Unqork+ Coherent creates improved P&L for P&C
Rapidly launch new products, efficiently rate risk, and swiftly attract new policyholders with the joint capabilities of Unqork’s no-code application building solution and Coherent’s business logic platform, Coherent Spark.
Dependence on inflexible and disconnected legacy systems makes it extremely time-consuming for carriers to launch new products (often taking 18–24 months) and to update existing products. Too often, underwriters must work across multiple disparate systems, which leads to high error rates, slow quote turnaround times, and a lack of visibility. Outdated underwriting solutions leave customers and brokers with a poor customer experience and detract from an underwriter’s core value: to identify, structure, price, and negotiate the best policies.
With Unqork’s P&C Product Launcher, carriers can develop, test, and launch customized products in as little as 12 weeks using Unqork’s enterprise no-code platform. Moreover, once the platform is launched, critical repricing, calculation or assumption changes can be made in a matter of hours. The Launcher transforms and accelerates your underwriting process from intake to bind by combining a product manager, broker/customer portal, and underwriter workbench in one integrated platform. Coherent is a core integration partner, and the Coherent Spark platform further enables carriers to rate risk effectively and ensure accurate, competitive pricing for customers. Coherent Spark can integrate the most complex P&C underwriting and rating models from home and auto, to complex commercial, liability and specialty lines.
With Coherent Spark’s robust testing and simulation capabilities in the Testing Center, clients can gain confidence in driving efficient underwriting outcomes. Coherent Spark’s connection capabilities to Unqork’s no-code platform represent a value-add clients can’t get anywhere else. To date, Unqork and Coherent’s shared clients have run more than 1,000,000 test cases combined.
Key Benefits of Unqork + Coherent Spark
Accelerated product launches
Launch new products quicker than ever before with streamlined product development, automated intake, and a built-in underwriter workbench.
Testing and Auditability
Increased underwriter capacity
Enhanced business agility
Reduced operational risk
Improved customer & agent satisfaction
Leverage existing Excel assets
✓ Comprehensive, multi-factor calculation: Rate complex risks effectively with Coherent Spark by enabling each agent to run accurate quotes in the field, in real-time, from any device.
✓ Underwriter Workbench: Leverage a unified workspace for underwriters to rate, quote, and bind business, boosting accuracy, quote turnaround times, and visibility.
✓ Digital intake: Create broker-powered, client-led, or self-service workflows that are directly connected to the Underwriter Workbench, resulting in a seamless underwriting experience.
✓ Streamlined integrations: Leverage core integrations with leading technology providers like Coherent to accelerate speed to market, mitigate risk, and manage costs.
✓ Digital dynamic workflows: Orchestrate dynamic workflows including assignment, registration, referrals, modeling requests, and more across multiple products and geographies.
✓ Pixel-perfect UI: Customizable experience styled to your brand guidelines.
Coherent is a global business logic platform that helps empower individuals and businesses to unlock value through agile logic management. Coherent’s core technology, Coherent Spark, converts complex Excel logic into API services, giving customers ROI in moments, not years. Coherent Spark also offers advanced testing and simulation tools plus spreadsheet management functionality—empowering business teams to have greater confidence and control over critical business logic. The company was recently named among the 2021 InsurTech 100 and has investment backing from Cathay Innovation and Franklin Templeton. For more information, visit https://coherent.global
Unqork is the industry pioneer no-code enterprise application platform that helps large companies build, deploy, and manage complex applications without writing a single line of code. Organizations like Goldman Sachs, Liberty Mutual, the Cities of New York and Washington, DC and Maimonides Medical Center are using Unqork’s drag-and-drop interface to build enterprise applications faster, with higher quality, and lower costs than conventional approaches.
Ready to transform your business?
If you are a P&C insurer looking for a solution that will help you to quickly launch new products, efficiently and accurately complete pricing, or create an excellent customer experience, get in touch to learn more about how the combination of Unqork and Coherent Spark can transform your business.