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TRUE Case Study

Speed to market 6x faster with a sophisticated rate plan

Quotation marks

“We chose Spark for speed to market and ease of use. The fact that it’s in Excel makes it very user-friendly. And then the fact that you can upload a new rate plan within a minute—it’s unheard of anywhere in the industry. Until now.”

—Michael Martini, AVP, Product—TRUE Property Insurance

The Problem:

Newly launched TRUE seeks innovative technology to help them enter the market and grow rapidly. They have three objectives for a rate-quote-bind (RQB) solution:

  • Accelerate speed to market—introduce new products quickly, through a continual cycle of innovation and iteration
  • Mitigate risk—ensure products can be easily tested and launched, controlling model risk and minimizing the number of people who have to handle sensitive product data
  • Contain cost—optimize tech spend and manage soft costs by minimizing unnecessary work and wait times for actuaries, product analysts, IT developers, and agents

Here’s an example: TRUE’s Product and Underwriting teams created a sophisticated algorithm to price accurately for hurricane risk in Florida. Although this was a solution that would achieve greater profitability, it created a problem of complexity that required significant time and resources to handle. Before Spark, building this sophisticated rate plan would take an average of five to six months, involving handoffs between the business teams and IT department.

Coherent Solution:

The complex algorithm in the TRUE pricing models put Spark to the test with some of the most complex logic the system had ever handled. Spark passed the test with flying colors, and TRUE was able to:

  • Optimize time and cost related to product development.
  • Rate risk effectively with a comprehensive, multifactor calculation.
  • Enable each agent to run accurate quotes in the field in real-time, from any device.
  • Ensure accurate, competitive pricing for customers.
  • Attract new policyholder members swiftly (in the market significantly faster than they would have been).

This is so much easier than anything I’ve used in the past. This puts the control in our hands. I’ve been in the business over 35 years, and this is one of the best technologies I’ve seen.”

— Stephen Russell, Chief Underwriting Officer—TRUE Property Insurance


With Spark, TRUE is now able to build a sophisticated rate plan in three to four weeks—less than a month—compared to six months the traditional way.

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About the client

  • Founded in 2020, TRUE (Trusted Resource Underwriters Exchange) Property Insurance is domiciled in Tampa, FL
  • Launched by specialty underwriter Orchid Insurance and national property insurer Homesite to provide property insurance to homeowners and small businesses in catastrophe-exposed regions
  • Reciprocal exchange model provides competitive pricing, superior policy coverage, and unique ownership experience for members and agents

Ready to see how Spark can work for you?

Give us a complex logic model and we’ll show you how Coherent Spark can transform it into a business accelerator. Contact us today for a customized demo.

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