As more and more insurance agencies invest in digital technologies and start on their digital journey, it is not uncommon for them to hit a few hurdles combining old and new technologies. And so, they end up deploying manual processes or multiple tools to move data between systems, enrich the data, clean it, and eliminate duplicates before they can finally store and report on the data. For smaller agencies, this is a major inhibitor because they lack the budgets to invest in various tools to overcome their data management challenges. Unfortunately, agencies often put quick-fix solutions in place that work well enough for right now but do not entirely meet the business’s current needs, let alone their future requirements. In addition, this scenario typically plays out with Carriers and MGAs, having a range of tools that do not work together.
If insurance agencies have data that has to be stored inside a specific system it can result in the creation of data silos. This makes reporting and analytics nearly impossible, and agencies have to put other tools and processes in place to make use of the data trapped in these systems. A common problem that exists in the insurance agency space is the inability to efficiently warehouse data. Many agencies struggle to warehouse their Agency Management Solution (AMS) data because it can end up trapped in their AMS. This is usually because their AMS may not be compatible with the data warehousing solution they choose to use. To make matters worse, insurance agencies are most likely already spending money on two or more other data integration platforms and data manipulation tools so they can use the data trapped in their AMS. This is a great example of how easy it is for agencies to become overburdened by having to manage too many disparate systems and how problematic it can be to spend a lot of money on those systems, but still not be able to use their data as they want.
In addition, if the agencies cannot easily push data into their chosen InsurTech systems, they cannot leverage the modern tools holistically. This has a negative effect on ROI. If there are a string of processes that have to happen before any value can be extracted from the data, you are simply drawing out the amount of time that the business has to wait before the data can be used to drive smart, data-driven decision making.
One of the largest technical investments that insurance agencies make includes investing in a data warehouse to consolidate and store mountains of data that agencies collect. When agencies cannot access consolidated data, they do not have a clear picture of the different lines of business, which can have a negative impact on the customer experience. If an insurance agent lacks full visibility of a customer’s data across the board, they will miss out on opportunities to effectively service their clients in more strategic and targeted ways. This prevents agents from giving customers the best possible experience.
Agencies that have the right tools are better positioned to operationalize their data. And with the proper data infrastructure, they can take advantage of the cost-saving benefits that modern InsurTech solutions provide.
Synatic helps insurers alleviate technical debt by providing them with a Data Integration Hub (DIH) that brings together diverse applications, systems, services, and data stores. In this way, a DIH provides a single solution to an agency’s data challenges. Whether an agency needs ETL, Integration, API management, or warehousing, Synatic can assist with all data-related requirements.
Synatic gets the right data, to the right people, at the right time. With Synatic’s built-in data warehousing capabilities, agencies can store data in the platform and operationalize it. This data can then be used to automate the building of agency dashboards, which provide all the information modern agencies need to develop proactive approaches to identifying problems, improving visibility, tracking key business indicators, and focusing their attention on the areas that need attention.
If you want to find out more about how we can help you alleviate your technical debt with a comprehensive solution, contact Synatic today.
