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InsurTech NY: DataHaven on Eliminating Data Silos to Achieve a Single Source of Truth
At InsurTech NY, Yandy Plasencia from DataHaven opened the conversation by pointing out a key, fundamental challenge facing insurance carriers: achieving a single source of truth for their data. He explained that the industry is famous for having many data silos, and DataHaven’s core business is to consolidate all that fragmented information. DataHaven provides tools specifically designed to solidify and simplify the complex reconciliation process required for financial reports in insurance. This translates to a massive efficiency gain for carriers, cutting a traditional reconciliation process time from two to four weeks down to just two days.
Speaking about the community at events like Insurtech NY, Plasencia noted that while insurance is a huge market, it remains a very small, relationship-based community where you often see the same faces. Establishing and maintaining these good relationships is crucial, serving as the gateway to forming long-term partnerships.
Plasencia then addressed the broader focus of the insurtech industry, as right now the insurance industry is focused on distribution and AI whereas DataHaven’s main goal is empowering brokers to quickly get submissions to underwriters and swiftly convert those into policies and premium. However, while many efforts are underway on the distribution side, a critical area of business remains heavily underestimated: the operations side, specifically financial reporting and financial performance for the insurance carriers as this area of insurance is complex and requires an intimate knowledge and deep understanding of the carrier’s data.
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