Led by Cathay Innovation with investment from Franklin Templeton, Coherent has raised some US$14m in exra funding and stated that they will be working with “strategic partners to achieve our mission of building a brighter, more inclusive future for insurance.”
Here’s an update from the Coherent website;
Throughout this year, it has not always been easy for us here at Coherent, as we’ve encountered political disruption, economic uncertainty, and like any other business around the world, we’ve faced the biggest challenge of all – the COVID-19 pandemic.
However, we’ve been able to capture some key opportunities and have used this time to improve our digital platforms, like Flow, which now enables insurers and their agents to sell insurance remotely through video conferencing, geo-tracking and e-signatures, building on top of existing functionalities like co-browsing and co-editing.
With the funding provided by our investor partners, we will continue to capitalise on the many opportunities we’ve seen in the industry, as our CEO, John Brisco, explains:
“The insurance sector today has a unique opportunity to accelerate growth to new levels but also face a historic challenge as legacy systems have created a vortex of process pain for insurers which slowed their potential to innovate and harness the vast distribution scale they possess. This funding round enables us to boost our teams and empower more insurers to unlock their potential to develop at speed, sell with ease and engage with precision.”
Bringing in more talent, bringing you better solutions
Today, we have 4 offices in Hong Kong (our HQ!), Singapore, Shanghai and Manila. Our unique talent of over 120 employees have been building digital platforms to help insurers develop insurance products faster, selling them to customers in an easier way, and engaging with customers for the long-term.
We will continue to expand the team to bring in more technology and actuarial talent at our current offices as well as building new teams in Japan, USA and Thailand.
Scaling up our profitable business, increasing our market reach
With Asia still our primary focus, we’re planning to continue the rapid acceleration of Coherent solutions across the globe, which at the moment, consists of Hong Kong, Singapore, Indonesia, the Philippines, Thailand, China, Japan, Myanmar and Brazil. We look forward to bringing our Coherent thinking and our solutions to new customers, so watch this space!
Shaping and evolving the future of insurance
As you can see – we have a lot to do! We know we couldn’t have arrived at this significant milestone without you – our customers, partners and team. We’re excited to have you with us on our journey and we can’t wait to share what’s in store for you.