Coherent, a Hong Kong-based insurtech, has raised USD 14 million in new funding.
The Series A round was led by Cathay Innovation with participation from Franklin Templeton. The funds will be used to grow Coherent’s client base in Asia. The startup, which currently has about 120 employees, plans to increase the number of its tech and actuarial talent in Hong Kong, Singapore, Shanghai and Manila, and build new teams for Japan, the US and Thailand.
The insurtech has developed in 2018 a platform called Product Factory that allows insurance providers to digitise their backend operations by uploading Excel pricing models. This means their IT departments don’t need to write new code or re-haul their IT infrastructure.
The company also offers three tools for working with customers such as Coherent Connect - a social media marketing campaign manager, Coherent Explainer - a sales tool for breaking down quotes, and Coherent Flow which allows agents to sell policies to customers remotely with features like video chat and electronic signatures.
John Brisco, co-founder and chief executive officer of Coherent, told TechCrunch that the startup has worked with more than 30 insurers in 10 global markets during 2020.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now