With data forming the basis for decision making across almost every department, it is now one of an organization’s most valuable resources. However, continued reliance on manual data capture and other processes exposes organizations to unnecessary risk. Not only can errors and omissions cause frustration, but inaccuracies can cost companies dearly. The insurance industry is particularly affected by bad data which can damage a company’s ability to reduce costs and deliver exceptional customer service.
Manual Input is High-Risk
Humans are inconsistent. We get tired, bored and we make mistakes. Manual data entry will always fall prey to human error. There is a myriad of ways that data can be inputted inaccurately. It could be a wrong number, or the information could be captured into the wrong spreadsheet cell, or even the wrong email added to a CRM record. This will require employees to go back and correct mistakes, if they are picked up at all.
More companies are turning to data automation to help circumvent all these issues caused by human error and manual data entry. With automated processes in place data capturing can happen faster and more efficiently, saving companies time and money.
What is Data Automation
Simply put, data automation is the process of uploading, handling, and processing data using automated tools instead of manually performing all these tasks. It involves extracting data from one or more sources, transforming it into the required format, and loading it into the destination system, such as a database or data warehouse.
Not only does this eliminate the weaknesses of human intervention but it helps improve the integration of data from multiple data sources to a single one. All of this is a real boon to the insurance industry which struggles with data silos and information trapped in legacy systems, making it unavailable to the departments which need it.
By automating processes, companies can eliminate all the frailties associated with human intervention. Automated processes are accurate, fast and can happen whenever new data is available, throughout the day or night. What’s more, automation software frees up employees to focus on performing high-value work for your business while lowering your exposure to the risks of errors and omissions.
Accurate Information Underpins New Claims Models
One area of insurance that depends entirely on accurate data is claims. As part of their look into the future, McKinsey predicts that by 2030 more than half of claims activities will be replaced by automation and they believe that advanced algorithms will handle initial claims routing, increasing efficiency and accuracy.
This move towards greater automation is key in the area of data. Moving away from manual processes leaves less to chance. In the realm of insurance, errors and omissions in data can result in a whole world of trouble. This is even more so when AI is being used. AI depends on vast quantities of data and insurance companies must ensure they can access the best quality data in a highly available format.
How Can Synatic Help?
Synatic is a powerful Hybrid Integration Platform (HIP) that allows for any form of data to be extracted, manipulated, and moved to a destination system. This is a comprehensive tool that can move data from an API / SDK / ODBC / Flat File source, transform the data according to specific requirements, and move the data to a centralized solution or between solutions.
When migrating data for legacy applications, the older the legacy software the more likely it is that documentation will be incomplete and business rules unclear. Unlike manual integration, where each new rule discovery would require a major re-think of the integration, with Synatic’s HIP, the re-engineering changes can be done iteratively and quickly.
In Summary, the absence of a proper automation strategy can result in time and resource wastage for your company. It can also cost you more in terms of revenue loss due to inaccurate data. Hence, your data process automation strategy should be aligned with your company objectives. With Synatic’s Nimble, Simple, and Powerful data automation tools, you can automate your key functions and easily centralize and standardize your data across your organization in order to solve the challenges created by manual data processes and immediately de-risk your growing business. Unleash the potential of your business by increasing the speed of innovation.