In this age of digitization, executives from the insurance industry have started to acknowledge that data is not just a static by-product of business operations; data when used properly can optimize every aspect of the insurance business. A study by the Insurance Information Institute reported that the U.S. insurance industry is the largest and most complex globally, with net premiums totalling $1.28 trillion in 2020, which equals nearly 7-9% of global gross domestic product. Insurance companies are constantly collecting customer data through interactions and this data can then be used to market trends, and create new products, services and revenue streams. Consolidating and making sense of this massive horde of data is a massive challenge that the industry needs to tackle. Data integration in insurance is an effective way to overcome this problem.
Benefits of Adopting Data Integration in Insurance
Data integration is the process of connecting numerous data points from various sources into a unified set. As per Forbes, 80% of enterprise business operations leaders find data integration to be critical to their ongoing operations. There are several benefits that come with the implementation of data integration in insurance industry, such as
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Right Data to the Right Person at the Right Time
Most insurance companies have data in various formats– structured and unstructured – including spreadsheets, documents, databases, log files, and more. Such massive hordes of heterogeneous data raise the challenge of consolidating data to ensure that the right data can be accessed by the right person, at the right time, a challenge that can be tackled by adopting data integration in insurance.
Intone Data Integrator, a state of the art data integration solution, can break down silos and bring together data from disparate sources. This enables companies to gather insights from the data for the purpose of deeper business analysis.
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Enhanced Customer Service
As per a study by WYZOWL 90% of consumers believe that companies “could do better” when it comes to customer service. Customer service plays a pivotal role in the insurance industry, and better customer service inevitably equals greater sales and profits.
Leading insurance companies are already using data as a core asset to drive customer centricity and encourage better business strategies. This requires a consolidated view of customer data, something which can be achieved through data integration in insurance.
Intone Data Integrator (IDI) is a hybrid integration solution that allows companies to aggregate structured and unstructured data before loading it into a CRM, or a customer portal, where the data can be fully used. The consolidated data helps frame a story about each customer and plays a pivotal role in giving insurers a better understanding of what each customer wants, how they will react, and more.
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Modernize Legacy Systems
A common trend amongst insurance companies is heavy reliance on outdated systems with limited functionality, usability and deeply fragmented connectivity. Integrating the data from these legacy systems to modern external platforms is difficult. Modernizing these legacy systems in order to adapt to the age of digitization is an immediate need within the industry, a need that can be fulfilled with the help of data integration in insurance.
Intone Data Integrator is a data integration solution that can modernize operations, data and analytics, and give insurance companies the power to predict and manage risk, accelerate customer acquisition and provide data insights. IDI is the perfect solution for modernizing your outdated legacy systems.
Also read, Use cases of Conversational AI in Insurance Industry.
Intone Data Integrator (IDI) – The All-in-One Data Integration Solution For You
Data integration in insurance is a necessary step for companies to survive in the current age of data and digitization and to also outperform their competitors. Data integration can help you get the right data, to the right person, at the right time leading to the most high-quality, actionable insights.
Intone Data Integrator is a top of the line data integration solution that can is tried and tested by industry experts and leaders alike. We offer,
- 600+ Data and Application connectors
- Generates knowledge graph for all data integrations done
- Centralized password management
- Supports unlimited heterogeneous data source combinations
- Data encryption at every stage
- Real-time, streaming & batch processing of data
- Eye-catching monitoring module that gives real-time updates
- Distributed In-memory operations.
- Lineage capturing at every data integration
- A no-code low-code platform.
Check out how Intone can help you streamline your manual business process with Robotic Process Automation in Banking.
Sources:
- https://www.iii.org/fact-statistic/facts-statistics-industry-overview#:~:text=U.S.%20insurance%20industry%20net%20premiums,to%20S%26P%20Global%20Market%20Intelligence.
- https://www.forbes.com/sites/louiscolumbus/2020/03/29/the-state-of-enterprise-data-integration-2020/?sh=3ab89db2c466
- https://www.wyzowl.com/customer-onboarding-statistics/
- https://insurancenewsnet.com/innarticle/how-insurers-can-use-data-to-deliver-added-value-improve-customer-service