Simplify Data Exchange and Maximize Channel Effectiveness with an Efficient Insurance Gateway
In today’s uncertain economy and soft market conditions, insurers and reinsurers are looking for ways to grow profits, reduce expenses, and boost their operational efficiency. Leading carriers are focused on optimizing their distribution channels to achieve the highest level of agility.
Given the sheer diversity of channel partners, achieving these ends requires that insurance carriers receive data in myriad formats—from ACORD to PDF and everything in between. As a result, carriers often implement multiple point solutions to support different delivery methods, integration points, data structures, and formats in order to connect with agents, brokers, and other distribution channels.
However, as data requests grow and channels expand, this approach imposes a significant roadblock to maximizing channel effectiveness because of slow onboarding and higher costs of development and maintenance.
The Informatica Insurance Gateway Solution
The Informatica insurance gateway solution simplifies data exchange among insurers and their distribution channels. It enables you to share information efficiently among carriers, agents, brokers, and policyholders, increasing channel productivity and streamlining business processes.
With the Informatica insurance gateway solution, you can:
- Cost-effectively expand distribution channels
- Increase agility by adapting easily to customers’ changing needs
- Boost revenues by accelerating time to market
- Increase the productivity of agents or brokers
- Decrease overall expense ratios by reducing the cost of acquiring, retaining, and servicing a customer through an insurance gateway
- Reduce commission and brokerage expense ratios by reducing the costs of sales affecting commissions
- Lower general expense ratios and reduce overall operating costs by enabling easy access to reliable, integrated customer data
Key Capabilities of Insurance Gateway Solution
Unlike similar offerings on the market, the Informatica insurance gateway solution significantly reduces the complexity of integrating and extending customer, product, and channel data from your business systems and applications to insurance agents, brokers, and any other direct and indirect channels supported.
The Informatica insurance gateway solution accomplishes all this with a single platform that features the following capabilities:
- Access to all data—regardless of its source or structure—from mainframe systems as well as relational databases and applications
- Native support for ACORD XML and prebuilt transformations for ACORD AL3, DTCC, and COBOL
- Conversion of structured and unstructured data to and from more broadly consumable data formats (e.g., ACORD), supporting business-to-business and multiple-enterprise transactions
- High-precision, high-performance searching and matching of identity data—and associated product, asset, and financial data—to find matches accurately and quickly, regardless of language, structure, format, location, duplication, omissions, or errors
- Profiling, discovery, cleansing, and monitoring of data quality issues—including customer, product, and financial data—as well as measurement, monitoring, tracking, and reporting on data quality across your organization
- Integration of massive volumes of real-time transactional and analytical data both inside and outside your enterprise