Insurtech
Insurity and Coex Team Up to Modernize Insurers Across UK and Europe
By Insurance Wire Staff, . Insurance Wire.
Insurity, headquartered in Hartford, Connecticut, has announced a partnership with Coex, a UK-based insurance technology consultancy, to support core-system modernization for insurers, managing general agents (MGAs) and insurtechs across the UK and international markets, according to Insurance Innovation Reporter.
Insurity provides cloud-based software that handles the core operations of insurance carriers, brokers and MGAs, and the company reports more than 400 cloud deployments to date. Coex works across MGA, specialty, reinsurance and London Market segments, and operates in the UK, Continental Europe, the Middle East and North America.
The arrangement is designed to combine Insurity's software with Coex's delivery methodology and change-management capabilities. Coex uses what it calls a 3x3 delivery framework, which the report describes as pairing landscape assessment, focused execution and innovation to help clients align technology spending with business goals.
Jeff Weiner, Insurity's AVP of System Integrator Alliance Partnerships, framed the rationale in terms of execution risk, which is the danger that a technology project stalls or fails during rollout rather than at the planning stage. "Our customers are looking for partners that understand not only the technology decisions involved in modernization, but also the execution realities that determine success," Weiner said. "Together, we can help insurers accelerate transformation efforts while building a stronger operational foundation for long-term performance."
Craig Davies, Co-Founder and Chief Executive of Coex, pointed to the combination of platform and methodology as the central value: "By pairing Insurity's platform with Coex's delivery methodology, advisory strength and insurance expertise, we can help organizations move with more clarity, reduce friction during change, and create better outcomes across their operations."
The practical significance for carriers and MGAs is straightforward. Core-system replacements, meaning the software that runs policy administration, billing and claims, are among the most expensive and disruptive projects an insurer can undertake. Partnerships that bundle a software vendor with an implementation specialist are a direct response to the high failure rate of such projects, and the emphasis both companies placed on execution risk in their statements suggests that is the selling point they expect buyers to respond to.
What the announcement does not establish is how the commercial arrangement between the two companies works, whether fees are shared, whether Coex is exclusive to Insurity in its markets, or what specific clients, if any, are already engaged under the partnership. Those details would matter to a carrier or MGA evaluating whether to bring both firms in together.
For professionals in the London Market and specialty segments in particular, where Coex has an existing footprint, the partnership is worth tracking. If Insurity gains traction in those segments through Coex's relationships, it could shift the competitive picture for other cloud-platform vendors targeting the same buyers.
Source: https://iireporter.com/insurity-coex-partner-on-insurance-modernization/
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