Synatic and ACORD Collaborate to Bring Efficiency and Standardization to the Insurance Industry
Synatic, a company that specializes in delivering data integration and automation solutions, has recently revealed its collaboration with ACORD, a renowned international organization that sets standards for the insurance industry. This exciting collaboration is set to create a range of new opportunities for those interested in the fintech market.
The partnership will see Synatic working closely with ACORD to develop new data integration and automation solutions specifically tailored to the insurance industry. This is great news for companies operating in the sector, as the new solutions are expected to help them streamline their processes, reduce costs and improve overall efficiency.
With the fintech market continuing to grow at a rapid pace, this partnership is likely to be of great interest to those looking to invest in the sector. The new solutions being developed by Synatic and ACORD are expected to provide significant benefits to businesses in the insurance industry and could help to drive innovation and growth in the sector as a whole.
What Do We Know About The New Partnership
The partnership between Synatic and ACORD is expected to bring great new opportunities for those interested in the fintech market. As the insurance industry continues to digitize its operations, Synatic’s HIP platform offers an efficient solution for automating data integration and analysis. The platform’s ability to handle disparate data sources and integrate them with different systems can make a significant difference in the insurance industry’s profitability.
The global outbreak of COVID-19 has resulted in an increased demand for fresh data sources and has expedited the insurance industry’s plans for digitization. Insurance CEOs report that they are urgently seeking new revenue streams, and Synatic’s HIP platform provides a solution for businesses to tap into a growing set of relevant data sources. The platform’s pre-built connectors allow for seamless integration with commonly used insurance data sources such as Salesforce, AMS360, Sagitta, DuckCreek, and HubSpot.
Moreover, Synatic’s HIP platform is designed to suit different environments, offering custom pricing based on specific organizational requirements. With a multi-tenanted cloud solution, the HIP platform can be implemented as a private cloud or on-premise solution, providing flexibility and scalability for businesses of any size.
Overall, the partnership between Synatic and ACORD promises to bring efficiency and standardization to the insurance industry’s data exchange processes. By leveraging ACORD’s industry standards and Synatic’s data integration platform, businesses can streamline their operations, reduce costs, and drive revenue growth.
What Are New Opportunities for Synatic
Synatic has joined forces with ACORD and has been granted the status of a Licensed Integrator Partner of ACORD Solutions Group. This collaboration allows the company to take advantage of the most up-to-date standards for insurance data exchange, thereby ensuring that its robust data platform is fully aligned with the requirements of the insurance industry. This partnership offers Synatic the opportunity to expand its presence in the insurance industry and tap into new markets by delivering automated data integration and analysis solutions to insurance companies that must comply with ACORD data exchange standards.
By applying ACORD standards with its HIP platform, Synatic can speed up the exchange and storage of electronic data while ensuring compliance with industry standards. This level of data standardization is crucial in the insurance industry, where large datasets are used for risk assessment and other purposes.
Using Synatic’s HIP platform, insurance firms can seamlessly integrate and analyze data obtained from various sources, including policy management solutions, agency management solutions, and CRMs. What’s more, the HIP platform can reduce the expense of integrating, automating, and analyzing data by up to 80%, thereby providing a significant edge to insurance companies in terms of competitiveness.
As more insurance companies digitize their operations and seek new revenue streams, the demand for efficient and standardized data integration solutions is expected to grow. Synatic is well-positioned to capitalize on this opportunity by offering an end-to-end data integration platform that combines ETL, data warehousing, API management, and pre-built connectors.
Moreover, the partnership with ACORD Solutions Group allows Synatic to offer its HIP platform to a broader audience. ACORD maintains a comprehensive library of electronic data standards and forms, and Synatic can leverage this library to ensure its HIP platform remains up-to-date with the latest industry standards. This collaboration also allows Synatic to work with other Licensed Integrator Partners to offer innovative solutions that meet the evolving needs of the insurance industry.
In summary, Synatic’s partnership with ACORD presents a significant growth opportunity for the company, allowing it to expand its presence in the insurance industry and tap into new markets. By leveraging ACORD standards and offering an end-to-end data integration platform, Synatic can provide insurance companies with efficient and standardized data integration solutions, reducing costs and driving revenue growth.