VP, Product Strategy
Why does integrating an insurer’s underwriting, claims and policy admin systems lead to greater efficiencies and better customer service?
Excellent customer service demands responsiveness. That comprises delivering on requests and expectations with timely and accurate information. In underwriting, automated and integrated data on existing client policies, application answers and external evidence data ensures responsiveness. Consumers and agents demand application decisions – now. Manual steps defeat responsiveness.
Claims require the actual claim form information, original underwriting data and current policy status. Unified and automated management, processing and presentation of that data speeds the claims process and ensures responsiveness. Manual steps complicate an already stressful situation for the claimant.
Actionable insights provided by business Intelligence across these integrated data sources is priceless.
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?
A precise integration method negates the requirement of a combined dataset.
Admin and underwriting systems’ processes and data complement each other, but a singular dataset is not required. Integration of disparate systems via a service oriented architecture, accessing the requisite business services and data of each other, accomplishes the synergism in process and presentation without the expense of actually combining the data.
Complete digital insurance systems are constructed to be implemented standalone, pieceby-piece, or in tandem. They are typically integrated via service bus, and ACORD Standard XML transactions are exchanged between the business services published by each individual system.