How Synatic is Using AI to Streamline the Carrier Data Alignment Process

In an industry where data accuracy and consistency are paramount, the challenges of aligning Carrier Data across diverse Agency Management Systems (AMS) has been a persistent hurdle for insurance agencies. Recognizing this critical issue, the insurance sector is turning to innovative solutions that harness the power of Artificial Intelligence (AI). The focus is on creating a unified, comprehensive view of carrier mappings, optimizing data assimilation, and revolutionizing the way agencies approach data.  

By harnessing the power of AI, Synatic employs cutting-edge technology, including vector databases and embeddings, to streamline the Carrier alignment process, ensuring a future where data precision defines the landscape of insurance management.

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Challenges in Carrier Data Alignment

One of the major hurdles in the Carrier alignment process lies in the inconsistency of spelling and representation of carrier names. The subtle variations, such as "Traveler" and "Travelers," pose a formidable challenge to accurately assimilating data. The situation exacerbates when agencies undergo acquisitions, leading to disparate datasets with different spellings for the same carrier.

Similar challenges extend to lines of business, where variations in naming conventions for the same type of insurance (e.g., "General Liability," "Gen Liab," and "GL") create hurdles in aggregating data. This impacts the ability to assess performance across different lines of business, hindering the identification of areas for improvement or strategic opportunities.

Implications on Business Decision-Making

The implications of these challenges extend beyond the realm of data management to broader business decisions, especially concerning agency acquisitions. Achieving a comprehensive understanding of the overall spend on a particular carrier becomes a daunting task without a consistent and standardized approach. The lack of a unified view impedes strategic decisions related to carrier relationships, negotiations, and overall business optimization

Notably, the consequences of ineffective data assimilation impairs an agency's ability to make informed strategic decisions making it more challenging to identify profitable areas, optimize their portfolio, and respond effectively to market trends.

Synatic's AI-Powered Solution

Synatic's innovative approach centers around the creation of a single Carrier list through a cutting-edge Vector database. This database employs mathematical representations to determine the closeness of two words, enabling accurate matching even in the presence of fundamental variations. Synatic's Vector database serves as the backbone for the seamless aggregation of data from different Agency Management Systems (AMS), offering a consolidated and unified perspective on carrier relationships.

Taking it a step further, Synatic incorporates embeddings into its solution. These embeddings extrapolate the mathematical equations generated by the Vector database, providing a nuanced understanding of the relationships between different terms or abbreviations. This sophisticated approach ensures that even subtle differences in representation do not impede the synthesis of information.

By leveraging AI, Synatic empowers machine learning models to discern and match carrier names and lines of business with unparalleled accuracy. This mathematical foundation for word relationships facilitates a seamless assimilation of data, enabling insurance agencies to gain a unified perspective on their total spend, identify strategic opportunities, and make informed decisions.

Paving the Way for a Data-Driven Future in Insurance

Through the use of  Synatic's unique AI capabilities, agencies can improve data assimilation by up to 95% across the agencies AMS environment..  This substantial enhancement showcases the tangible impact of leveraging AI, vector databases, and embeddings in the insurance industry, positioning Synatic as a frontrunner in the quest for data precision.

This enhancement goes beyond mere data alignment, offering insurance agencies a reliable foundation for reporting, analysis, and decision-making. Synatic's standardized approach ensures agencies can now depend on accurate and precise data, providing a holistic understanding of total spend with specific carriers and performance across different lines of business.

In scenarios where agencies undergo acquisitions, Synatic's standardized approach to data assimilation ensures the smoother integration of diverse datasets. This holds particular significance in the insurance industry, where accurate insights into carrier performance and lines of business are vital for evaluating the overall health of the agency.

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Synatic's incorporation of AI facilitates advanced data analysis and business reporting. If you want to learn more about how your agency can  leverage AI models to synchronize various core data within your agency such as lines of business and Carrier names, contact Synatic today.

Jamie Peers
February 27, 2024
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