Coherent and Novidea Partner to Modernise Insurance
Coherent Global the leader in enterprise spreadsheet automation and intelligence has announced a strategic partnership with cloud-based data-driven insurance platform provider Novidea.
This collaboration is designed to help brokers agents MGAs MGUs and hybrid fronting carriers modernise their operations more rapidly.
It also aims to reduce operational risk and unlock data-driven growth for these organisations.
The partnership combines Novidea’s end-to-end insurance management platform with Coherent’s automated and intelligent rating capabilities.
The integration transforms business-critical spreadsheet logic into governed API-ready assets.
Crucially, this can be achieved without rebuilding or disrupting existing team workflows.
Tackling spreadsheet risk
A significant area of joint value lies in addressing rating workflows.
Many insurers and MGAs currently depend on offline Excel sheets to calculate premiums.
They then manually re-key these values into their core systems, a process that creates inefficiency and operational risk.
Coherent’s platform directly confronts this challenge by converting Excel-based rating logic into C++ code that can be integrated via an API.
By embedding this capability directly into Novidea’s cloud-native platform insurers can seamlessly integrate their existing raters.
This preserves familiar models and eliminates the need for re-keying data.
The solution removes a major integration pain point and enables faster more accurate quoting.
Additional benefits include the ability to eliminate re-keying to enable further efficiency in the process.
Rich Barbarino, Chief Commercial Officer at Coherent Global comments on the pervasiveness of the issue.
“Spreadsheets still run a massive portion of the insurance and financial services industry but they’re often invisible, unmanaged and risky” says Rich.
The partnership aims to provide a solution to this problem
An integrated future
The integration enables insurance organisations to accelerate their speed-to-market for new products pricing and underwriting changes.
It also helps reduce operational and compliance risk through enhanced governance auditability and version control.
By surfacing hidden business logic, usage patterns and dependencies, the collaboration promises to unlock enterprise-wide intelligence.
Data flows across the entire insurance lifecycle are streamlined from lead generation and quoting, to policy administration claims and complex financial reconciliation.
This allows firms to transform their entire architecture or modernise key parts for straight-through processing.
Rich added “Partnering with Novidea allows us to embed Coherent’s automation and intelligence directly into an industry-leading insurance management platform – so our customers can modernise faster while staying in the tools they know.”
Building a digital ecosystem
The partnership speaks to a broader industry trend of creating interconnected digital ecosystems.
Maayann Cyzs, VP of Strategy at Novidea articulated this vision.
“Our mission is to empower the insurance industry with a truly digital data-driven ecosystem” Maayann said.
“With Novidea’s open API architecture we now see that Coherent allows our customers to harness the full value of their existing business logic while benefiting from Novidea’s connected cloud-native capabilities.”
The joint solution is immediately available to the market.
Integration support and solution packages are tailored for insurers brokers and MGAs looking to modernise their rating underwriting claims and compliance workflows.