scalability challenges, prompting the need for a more integrated and efficient solution.
Client Challenge
The firm faced several inefficiencies due to fragmented workflows and disjointed systems:
Manual Data Entry: Data from Excel raters had to be manually entered into multiple carrier partner tools, slowing workflows and increasing the risk of errors.
Lack of Integration: The carrier provided API endpoints but required additional integration efforts to streamline data exchanges.
Data Consistency Challenges: Ensuring accurate data transfer between carrier tools and ConceptOne added to the manual workload, increasing operational complexity and limiting scalability.
Our
Solution
Coherent delivered a modern, automated rating solution that streamlined workflows and enhanced collaboration with carrier systems.
By transforming the firm’s Excel-based raters into APIs using Coherent Spark, Coherent automated data flows between internal tools, carrier systems, and Insurity's ConceptOne. Spark's XConnector simplified interactions with the carrier’s API endpoints, automating data exchanges to reduce manual effort.
A user-friendly Excel “shell” was introduced, providing underwriters with a streamlined interface to interact directly with APIs. This eliminated repetitive data entry into external tools and ensured data consistency across systems.
By addressing these operational challenges, Coherent not only improved efficiency but also established a scalable framework for future workflow enhancements. This solution demonstrated the power of integrating Coherent Spark with Insurity’s ConceptOne, offering a modernized approach to managing risk and underwriting processes.
The Results
Enhanced Efficiency & Accuracy
Automating workflows reduced manual data entry and the risk of errors, saving significant time and ensuring data consistency across systems.
Stronger Carrier Collaboration
Demonstrating the feasibility of automated integrations strengthened the relationship with the carrier and set the stage for future operational alignment.