Coherent Makes Push Into U.S Market
The Hong Kong-based company has cash, an alliance and a new U.S. CEO.
Coherent Capital Advisors Ltd. of Hong Kong is ramping up efforts to market its insurance software development system in the United States.
The company offers the Spark insurance logic and rules system.
Insurers can use the system to create systems for selling and servicing insurance products.
The company recently received $14 million in funding from Cathay Innovation and Franklin Templeton.
The company has set up a U.S. office in Tampa, Florida, and it has hired Todd Buchanan to be chief executive officer, USA.
Buchanan previously was the senior regional vice president for the Southeast region at a unit of American International Group Inc. Earlier, he was senior vice president, market management and strategy, at AIG’s VALIC subsidiary.
Buchanan also has served as a captain in the U.S. Army.
In related news, Coherent has formed a partnership with Unqork, a New York-based startup that offers a system for creating insurance applications without the direct use of software language coding. Insurers that combine the Unqork system with the Spark system can feed insurance models into the Spark system using Microsoft Excel spreadsheets, according to Coherent.
Spark can then move the model information into rating, product recommendation, illustration and underwriting systems, the company says.
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