Coherent, provider of digital platforms to insurers, raised US$ 14 million in a Series A funding round led by global VC fund Cathay Innovation, with participation from Franklin Templeton.
Founded in Hong Kong, Coherent provides digital platforms and data intelligence engines to help large and growing insurers evolve their businesses and processes to meet the demands of the post-COVID future of insurance.
The investment provides Coherent with the ability to invest and rapidly expand its operations and capability. Coherent will add technology and actuarial talent to its growing workforce at its current offices in Hong Kong, Singapore, Shanghai and Manila plus hire new teams in Japan, USA and Thailand.
The insurtech will also extend its customer portfolio which currently covers large insurers in Hong Kong, Singapore, Indonesia, Mainland China, Japan, the Philippines, Thailand, Brazil and Myanmar.
“The insurance sector today has a unique opportunity to accelerate growth to new levels but also faces a historic challenge as legacy systems have created a vortex of process pain for insurers which have slowed their potential to innovate and fully harness the vast distribution scale they possess,”
said John Brisco, CEO, Coherent.
“Coherent will empower insurers to unlock that potential with our digital platforms and data intelligence engines to help them develop at speed, sell with ease and engage with precision.”
