For industries like insurance, introducing automation is often the only way for traditional insurance carriers to remain relevant. However, by ignoring true end-to-end automation and data orchestration, insurance carriers are cutting themselves off from the real power of operational efficiencies and cost optimization – and the ability to stay ahead of the agile InsurTech companies and new market entrants snapping at their heels.
There comes a time for every business to consider what can be done to increase ROI while keeping up with the fast pace of a changing market and rising competition. The task is truly challenging. At that point, businesses need to start looking in the direction of data integration and automation.
When speaking about end-to-end automation many suffer the illusion that automation can be achieved simply by digitizing processes. While this is certainly a good beginning, comparing this to true end-to-end automation is like comparing a calculator to a computer. The former can be relied on to deliver accurate arithmetic, but it certainly doesn’t have the ability to deliver the complex requirements of a claims or underwriting department.
As any insurance leader will tell you, today’s insurance carriers have complex business processes. Consider an insurance carrier’s underwriting process. Underwriting involves evaluation, risk assessment and endorsement which requires review and sign-off. Without proper management, bottlenecks can easily occur, jamming up the process and resulting in costly delays.
Similarly, a lack of visibility when determining how far along a specific process is, means poor communication and a dip in customer service. It’s also obvious that any kind of manual process will not deliver a smooth flow of data between systems and individuals resulting in costly errors. And this will be the case not just in each department, but across the entire company.
From the outset, accessing the right data must be a priority before any insurance carrier contemplates a move toward automation. By integrating systems across departments, carriers can begin to leverage the power of end-to-end automation across the organization – realizing additional benefits to operations and customer service.
Synatic’s Data Integration Hub (DIH) can be used to dynamically move data from a source to a specific location. A DIH also removes manual data entry processes while simultaneously conducting checks and balances to verify and confirm that tasks have been completed correctly – all without the need for manual review and sign-off.
Synatic achieves this kind of nimble data movement through APIs that facilitate the communication between different systems and custom-made extensions and that help businesses easily and reliably automate processes between disparate endpoints and systems.
By streamlining the integration and automation processes companies can opt for iterative improvements in a low-risk environment that deliver immediate benefits. Not only will there be an improved synergy between departments, but insurance carriers will be able to reach their automation goals without significant disruption.
Insurance leaders are certainly leaning into the power of automation, with Gartner’s 2021 CIO survey showing that 44% of insurance CIOs will increase their investment in automation in the year ahead.
This is not surprising when end-to-end automation can assist insurance companies by:
For insurance companies, especially traditional ones competing against more agile InsurTechs, ensuring outstanding customer service from the very first engagement, across all possible channels can be a game changer. Automation creates faster more efficient businesses which results in happier customers, better performing staff and higher profit margins. A compelling argument for all involved. To learn more about how you can automate your data so that it works for you, contact Synatic today.