(Image source: Synatic homepage.)
Synatic (Newark, Del.), a data integration and automation vendor, has announced a new partnership with Ferro, a commercial property/casualty policyholder platform focused on streamlining integration and administration processes by providing a single source of truth for schedules and other policy-related information.
In explaining the objective of the partnership, a statement from the vendors notes that manual insurance administration processes, complicated by disjointed legacy systems and disparate data, handicap insurance agents and brokers by wasting time and adding expenses that eat into profit margins. Further, data from existing InsurTech and legacy systems can be difficult to integrate into external platforms, the companies say. “Several insurers already use data as an asset to drive customer-centricity and improve business strategies,” the statement continues. “This requires a consolidated view of client data, available through Synatic’s data integration and Ferro’s ability to bring important policyholder information together in one place.”
The companies say their partnership leverages data integration and automation to streamline integration and insurance administration processes while simultaneously reinventing the way brokers, policyholders, and P&C insurers collaborate and connect. Under this agreement, Synatic, through its Data Integration Hub (DIH), extracts and integrates data from existing systems before consolidating appropriately and preparing it for easy ingestion by Ferro’s P&C policyholder platform.
Growing Demand for Better Policyholder Experience
“The insurance industry faces a growing demand for a better policyholder experience,” comments Jamie Peers, VP, business development and alliances, Synatic. “The Synatic-Ferro partnership bridges this gap by providing a new digital-first insurance experience and delivering a return on investment (ROI) of 50 percent of typical implementation costs and 70 percent of deployment time to Synatic and Ferro customers.”
Together, Synatic and Ferro say they enable brokers and insureds to collaborate around access to, and usability of, insurance and risk management information, like schedules, policies, payrolls, claims and more. “Today’s insurance agents and brokers require real-time information and the ability to pull data together, push it out to the right system, or operationalize data,” the companies’ joint statement says.
This partnership is expected to enhance agents’ and brokers’ ability to do the following, according to the statement:
- Initiate, organize, maintain, and move information from one place to another;
- Present complete, organized, and better-looking submissions;
- Collaborate with a shared data set;
- Automate applications and e-sign; and
- Keep data up to date year-round.
“Insurance has traditionally been a data-centric industry,” comments Chris Senkbile, founder and CEO, Ferro. “We look forward to working with Synatic to push customer-centricity and digital transformation forward for the sake of all the stakeholders in the insurance value chain.”