How to ensure your technology investment delivers automation value across processes, applications and data
The future of insurance is personalization, streamlined insurance premiums, and effortless automation. It rests in the capable hands of APIs, integrated systems, automation and democratized and insightful date. It is driven by digital transformation and the need for businesses to invest in systems and applications that will grow with the business and ensure increased data accessibility and visibility.
With the multitude of systems and applications being employed by insurance companies, many insurers wish to consolidate data and integrate systems. However, building connected systems through integration is hardly ever a simple task.
To ensure that system integration and automation delivers on its promises, here are five tips to keep in mind in order to ensure successful data integration and implementation.
Customers are more demanding today than ever before – a trend that is unlikely to change. Customers will only become more demanding, more insistent on seamless, integrated and customized solutions, and they will simply lift and shift to companies that meet these evolving demands more efficiently.
Which is why the first step towards integration best practice is to invest into digital transformations that pay off. McKinsey points out that as the demand for digital rises, so does the need for insurers to invest into data integration and automation platforms that are able to deliver quick time to value. The research firm highlights that companies that focus on four areas of targeted system investments see measurable returns on those investments. The four areas are marketing and sales; underwriting and pricing; policy servicing; and claims. All of which affect the customer journey, the customer experience, and customer value.
The insurance industry juggles data challenges that are unique to its offerings and business structures. Most insurance solutions run for many years, introducing legacy data problems that can impact on efficiency and access. This can put the business in an awkward position – how can you grow your data management system if significant percentages are legacy driven and inherently complex?
The answer lies in incremental change to systems, data integration and a platform that blends the legacy with the innovation. This hybrid approach can minimize disruption while ensuring that the organization is moving ahead with the digital times. With the right technology and service provider, it is also incremental change that adapts and evolves with the business to ensure longevity.
Custom code, while great upon initial release, can grow stagnant with time or as requirements change. Unexpected delays, struggles with development processes, or even data changes and growth, can impact written code and cripple a business’s ability to adapt to solutions and systems on demand. With a low code, no code environment, businesses can ensure that data and operations are always agile, allowing for adaptability with new system requirements or as sales and marketing efforts call for segmentation.
Investment into your platforms is more than ticking boxes, disrupting competitors, or driving the business towards the trends. It is about enabling and empowering every silo and solution within the business. This is the key to unlocking the door to a scalable, extensible and enterprise-ready solution that sits at the center of your dataverse. What you need is a solution that is powerful and future proof. This does not equate to disruptive, destructive, or expensive, it equates to elegant, intuitive, and intelligent.
Invest into a solution that will enable your use of data. That will allow you to hyper personalize your policies, to customize your customer journeys and to refine insurance policies. That gives you the freedom to innovate and explore intelligent decision making. This requires more than just a giant box of tech, it needs the deft hand of a trusted third-party service provider that can help you achieve the right value, improve speed of delivery, and that will ensure your investment can move dynamically with your business requirements.
Successful system integration and modernization requires more than just a ‘digital overlay,’ it asks that the organization stop seeing technology as this magic cure-all for legacy data complexities. It isn’t. The real cure lies in solution providers that simplify complicated situations, and take every part of the customer’s organization into account to ensure the seamless flow of information across silo, system, and solution.
This is what allows for the organization to increase data transparency and to implement rules and policies that align with integration and data usage and ensure that the workplace and workflows are managed intelligently.
Synatic has already grown out many enterprise solutions. We have also helped enterprises modernize legacy data, automate business processes, and build connected systems. With our hybrid data automation platform, no code low code or your code environment, powerful technology, and insurance-savvy expertise, you can grow your organization and make the most of your data today and in the future.