The speed of business in the insurance industry is thwarted by lengthy delivery cycles, functional silos, and knowledge gaps. These gaps prevent insurers from streaming workloads and working with partners and customers. Most of these problems are caused by integration issues between fragmented technologies that talk different languages. These problems can be counteracted with the help of insurance integration accelerators. Insurance integration constructs help business teams in connecting processes reducing friction, improving service delivery, and expand market base. Pre-built accelerators help customers in shifting technologies towards the stream of business and respond faster to emerging needs.

Problems Facing the Insurance Industry

Insurance carriers have to transact with many external partners for finalizing deals. Their systems handle a lot of credit reporting, data sharing, and streaming. However, rogue silos prevent them from doing this smoothly. Their inability to bring data leads to poor underwriting decisions. Insurance integration helps insurers in solving these problems. It is the right solution to speed up the insurance operations. They can integrate TPAs and MGA, bring them on a common platform, and automate transactions for faster data exchange. Business users can improve data quality and deliver strategic solutions to the customers.

Here are some of the Benefits Which Insurance Integration Delivers

Insurance agents can get connected with partner networks and bring data from structured, unstructured, and heterogeneous sources. They can eliminate integration cost that goes in buying additional infrastructure cost, setting up a team, and connecting systems. Moreover, insurance teams can eliminate multiple sources of truth and achieve data integrity. Improved data accuracy in turn improves the underwriting decisions. Moreover, they can easily prepare the data for analytics and other purposes.

Modern-day Insurance Integration Accelerators: How do they Work?

Modern-day insurance integration architectures offer a multi-tier architecture and building blocks to strategically address critical integration needs. Self-service integration capabilities ensure that integration is easy and reusable at all ends. They offer three layers to help carriers succeed with their B2B networks:

System Layer: This layer connects all systems of records i.e., financial systems, billing systems, databases, etc., and makes them accessible on demand. This layer provides a means for exposing data in a canonical format and enabling downstream insulation and rationalization of systems. All underlying systems can be governed by central IT in an orchestrated manner.

Process Layer: This layer packs the rules engine and automation to inter-wire processes and ensure smoother flow of data. Users can move data between source and target channels in a seamless manner. Logic across different processes allows in better service orchestration and delivery. Operational users can monetize complex B2B processes without heavy infrastructure and set up.

Experience Layer: Self-Service integration capabilities available in this layer ensure that data can be marshalled and made available to intended audience. Business users can access data from different sources and fill the information fields in different formats in simple steps. They can organize the data as per right context and clarity with industry best practices.

The right insurance integration solution helps carriers in setting up a Center for Enablement. This model can be scaled naturally for counteracting insurance integration challenges and driving profitability by 5X.

Shift to a Center for Enablement (C4E): Once scale has been established, it’s critical to quickly codify best practices and provide a platform for discovery and dissemination through the organization. The result of such a process is mass adoption across the enterprise. The core of this C4E 17 may also be built during the start-up mode and scaled as required