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Hong Kong Insurtech startup Coherent raises US$ 14 million in Series A round

Hong Kong Insurtech startup Coherent raises US$ 14 million in Series A round
Hong Kong Insurtech startup Coherent raises US$ 14 million in Series A round

Coherent, a Hong Kong-based insurtech startup that helps insurance providing companies go digital has raised US$ 14 million in a Series A funding round as announced in November 2020. This recent investment round was led by Cathay Innovation with participation from Franklin Templeton.

The fresh capital will be used by the company to expand its presence in Asia and also provide support to Insurance firms who need to add more digital services under their umbrella to make operation easier during the current covid-19 pandemic. The already profitable firm wants to increase customer reach and scale its business, with a goal to grow four times in revenue by the end of the financial year 2020.

The startup is planning to focus on China and emerging markets in Asia for now. Coherent currently has about 120 employees, with plans to increase the number of its tech and actuarial talent in Hong Kong, Singapore, Shanghai and Manila, and build new teams in countries including Japan, the United States and Thailand.

According to the latest Swiss Re Institute’s sigma report, The insurance industry is set to overcome this year’s COVID-19-induced global economic recession and global insurance premium volumes will recover to pre COVID-19 crisis levels in the coming year. It also predicted that emerging markets, led by China, will underpin global market strength with total premiums up 1% this year and 7% in 2021.

What Cathay Innovation has to say

“As a VC global investor, we are convinced of the opportunities offered by digital platforms and data intelligence to shape the future of insurance,” said Nicolas Ducray, Partner at Cathay Innovation.

About Coherent

Coherent
Coherent

Founded in 2018, Coherent has developed a platform called Product Factory, which allows insurance providers to digitize their backend operations by uploading Excel pricing models so that their clients’ IT departments don’t have to write new codes or re-haul their IT infrastructure. The startup has its headquarters in Causeway Bay, Hongkong and was co-founded by Fred Ngan, John Brisco and Michael Chan.

The company also provides special tools for working with customers. Coherent Connect is a social media marketing campaign manager, whereas their Coherent Explainer is a sales tool for breaking down quotes and they also provide Coherent Flow service which allows agents to sell policies to customers from a remote location with features like video chat and electronic signatures.

About Cathay Innovation

Cathay Innovation
Cathay Innovation

Cathay Innovation is a multi-stage venture capital partnership, affiliated to Cathay Capital and co-founded by Denis Barrier and Mingpo Cai in 2015. It partners with digital entrepreneurs and bridges the USA, Europe and China with a common platform. The organisation has one global team which manages the global fund invested in the US, China, South East Asia and Europe, and has offices in San Francisco, Paris, Beijing, Shanghai and Singapore.

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