By John Scutz
Different business paradigms are upended by disruption and insurance markets are no exception. Online comparison shopping websites have gained traction and consumers now can easily cherry pick policies across a wide variety of providers, stimulating the risk of churn and lost revenue. In order to combat such severe ramifications, insurance providers need to capitalize on customer data for encouraging upselling and cross-selling their policies as well as services. In addition, Insurance giants dealing with disruption should possess more agility to drive the digital transformation wave and respond proactively to the regulatory changes and streamline M&A activity.
One can attain these objectives with a robust and flexible insurance data integration solution in place. Not only deploying an insurance integration platform can make organizations flexible, scalable and agile, but also enable them to monetize their data assets. It brings greater flexibility to insurance providers, helping them unify data and applications for a 360-degree customer view.
This blog highlights some of the most important benefits of deploying an insurance data integration solution. Here are they.
Enhance Sales: Insurance organizations are able to understand and anticipate their needs and requirements with the help of an integration platform. Insurance integration solution offers providers a unified view of their customer profiles for cross-selling and upselling with the help of personalized marketing for life, auto, home, annuities, health or other significant policies.
Accelerate Onboarding: Insurance companies can use data integration platform for their fulfilling onboarding initiatives. This helps them save the effort of managing integrations through various disparate products and one-off custom code. One of a kind features such as reusable integration templates, smart B2B connectors, and application connectors etc. allows effective onboarding without any difficulty.
Enhance Regulatory Compliance: Integration platform helps increase visibility and data access across the entire insurance ecosystem. This helps companies meet the ever-evolving regulatory requirements with ease and precision. With features like Pre-built Protocol & Application Connectors, Process Automation, Centralized Platform, Monitoring Dashboard, and more, data integration platform also helps in refining the risk management practices as well as protecting data privacy. Hence, the risk of data losses and thefts get reduced to a minimum.
Drive Digital Transformation: Data integration platforms allow organizations to drive their digital transformation objectives. It establishes communication between the various entities of the ecosystem, opening new channels of customer engagement unlike the cases wherein, siloed applications could not communicate to derive valuable insights and breakthrough efficiencies.
Improve Customer Experience: Faster onboarding process, real-time visibility, and free flow of communication allow enterprises to offer an outstanding experience to customers all-inclusive. Data integration software gives insurance providers the ability to offer solid customer experience by combining data from various back-office systems.
For insurance providers, Adeptia’s integration platform is a blessing in disguise. It helps enterprises struggle with problems of onboarding, allowing them to improve customer interactions, customer response times, productivity and time-to-value. With attributes like reusable templates, monitoring dashboard, smart B2B connectors, and more, this insurance integration platform helps companies to accommodate ever-changing ecosystem dynamics and foster growth & agility to boot. In addition, it allows them to become easy to do business with and accelerate revenue generation by ensuring reliable customer exchange and faster response times.
Features such as application connectors, smart B2B connectors, reusable integration templates, to name a few allows insurance giants to align with ever-changing ecosystem dynamics and foster growth & agility to boot.