Introduction to Coherent for Property and Casualty Rating

Hello, I'm Brian O'Neill from Coherent. In this video, I'd like to give you an introductory demo of how to use Coherent for property and casualty rating.

What is Coherent?

Coherent fundamentally takes an Excel workbook of any kind, converts it to code, and then exposes that code via API to any service that needs to consume it.

Demo: Converting Excel Workbook to API

On my screen, we can see an Excel workbook called CyberRater. This is a specialty lines rater for a cyber insurance product. Many insurance companies have similar models in Excel that are not connected to their tech stack, causing efficiency, rekeying, governance, and data issues. We will solve these by turning this Excel workbook into an API.

Preparing the Excel Workbook

1. Identify the cells in the model that will be inputs and outputs.

2. Use Excel's name manager function to name inputs with the syntax xinput_ (e.g., xinput_state, xinput_gross_revenue).

3. Name outputs with the syntax xoutput_ (e.g., xoutput_reinsurance_premium).

4. Highlight the range for the premium table and name it xoutput_premium_table.

Uploading to Coherent

1. Hit "New Service" and drag and drop the Excel workbook.

2. Coherent converts all logic, formulas, tables, and calculations to C++ code.

3. The model is analyzed, showing 37 inputs and 7 outputs, saving approximately four engineer months of time.

4. Hit "Publish" to redirect to an API tester screen.

Interacting with the API

1. Use the endpoint called "execute" to run the CyberRater with the tagged inputs.

2. Pass the inputs as the body of the request to the API.

3. Submit the request to receive the outputs, including the premium table and other tagged outputs.

This process connects the Excel model to systems like policy admin systems, underwriting workbenches, or broker portals, making it governable and integrated into your tech stack.

Conclusion

In the next video, I will discuss how governance of this asset is achieved. I look forward to seeing you in that one. Thank you very much.