Insurtech startup Coherent raises $14M in Series A

Hong Kong-based Coherent announced it has raised $14 million in new funding. Led by Cathay Innovation with investment from Franklin Templeton, the startup helps insurance providers go digital.

Founded in 2018 and a team of ~74, Coherent’s platform, called Product Factory, allows insurance providers to digitize their backend operations by uploading Excel pricing models, which 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. Coherent Connect is a social media marketing campaign manager; Coherent Explainer is a sales tool for breaking down quotes; and Coherent Flow allows agents to sell policies to customers remotely with features like video chat and electronic signatures.

“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.” – Coherent CEO John Brisco.

“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.” – Coherent.