The new solution is set to update the insurance industry by transforming complex business logic embedded in spreadsheets into easy-to-use APIs, significantly speeding up the product development process.
Developed in collaboration with Coherent, the Insurity Spreadsheet API enables insurers to seamlessly integrate spreadsheet-based rating models into their existing systems. The new platform promises to reduce the time required to launch new insurance products from months to just 30 days or less. With a remarkable 75-fold increase in runtime efficiency, insurers can now manage tasks more swiftly and effectively.
This groundbreaking API enhances operational efficiency by streamlining product development, cutting costs by an average of 83%, and accelerating time to revenue. It also improves compliance management by centralizing risk governance and version control within a secure, cloud-based environment. The Insurity Spreadsheet API supports multiple version inputs and historical comparisons, offering robust business logic management backed by advanced cloud performance. Additionally, the API enables confident strategy validation through user-defined bulk case generation and process visualization with version comparison charts.
Insurity’s latest offering underscores the company’s dedication to providing innovative solutions that address the evolving needs of the insurance market.
“Partnering with Insurity and embedding Coherent software into Insurity’s industry leading insurance platform enables insurance professionals to bring new products to market in an accelerated, cost effective, and innovative manner,” said John Brisco, Coherent Co-Founder and CEO.
“Insurity Spreadsheet API represents a significant leap forward for insurers looking to modernize their operations,” said Chris Lafond, Chief Executive Officer at Insurity.
He added: “By converting business logic from spreadsheets into APIs, our solution not only accelerates product launches but also reduces development costs by hundreds of thousands of dollars. This integration will drive greater efficiency and agility in day-to-day operations, allowing insurers to stay ahead of the competition.”
Source: Insurity