Accelerating Innovation in Pricing and Rating
Feeling the pressure to innovate and adapt your product offering? As the market demands faster turnaround times and more competitive solutions, the ability to efficiently develop and deploy products, and re-rate policies becomes critical. Coherent Spark offers a way to get ahead of your competition and respond to ever-changing market dynamics.
Overcoming Legacy Constraints
Insurers are grappling with significant challenges in their product development lifecycle.
- The process of coding and testing rating calculations requires extensive IT resources and specialized skillsets, leading to prolonged timelines and high costs.
- Each rating calculation must be developed and deployed multiple times across various systems, including Policy Administration Systems (PAS) and Underwriting Workbenches.
- The presence of legacy systems adds another layer of complexity, limiting innovation and slowing down the launch of new products.
On average, launching a new product can take over nine months, while testing and deploying rate changes for existing products can stretch into weeks, hampering agility and responsiveness.
Empowering Teams with Smart Automation
Enter Coherent Spark, the transformative solution that automates the coding of rating calculations, allowing actuarial and business teams to work together collaboratively with IT teams, getting product to market faster.
By freeing IT teams from the burdens of system-specific coding, Spark enables seamless integration of APIs into any system, eliminating the need for specialized programming languages. This means that rating logic can be developed just once and then consistently applied across multiple platforms through Spark APIs.
The result? A streamlined process that externalizes rating logic, reducing technical debt and lifting system-specific limitations.
Transforming Product Development with Speed and Agility
With Spark, new product launches can now be achieved in just weeks instead of months, and rate changes can be implemented to all relevant systems in hours. This newfound efficiency not only accelerates time-to-market but also empowers carriers to innovate and stay competitive in an ever-evolving industry. Embrace modern product development with Spark and transform the way you deliver value to your customers and distributors.