(Image source: Synatic.)
Synatic (Newark, Del.), a provider of data integration and automation solutions, has become a member of ACORD (Pearl River, N.Y.), the global insurance standards-setting body, as well as a Licensed Integrator Partner of ACORD Solutions Group. A statement from the company says that ACORD membership will ensure Synatic’s data platform is fully compliant with insurance industry data standards. Synatic says it now can handle the automated, digital extraction and population of data in ACORD Forms, as well as converting to the AL3 messaging format. The platform also can integrate this data to multiple destination systems such as policy management solutions, agency management solutions, and CRM systems, according to the Synatic statement.
“Our Hybrid Integration Platform (HIP) helps tame the data chaos in industries like insurance,” said Jamie Peers, VP, Business Development and Alliances, Synatic. “The number and variety of data sources used by insurance companies continue to grow, creating more manual work and more opportunities for error. By applying ACORD Standards with our HIP platform, we can speed the exchange and storage of electronic data in compliance with insurance industry standards. The rapid integration of the right data can make the difference between profit or loss for insurance organizations.”
“ACORD’s annual Insurance Digital Maturity Study has shown that the performance gap between digitized competitors and digital laggards continues to grow,” comments Chris Newman, Managing Director—Global, ACORD. “Data collection has become a baseline capability – competitive advantage requires extracting the maximum amount of value from that data. Platforms that leverage standardized data exchange allow stakeholders to more easily capture that value.”
Synatic describes its HIP solution as a no-code/low-code/your-code data integration solution aggregating internal and external data sources. HIP combines ETL, data warehousing, API management, and pre-built connectors allowing businesses to tap a growing set of relevant data. Using a HIP as a holistic data solution can reduce the cost of integrating, automating, and analyzing data by as much as 80 percent, the vendor asserts.
Synatic says its HIP platform is already delivering automated data integration for many insurance market customers. In addition to empowering Salesforce users, Synatic says it also offers pre-built connectors to AMS360, Sagitta, DuckCreek, HubSpot, and other commonly used insurance data sources.