Coherent - Insurtech Innovation Award 2023

1. Introduction to Coherent
Convert, Control and
Connect your
Spreadsheets
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Spreadsheet to
Cloud Service
A world-leading
enterprise service
Founded in 2018
One of the fastest-growing
B2B software businesses
​Global footprint
Across US, UK/EU and Asia
USA-East
Canada
India
Philippines
Singapore
Hong Kong
Japan
Thailand
Australia
UK
France
S. Africa
USA-West
USA-Central
UAE
Ireland
A selection of our growing partner network Sample of our enterprise customers

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Distribution
Platforms
Finance &
Actuarial
Systems
Data Clouds
Analytics &
CRM
Platforms
Transaction
Platforms
Workflow &
RPA
Convert logic into scalable code, unlock
existing IP assets and expertise
Rapidly establish and demonstrate control of
your spreadsheet environment
Connect output with core systems,
analytics, and other destinations
CHANGE
COMPLIANCE
CONNECT
Cost-effective implementation with
results in rapid timeframe vs traditional delivery
Demonstrate compliance with internal
guidelines and external regulatory obligations
Accelerate transformation to your target architecture
with effective Business/IT collaboration
CONTROL
COST
Coherent Spark is a technology superpower that helps convert,
control and connect spreadsheets into codified services.
Coherent Spark enables…
Complimenting your
existing technology….
Helping drive unique and
real benefits
CREATE<>CONVERT

4. Transforming your business logic into
application logic
Deliver in weeks
not months
in a true
partnership
between
business and IT.
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Subject Matter Expert Developer
Business Logic Application Logic
< >
Be the 1st out of the gate
when markets get volatile

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Convert,
Control, and
Connect with
Coherent
Spark

6. Explore your potential with Spark
Upload your
spreadsheet
and turn it into a
controlled,
cost effective and
scalable service
in minutes
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Modular Product
• Flexible product management
• Delivers personalization
• Faster time to market with full
control by the business team
Legacy Modernization
• Legacy Adaptor Suite to integrate
with your legacy system
• Low risk and flexible to drive
incremental changes
Sales Illustration
• Dynamic sales illustration via
Explainer
• Faster time to market
• Business in control of
requirements in models
Actuarial Modelling
• Stochastic ALM model
• Model Automation
• IFRS 17 Day 2
• RBC – Modular model
construction
EUC Management
• Discovery and documentation
• Security, access rights and
integrity
• Production management and
service transition
Reconciliation
• Eliminate manual steps and
streamline processes
• Manage centrally and scale
across teams
• Monitor and audit with ease

7. Unlock value with Spark
We designed Spark with you in mind.
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Information Technology
Interoperability
Integrate with your systems via secured REST APIs
Flexible deployment
On-premises, cloud, or mobile (online and offline)
Business / IT Partnership
Reduce digital transformation times by 80%
Performance
1000 X run time performance gain
Business
Accelerate time to revenue
6X faster than traditional delivery
Cost efficiency
ROI in weeks not months
Test scenarios at a massive scale
+78% testing performance
Robust operational model
+40% reduction in ops incidents
Risk/Compliance
Auditability
Addresses the risk of recent
$M’s fines
Governance & Control of Models
35% reduction in internal audit findings
Single Source of Truth
Avoids $m errors due to incorrect versions
Error identification
Stress testing & regression analysis at scale (1m+)

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Where can we help first?
Spark drives remarkable ROI value across Insurance
 Product launch accelerator
 UW / Pricing management
 Claims and Fraud simulation
 Re-insurance and valuation modelling
 ILP product acceleration
 Product management
 Distribution illustration and calculation
 IFRS 17 Modelling
 Capital/Valuation Modelling
 Needs engine modelling
 Wellness product acceleration
 Personal journey logic
 Flexible Benefit rule and pricing simulation
 Accumulation / Decumulation models
 Member level unit balance calculations
 Investment portfolio analysis
 401k modelling and simulation
 Portfolio construction logic
 Scenario analysis
 Unit calculations
 Corporate events rules
 Climate risk modelling
 ESG rating calculations
 ESG EUC regulatory, policy and risk mgt
 ESG data onramp.
 Portfolio analysis and simulation
 SOX Model Compliance and Attestation
 Research and Data Feed computation
 Risk model validation
 Regulatory EUC model management
 Risk reporting EUC management
 Stress testing
 Finance EUC data controls
 Operational Risk modelling and reporting
 Pricing models and STP
Life &
Annuity
P&C
Health
ESG
Investment
Mgmt.
Actuarial
Risk
Retirement
Finance

