Many senior insurance executives will be pouring over budgets trying to find ways to cut costs without impacting operations. But they should be aware that all their customers will also be taking a hard look at their budgets going into the new year, with very similar objectives. One way insurance agencies can make a big difference is to make sure they are getting the most out of their tech investments. And, with a powerful Data Integration Hub (DIH), they could see a big return with less effort and investment than they think.
The growth in IT spend shows that insurance agencies and InsurTech organizations understand the importance of technology when it comes to delivering to their increasingly discerning customers. However, many enterprise insurance companies continue to invest in new systems without realizing the full value of their current stack.
Agencies use multiple systems ranging from Agency Management Systems (AMS), rate-quote-bind systems, CRMs, etc. In order to clean and deduplicate data and then move it into other systems, insurers often have to resort to manually cleansing and moving data.
Unfortunately, too many agencies are adding new systems to their stack without the necessary backbone to ensure proper integration, rendering their digital transformation efforts compromised.
The result of this tech tail chasing is not just an unwieldy and often unstable stack, but frustrated teams who are expected to learn how to effectively operate multiple new systems and recapture data. In addition to the disgruntled workforce, CTOs will also find themselves answering uncomfortable questions about lengthy Time to Value metrics.
Multiple pieces of disjointed tech ultimately result in unnecessary layers of costs, delivering a reduction in efficiency, impinging on the firm’s agility and its ability to scale.
For agencies to design and deploy the new products that keep them competitive, they require multiple systems to work together effectively. With the right integration toolset, critical data can be seamlessly orchestrated between core agency solutions to create a connected thread of systems.
Synatic acts as a Nimble, Simple, and Powerful piece of tech that can solve all of your data requirements within a single platform. The platform allows business to build a solid data foundation without the need to invest in multiple pieces of integration technology. This creates a more streamlined tech stack that allows businesses to gain a clear view of their data and improve operational efficiency.
While several platforms may have the ability to extract data and cleanse it, few can feed data back into the source, as well as all the other systems where the data can be operationalized.
Simply put, businesses need the ability to work with their data as they see fit, in multiple ways and Synatic has the toolset necessary to make this possible.
This immediate access to data from every system across the organization removes the need to invest in two or three pieces of tech to carry out a single task, lowering the company’s technical debt. Most importantly, it means that with a relatively small investment, insurers can enjoy the full power of their collective IT investments.
If you want to learn more about how you can streamline and simplify your technology stack to give your businesses a strong foundation to grow from, contact Synatic today.
