Insurity, a leading provider of cloud-based software and analytics for insurance carriers, brokers, and MGAs, has announced a new solution which will help organisations to accelerate their product development cycles.
The launch of the Insurity Spreadsheet API stems from the increasing need for insurance organisations to accelerate their product development cycles, according to FF News.
With traditional methods often leading to lengthy product launch times and high costs, Insurity has responded by creating a solution that significantly reduces these barriers, enabling insurers to bring new products to market in a fraction of the time.
The Insurity Spreadsheet API is designed to convert complex business logic within spreadsheets into streamlined, reusable APIs.
Developed in collaboration with Coherent, this product dramatically improves the speed and efficiency of insurance product launches, reducing the process from several months to just 30 days or less. Additionally, it offers a 75x faster runtime, enabling insurance professionals to perform tasks quickly and with greater efficiency.
Beyond its primary function of speeding up product deployment, the Insurity Spreadsheet API also brings significant improvements in operational efficiency.
It accelerates time to revenue by transforming spreadsheet workflows into reusable APIs and reduces product development costs by an average of 83%.
The solution centralises compliance management, enhances risk governance, and supports version control within a secure, cloud-based environment. Furthermore, it maximises business logic management by allowing for multiple version inputs, historical comparisons, and user-defined bulk case generation, with visual process comparisons.
Insurity specialises in providing cloud-based software and analytics solutions specifically tailored for the insurance sector.
The company serves a broad range of clients, including insurance carriers, brokers, and managing general agents (MGAs). With a strong focus on innovation, Insurity’s platforms are designed to improve operational efficiency, enhance decision-making, and deliver cost-effective solutions that align with the evolving needs of the insurance industry.
“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.
Chris Lafond, Chief Executive Officer at Insurity, added, “Insurity Spreadsheet API represents a significant leap forward for insurers looking to modernise their operations. 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.”
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