Meet the insurtech: Synatic
Manual insurance administration processes can be complicated, because data from legacy systems can be difficult to integrate into external platforms.
Synatic, a data integration and automation insurtech, provides a low-code, no-code solution that aims to simplify the integration of internal and external data sources. The company focuses on creating improved visibility of data across disparate data applications, transferring data between siloed systems, removing data errors and improving data automation through their suite of solutions and prebuilt connectors and integrations.
“We find that inaccurate data is a real productivity killer in the insurance industry. And because there’s so much data, and it’s so reliant on human entry, it is a significant challenge in the industry,” said Jamie Peers, vice president of business development and alliances for Synatic. “That’s where DataFix is playing its part. It’s improving the cleanliness of the agency MGA and carriers’ datasets.”
Synatic’s DataFix solution ensures that data coming in from multiple sources is cleansed on a continual basis and creates a single record of accurate data by consolidating client, lead and contact information in a company’s agency management system (AMS). DataFix also gathers and operationalizes clean data for other systems to use.
Download MatchX is another of Synatic’s solutions that tackles the problem of bad data.
“Download Match X is quite an intricate solution in terms of the industry and understanding the different role players,” explains Peers. “Basically, there is data that downloads from the carrier to the agency that often downloads really, really poorly, and it overrides data in the AMS. So the carrier will send data through to the agency and it’ll overwrite or nullify the data that the agency has put in.”
The process can be extremely time-consuming and repetitive, according to Peers. Download Match X automates policy downloads directly into the AMS, recognizes inaccurate data and mismatched records and ensures that the agency has the most up-to-date policy information.
Other Synatic solutions include CrossRev IQ, which boosts sales by automating data to help agents find under-insured accounts, secure new leads and offer new products, and the AutoDB Commission solution, which streamlines agent commission management through calculation automation and statement access.
Agencies can use Synatic’s Data Warehouse to create a single centralized source of data that reduces the time and resources required to access or analyze data, increasing overall agency performance and efficiency. This solution also enriches data to streamline processes and automate tasks, reduce data discrepancies, gather insights on sales and retention and improve policy renewal monitoring or claims processing times.
