Rapid expansion into new countries and regions, or even operational consolidation after mergers and acquisitions, has left most modern insurance agencies with disparate tech systems, many of which are siloed and unable to connect with one another. The result is that agencies hoping to leverage the many benefits of new InsurTech offerings, simply aren’t able to progress their plans. Fortunately, by working with trusted insurance partners and using a Data Integration Hub (DIH) to consolidate their stack, insurance agencies are quickly able to realize operational benefits far exceeding their expectations.
As insurance agencies have grown over the years many have added new systems to help them tackle various challenges. But, before you know it, companies are soon sitting with products that may have been the best and latest technology in their day, but are no longer used and, in some cases, even forgotten about – the technology equivalent of the kitchen drawer reserved for forgotten appliances.
However, these duplicate and sometimes redundant systems don’t just take up space. These tools result in a bloated stack that can frustrate agents who are forced to work across multiple systems, making it difficult for them to complete daily processes.
Being forced to perform manual administrative tasks and resorting to manually moving data between multiple systems slows agents down. What’s more, not having access to the complete customer profiles makes it almost impossible to create one unified experience for the customer. This is particularly true when multiple departments are interacting with a client and will often lead to customer frustration and even customer attrition.
A disjointed and disconnected stack is the opposite of what technology is meant to achieve. Technology should be about making your business better. It should seamlessly unite key back-office departments and processes so that your teams can get the most out of their time and effort and ensure the customer gets what they are looking for, quickly and efficiently. A disconnected stack will undermine any customer experience (CX) goals and render any future tech investments ineffectual at best.
The solution lies in consolidating your tech stack.
Before trying to add new tech, agencies must get to grips with the systems they already have and ensure they are properly integrated.
A Data Integration Hub (DIH) provides a central mediation point between various data sources and data consumers. It is a single unified platform that brings together ETL, Integration, API Management, and Warehousing capabilities. This allows insurance agencies to consolidate, manipulate, and orchestrate data, collected from various sources.
Because everything integrates into and through the Synatic Data Integration Hub, agencies can quickly assess which systems are and aren’t relevant. Once agencies have centralized their data and streamlined operations through a single integrated source of truth, agencies can cut down on the number of steps that are involved when agents perform their job. This improves the usability of the agency’s systems while allowing agents to focus on their customer delivery.
Another clear benefit of a consolidated tech stack is that agencies will be able to reduce their technical debt, getting rid of software that is no longer relevant, saving costs and time.
In short, insurance tech leaders must embrace a “less is more” attitude. Working with trusted integration partners and relying on an all-in-one DIH will not only lower overall tech running and maintenance costs, but will inject new efficiencies into your insurance business. Streamlining your systems will allow your agents to work optimally and deliver superior customer services. A consolidated set of tech is the foundation on which great customer experience and operational excellence must be built and must be the first action you take before you embark on any future tech investment. To learn more about how you can consolidate your tech stack and improve overall operational performance and customer service, contact Synatic today.
