Rapidly On-Board Critical Business Data and Reduce ACORD Insurance Integration Costs
The rapidly shifting dynamics of today’s insurance market puts increasing demands on carriers to respond to new opportunities and adapt business strategies on the fly. To be more agile, carriers and their partners are incorporating the ACORD insurance standards into their core business and IT processes. The ability to quickly integrate ACORD insurance standards streamlines data sharing within the enterprise. It reduces the cost of managing, exchanging, and consuming data for policy management, customer insight, underwriting, claims, and actuarial services.
But as adoption of ACORD insurance industry standards expands beyond the initial set of channel partners, many organizations discover that they’re unable to scale their integration infrastructures to meet business needs. Because the flow of information is core to insurance operations, IT systems unable to keep pace with the latest standards expose carriers to numerous business risks.
The Informatica Solution for ACORD Insurance Integration
The Informatica solution for ACORD insurance integration helps reduce the complexity and cost of integrating and transforming data to comply with ACORD insurance industry standards.
With this solution, you can:
- Improve accuracy in claims processing management, underwriting, and risk management
- Deliver trusted and complete data for actuarial reporting and analysis
- Simplify policy administration and improve customer service to existing customers and intermediaries
- Streamline the exchange of data in business-to-business distribution channels
- Boost efficiency by defining, deploying, and reusing transformations across the enterprise, without the need to write code
- Preserve investments and promote cross-enterprise integration
Key Capabilities of ACORD Insurance Integration
Unlike other solutions on the market, the Informatica solution for ACORD insurance integration delivers a cohesive approach to manage and exchange XML standards developed by ACORD for both the life insurance and property/casualty insurance industries. The solution is based on a single, comprehensive platform and features the following capabilities:
- Universal data transformation delivering a single reusable service that enables true “any to any” data transformation with native support for ACORD XML and prebuilt transformations for ACORD AL3, DTCC, and COBOL
- Comprehensive data profiling, error discovery, cleansing, reporting, and monitoring to identify, quantify, convert, and correct data quality issues, ensuring that data is fit for use in your new insurance and applications
- Business-driven data exchange providing self-service to business users and partners for partner and data source onboarding, to reduce IT effort in partner onboarding and allow business analysts to define variables for the onboarding process
- Data event monitoring providing end-to-end visibility into ACORD insurance data as it’s integrated, including deep insight into data’s content as it changes in each step of the process
- Web-based dashboards, analytics, and reporting to manage and monitor all aspects of integrating ACORD insurance data across the enterprise and partners
- Enterprise data integration to deliver ACORD insurance data from virtually any business system, in any format, volume, and in any latency
- Managed File Transfer for secure connectivity and delivery with built-in support for all communication protocols