Clean, centralized data with 80% time savings for insurance companies
Synatic, a leader in the data integration industry, announced it will be increasing its focus on the data challenges of the insurance industry with their Hybrid Integration Platform (HIP).
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Insurance has always been a data-driven industry, providing risk assessment based on large data sets. Over the past decades, the data available to the insurance industry has dramatically accelerated, both in terms of the variety of sources and in terms of the shifts in the risks to individuals and businesses.
Synatic, which provides a full solution for the $19 billion data integration market, is now providing solutions that specifically target insurance industries, offering Extraction, Transformation, and Load (ETL), integration, API management, and data warehousing capabilities.
Recent research by KPMG showed that more than 85% of insurance CEOs found that the pandemic had accelerated the digitization of their operations. Getting disparate solutions integrated and aggregated provides a competitive edge for insurers and agencies alike, and the confidence that their policies are up to date with the real risks they are covering.
“The number of disparate data sources in the insurance industry causes a monumental amount of manual work and re-entry,” said Jamie Peers, VP of Business Developments and Alliances of Synatic. “Rapid integration of data from new information sources and InsurTechs can make the difference between a profit and loss on any given insurance product. That is why Synatic has looked deeply into the insurance market to provide data integration products that are highly targeted, so that insurers and agencies can rapidly integrate and store all of the relevant data as it becomes available.”
While capturing more data may seem straightforward, 70% of digital transformation projects fail, representing $900 billion annually of wasted investments. ETL, API management, and storage require precision in terms of cleaning and standardizing data so that it can be used in a company’s application ecosystem. Tapping into both legacy systems and new data sources gives insurance companies an edge. Therefore, insurance businesses of all sizes are investing in solutions that help them streamline and understand the relevant data.
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The Synatic platform provides a no-code, low-code, your-code solution that is easy to integrate and customize for both internal and external data sources, allowing businesses to tap into an ever-wider array of relevant data. Combining the various data integration functions into one platform provides the elegance that saves both time and money.
Synatic’s Hybrid Integration Platform combines ETL, Integration, API Management, Warehousing, and a wide range of pre-built connectors and solutions, enabling businesses to deliver a holistic data solution that reduces the frictional cost of data integration, automation, and analytics by up to 80%.
Synatic offers a range of integration packages from its Basic, which integrates three applications, to its Enterprise Plus package. The platform delivers a true multi-tenanted cloud solution or can be provided as a private cloud / on-premises solution for customers who want their data automation solution in house. All edition packages come fully featured from the outset and require an annual contract. Synatic offers custom pricing based on an organization’s requirements.
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