Avoiding data integration pitfalls: top 3 things to look for in a tech partner
Your big tech plans won’t amount to much if you can’t stick the landing with smooth data integration. Read on for tips on how to avoid integration pitfalls, and to hear from industry leaders on the growing understanding of the importance of future-proofing your data systems and practices.
The right partner can help. Here’s what to look for:
- Find a true modern tech stack. Pop the hood on many software solutions and you might be surprised at how old some of the technology is. Look for a modern platform built from the ground up in the last few years to ensure flexibility and ease of innovation.
- Avoid out-of-the-box solutions. It goes without saying that every carrier has different integration needs. Any one-size-fits-all solution should be met with skepticism. You need a partner who takes a collaborative approach to solving your unique challenges.
- Leverage industry expertise. Insurance is an old industry, and many data formats, requirements, and practices have been around for a long time. You need a partner who isn’t learning all of that on the job, and who can bring expertise and fresh perspectives on what’s possible with state-of-the-art tech.
TLDR; you need clean, ongoing data.
McKinsey reported last year that tech investment was up 50% year over year across the industry. Given that influx, and with that upward trend likely to continue, Fritz Nauck, a McKinsey Senior Partner, had this to say: “data architecture and data usage has to be clean and updated frequently with the right data.”
“Any integration must prioritize data compatibility, fidelity and visibility,” explains Peter Eliason, VP of Data & Analytics at Bestow. “Carriers need practical access to both historical and new data to make informed, cost-efficient decisions. It’s the best way to drive innovation in products, experiences, and risk management.”
Conclusion
FAQ
Data integration ensures that information flows seamlessly across systems, enabling carriers to make informed decisions efficiently. Without proper integration, even the most advanced tech solutions can fail to deliver value. Clean, connected data supports innovation in underwriting, product development, and customer experience.
One-size-fits-all solutions rarely address the unique integration needs of a carrier. Each organization has specific workflows, data formats, and compliance requirements that must be accommodated. A collaborative technology provider can tailor solutions to meet these needs, improving efficiency and reducing costly integration errors.
Insurance data can be complex, with decades of legacy formats and regulations. Technology providers with industry expertise understand these intricacies and can design integration strategies that avoid common pitfalls. This experience ensures faster implementation, higher data fidelity, and a sharper focus on carrier business objectives.
Data visibility ensures that decision-makers across the organization have access to accurate and actionable insights that span the entire value chain and policy lifecycle. It allows carriers to identify trends, manage risk, and monitor product performance effectively. Without clear visibility, opportunities for growth and operational improvements can be missed.
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