Synatic, a data integration and automation leader, has partnered with commercial property & casualty (P&C) policyholder platform Ferro to drive a digital-first insurance experience.
According to Synatic, 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.
In addition, the company said data from existing InsurTech and legacy systems can be difficult to integrate into external platforms.
The partnership will see the two companies leverage 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.
Synatic’s data integration and Ferro’s ability to bring important policyholder information together in one place enables a consolidated view of client data, which in turn helps to drive customer centricity and improve business strategies.
Jamie Peers, vice president of business development and alliances for Synatic, said, “The insurance industry faces a growing demand for a better policyholder experience. 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.”
Chris Senkbile, founder and CEO of Ferro, added, “Insurance has traditionally been a data-centric industry. 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.”
Earlier this year, Old Mutual, a pan-African financial services group, partnered with CoverGo, a global no-code insurance SaaS platform for P&C, health, and life, to drive digital insurance transformation across Africa.
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