Martin & Company has joined forces with software-as-a-service company Coherent to accelerate the insurance product development process.
This collaboration aims to increase the speed to market for insurance companies by leveraging advanced technology solutions.
By integrating Martin & Company’s consulting services with Coherent’s software, insurance carriers and MGAs are expected to reduce their product development time from nine months to just 30 days.
Furthermore, this partnership promises cost savings on single product implementations and a 60% reduction in quoting time.
Coherent’s flagship software, Spark, serves as a centralised calculation and distribution hub, enabling companies to automate and manage their product models and legacy technology.
Spark is reputed to be the only enterprise platform to help “automate, scale and govern complex spreadsheet estates”.
The collaboration between Martin & Company and Coherent seeks to empower product teams within carriers and MGAs, streamlining development, implementation and management processes.
Coherent CEO John Brisco said: “With a programme market of over $80bn, Martin & Company’s combined actuarial experience and innovative approach makes them a key partner in delivering speed to market for insurers.
“The rate models they create make it easy for us to develop custom APIs that ultimately save our customers millions of dollars in the course of product management.”
Martin & Company CEO Paul Martin said: “As our services become increasingly tech-enabled, we are excited to partner with a company like Coherent. They are revolutionising the product go-to-market for our clients by drastically reducing the time it takes to implement a new programme.”
This initiative follows Martin & Company’s recent financial boost, having secured an undisclosed investment from Polaris Growth Fund.