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Hong Kong-based insurtech Coherent has bagged $14m Series A financing in a round led by venture capital firm Cathay Innovation.

Cathay was joined by investment firm Franklin Templeton in the fundraising.

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Coherent plans to deepen its Asia footprint, boost customer reach and scale its business using the fresh infusion.

The firm eyes growth in technology and actuarial headcount at its existing offices in Hong Kong, Singapore, Shanghai and Manila. Plans are also on to build new teams in Japan, the US, as well as Thailand.

Coherent intends to bolster its reach that presently covers insurers in Hong Kong, Singapore, Indonesia, China, Japan, the Philippines, Thailand, Brazil, and Myanmar.

Coherent CEO John Brisco said: “The insurance sector today has a unique opportunity to accelerate growth to new levels but also faces a historic challenge as legacy systems have created a vortex of process pain for insurers which have slowed their potential to innovate and fully harness the vast distribution scale they possess.

“Coherent will empower insurers to unlock that potential with our digital platforms and data intelligence engines to help them develop at speed, sell with ease and engage with precision.”

Coherent offers digital platforms to support product development, sales and customer engagement efforts of insurers.

The firm, set up in 2018, has a workforce of over 120.

Franklin Templeton head of Digital Strategy and Wealth Management Harshendu Bindal said: “This synergistic partnership will provide opportunities for Franklin Templeton to use our multi-asset capabilities to design and implement investment solutions integrated with their platform to fulfil the needs for insurers who are increasingly focusing on end-customer outcomes and evolving their value propositions.”