Unlocking efficiencies when it comes to tedious company data searches can significantly impact the productivity of insurance teams. Using Dun & Bradstreet’s D-U-N-S® Number and broader dataset provides hundreds of data points for insurance agents and carriers including: the number of employees, annual revenue generated, NAICS codes, property value, history of claims, losses, lawsuits, and more. This provides agents and insurers with the context needed to deliver proper risk assessment and generate accurate quotes. Leveraging a Data Integration Hub (DIH) like Synatic, allows agencies to create a secure integration between Dun & Bradstreet and an agency’s systems. With harmoniously integrated insurance systems, agents can access the latest information directly from their Agency Management System (AMS), saving time, ensuring accuracy, and freeing agents up to focus on creating value for their customers.
Insurance agents can only do their job if they have access to accurate and up-to-date information. The more data points they have, the clearer the picture of the potential customer and the more accurate the rating and quoting process. However, manually tracking down these data points and capturing the information into multiple systems can take hours and result in costly mistakes.
In addition, ensuring an excellent customer experience when it comes to quoting requires seamlessly integrated systems and efficient workflows that can run in parallel with a robust risk assessment process. Having immediate access to reliable information is imperative for agencies and insurers alike, hoping to compete with nimble digital-born Insurtechs.
Incorrect or outdated information can cost agencies and insurers directly, but can also impact consumers. Without the latest and most relevant data, insurance agents and underwriters will not be able to properly calculate risk. This will lead to agents incorrectly assessing clients' risk profiles and offering unsuitable coverage options. In addition, policies that don’t match client coverage requirements usually result in clients being under or over-insured resulting in unhappy clients and insurers developing a bad reputation What’s more, if it can be shown that incorrect or outdated information resulted in a loss, agencies and insurers can be exposed to potential lawsuits, the cumbersome manual process of finding data can also be frustrating for the customer. Most consumers have now experienced the real-time quoting offered by modern Insurtechs and have come to expect the same service from even the smallest and most traditional agencies. Waiting on delayed workflows can seriously damage the brand perception and could even result in lost business.
Synatic’s dynamic integration platform together with Dun & Bradstreet's comprehensive commercial insights into business data, offers a special solution that agents and insurers can use to elevate operations.
Dun & Bradstreet connects a wide range of data sources that allow agents and insurers to create a more complete risk profile. The data and analytics company helps agents leverage real-time data at the point of quoting. Dun & Bradstreet also enables agents to quickly and accurately complete ACORD forms and adds additional back-end foundational data, intelligence and analytics. The database carries important information of over 365 million commercial entities across more than 200 markets.
Synatic allows agencies to build integrations that connect their AMS to Dun & Bradstreet’s D-U-N-S databases in order to access vital commercial business data, and in turn use that data to automatically prefill forms that are needed to quote a prospect. This reduces manual processes, ensures accurate data transfer, and eliminates the chance of E&O.
Having access to a specific D-U-N-S number directly in an agency's AMS gives highly specific and targeted information allowing agents and insurers to provide tailored insurance products underpinned by accurate coverage for products such as property insurance, liability, commercial and auto insurance, and workers' compensation. By integrating D-U-N-S numbers and related data into an agency's AMS using Synatic, agents can ensure they are passing on trusted information for insurers to underwrite new policies. This not only means that clients are getting the most appropriate products, tailored to their needs, but insurers and agents can access the right data at the right time in order to confidently offer products that won’t expose them to any potential liability.
The Synatic integrated and automated process massively reduces the time spent finding the data, checking it and manually adding it to systems. What would normally take an agent two or more hours can now be completed in just 15 minutes. Slashing the process by almost 90 percent is a particularly welcome efficiency win for an industry that is struggling to find ways to help their often overworked and understaffed teams.
