Insurity Unveils New Spreadsheet API Solution to Accelerate Insurance Product Development

Date – 13-Aug-2024

The Insurity Spreadsheet API aims to modernize the insurance industry by providing a rating platform that seamlessly integrates with existing systems, enabling faster and more efficient product launches.

Insurity Introduces Spreadsheet API to Accelerate Insurance Product Development

Insurity, a leading provider of cloud-based software and analytics for insurance carriers, brokers, and MGAs, has launched the Insurity Spreadsheet API, a cutting-edge solution designed to help insurance organizations rapidly develop and deploy new products. This innovation underscores Insurity’s dedication to delivering solutions that address the evolving needs of the insurance industry.

Developed in collaboration with Coherent, the Insurity Spreadsheet API enables insurers to convert complex spreadsheet logic into streamlined, reusable APIs. This transformation significantly accelerates product deployment, reducing the time required to bring new products to market from several months to just 30 days or less. The API also delivers a remarkable 75x faster runtime, enabling insurers to complete tasks with unprecedented speed and efficiency.

The Insurity Spreadsheet API offers substantial improvements in operational efficiency and cost-effectiveness. By transforming spreadsheet workflows into reusable APIs, the solution accelerates time to revenue and reduces product development costs by an average of 83%. Additionally, it enhances compliance management by centralizing risk governance and version control within a secure, cloud-based environment. The API also optimizes business logic management, leveraging advanced cloud performance to support multiple version inputs and enable historical comparisons. Insurers can confidently validate strategies with user-defined bulk case generation and visualize processes through version comparison charts.

“Partnering with Insurity and embedding Coherent software into Insurity’s industry-leading insurance platform allows insurance professionals to bring new products to market more quickly, cost-effectively, and innovatively,” said John Brisco, Coherent Co-Founder and CEO.

“Insurity Spreadsheet API represents a major advancement for insurers seeking to modernize their operations,” said Chris Lafond, Chief Executive Officer at Insurity. “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, enabling insurers to maintain a competitive edge in the market.”