9. Prudential Financial save 300 product development man-
days with Coherent Spark
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Client Situation
• Prudential Financial’s International Insurance (PII) division
manufactures and distributes individual life insurance,
retirement and related products predominantly to Japan,
Korea, Brazil (as well as some other emerging markets)
• Pru were looking to streamline their UW & Product
development processes by build cutting edge technology
that would facilitate selling insurance to new & existing
clients both virtually and in person
Client Challenge
In a markets with a lot of potential, they were experiencing
several key challenges, including:
• Digital transformation – enabling configurability & reusability
within their Grow Digital Platform across functionalities,
markets, consumers
• Strategic repricing - with a portfolio made up of 80% of
Investment Linked products, the client constantly needed to
re-price but the process was time-consuming, taking 9
people 90 days each time
• Managing and maintaining complex Actuarial pricing
models
INSURANCE: LIFE & RETIREMENT STRATEGIC ENTERPRISE (~50,000 employees)
Coherent Contribution
• Spark enabled the client to use Excel directly as the
product model while externalizing all business and
procedural rules for all 166 products from legacy system.
This enabled fully digitized purchase journeys across the
entire portfolio.
• This also accelerated API consistency across the
emerging markets by allowing the Actuarial team to
maintain their management of products in spreadsheets
whilst using Spark to subsequently produce APIs that the
Grow Digital Platform could consume on a frequent basis
Results
✅ The Coherent Spark platform has given Prudential
Financial users the ability to manage, configure and set-
up similar new products with minimal front end and no
backend changes
✅ This has resulted in a major reduction in product
development, deployment times and therefore speed to
market. Leveraging the capabilities of the platform,
Prudential Financial were able to save 300 man-days
and USD 120,000 in project costs, whilst generating
~USD 4M VNB revenue in the process
A financial services company specializing in investment management, life insurance, & retirement benefits

10. P&C insurer avoids spiraling risk & cost overheads with
Coherent Spark
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The sixth largest P&C insurer globally with 45,000 employees across 29 countries
Client Situation
• This company were maintaining 800+ raters in spreadsheet
format via a document management system that was also
being used to store different rater versions, quotes & final
client estimates
• They were finding it challenging exposing the business logic
in these raters and were manually entering outputs into a
number of downstream underwriting systems
Client Challenge
• Given the cost overheads of maintaining this document
system, management had taken the decision to
decommission it by March 2023; they therefore had a hard
deadline to migrate these 800+ raters
• In parallel, this company UW team wanted to continue
building rating models in Excel, all of which would need to
be converted to code for consumption by their downstream
UW workbench (i-Underwrite)
• Despite commissioning an SI Partner to support the
conversion of these rating spreadsheets to code, this
company were struggling to meet their timelines and cost
overheads looked set to spiral
INSURANCE: P&C STRATEGIC ENTERPRISE (5,000+ employees)
Coherent Contribution
• Ran a 6-week POV during which time Coherent Spark
successfully converted 2 of the company’s raters into code
• Leveraging Spark, Coherent were able to generate API
endpoints – which IT could utilize to connect with i-Underwrite
– 99.9% faster than manually having to interpret business
rating logic and convert it to APIs (a 3-month process now
takes 1 hour)
• Spark accelerated work for the SI Partner who were
subsequently able to focus on building & enhancing i-
Underwrite (which would consume the API endpoints) instead
of spending time building the APIs
Results
✅ This company were able to avoid spiraling overhead costs of
maintaining their document management system and were
able to mitigate storage risks by utilising Spark's Versioning,
Governance & Control capabilities
✅ Enabled continuity across this company UW team who could
continue to use Excel to build rating models but with an
increased speed to market, taking a 3-month process via the
UW workbench
✅ Following the successful POV this company commissioned
Coherent Spark to convert an additional 25 P&C raters to API
endpoints; this company also committed to expand usage to
other business units in the future

11. A portfolio company leverages Spark to deploy a Group
Employee Benefits rater in Salesforce
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A portfolio company under AdirVC
Client Situation
• This company are an AdirVentures-backed firm who focus
on insurance carriers, distribution, & business service
verticals within the insurance industry integrating over 20
acquisitions
• This company were looking to digitize their Group
Employee Benefits rater to make it accessible to their field
agents through their Salesforce instance
Client Challenge
• In a competitive market, and as a new entrant, this
company were looking to differentiate themselves
• As a newly founded company, they were trying to enter the
market quickly but were struggling to digitize their Group EB
product and had a limited budget to do so
• They were keen to make their Group Employee Benefits
product available via Salesforce to enable their field agents
to submit quotes to customers in an easy, timely manner
INSURANCE: HEALTH SMALL ENTERPRISE (<100 employees)
Coherent Contribution
• Leveraging Coherent Spark, this company were able to
convert their Group EB rater into code, therefore
enabling them to expose the business logic that was
previously trapped in their Group EB rater spreadsheet
• Spark generated an API endpoint which could now be
used to connect with their downstream system –
Salesforce – using Coherent’s Spark < > Salesforce
connector
• This company then engaged an SI Partner to help them
enhance their Saleforce front-end
Results
✅ Converted 58,000 cells with data & over 14,000 formulas
to code in seconds
✅ Allowed this company to save developer costs of ~USD
150k and 9 person-months
✅ Also allowed this company to save ~USD 300k on
software updates & maintenance related to new changes

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Thank you