Synatic, a data integration and automation leader, is pleased to announce a new partnership with Ferro, the only commercial property and casualty (P&C) policyholder platform of its kind, focused on streamlining integration and administration processes by providing a single source of truth for schedules and other policy-related information.
Manual insurance administration processes, complicated by disjointed legacy systems and disparate data, handicap insurance agents and brokers by wasting time and adding expenses that eat into profit margins. Further, data from existing InsurTech and legacy systems can be difficult to integrate into external platforms. Several leading insurers already use data as an asset to drive customer-centricity and improve business strategies. This requires a consolidated view of client data, available through Synatic’s data integration and Ferro’s ability to bring important policyholder information together in one place.
The Synatic-Ferro partnership leverages data integration and automation to streamline integration and insurance administration processes while simultaneously reinventing the way brokers, policyholders, and P&C insurers collaborate and connect. Under this agreement, Synatic, through its Data Integration Hub (DIH), extracts and integrates data from existing systems before consolidating appropriately and preparing it for easy ingestion by Ferro’s P&C policyholder platform.
“The insurance industry faces a growing demand for a better policyholder experience,” said Jamie Peers, vice president of business development and alliances for Synatic. “The Synatic-Ferro partnership bridges this gap by providing a new digital-first insurance experience and delivering a return on investment (ROI) of 50 percent of typical implementation costs and 70 percent of deployment time to Synatic and Ferro customers.”
Together, Synatic and Ferro enable brokers and insureds to collaborate around access to, and usability of, insurance and risk management information, like schedules, policies, payrolls, claims and more. Today’s insurance agents and brokers require real-time information and the ability to pull data together, push it out to the right system, or operationalize data.
Further, this partnership is expected to enhance agents’ and brokers’ ability to:
“Insurance has traditionally been a data-centric industry,” said Chris Senkbile, founder and CEO of Ferro. “We look forward to working with Synatic to push customer-centricity and digital transformation forward for the sake of all the stakeholders in the insurance value chain.”
