Engineering and Technology Lead
Why does integrating an insurer’s underwriting, claims and policy admin systems lead to greater efficiencies and better customer service?
Integrated new business and underwriting, along with policy administration systems, can deliver profitable solutions at attractive prices that meet the needs of consumers and brokers. Today’s consumer-driven markets rely on new and varied products personalized to more discrete populations of consumers. New products represent a competitive advantage for insurers who get them to market quickly, and make them easy for consumers to buy and brokers to administer. Consumers, accustomed to convenient online shopping from websites like Amazon, have high expectations. Insurers must provide new products and the online experience that makes it easy and convenient to buy and manage policies.
Does integrating an insurer’s policy admin and underwriting systems lead to better data and greater efficiencies? Given that each system relies on separate data sources, does managing that data become more difficult, or does the combined data set result in faster and more accurate determinations?
Data, and access to it from any source, is the lifeblood of a successful insurance business. Instead of a team of analysts pouring over spreadsheets, an integrated end-to-end system that’s based on standardized integrations and APIs will not only deliver data, but also insights from multiple sources. Thanks to technological advances in AI, analysts now gain insights from unstructured data sets such as social media, devices and wearables. And the speed with which this volume of data is analyzed is key to helping analysts deliver better informed decisions much faster.