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Synatic Partners with ACORD to Ensure Compliance for Insurance Data Standards

Synatic Partners with ACORD to Ensure Compliance for Insurance Data Standards | Fintech Finance

Synatic, a leader in data integration and automation, today announced it has become a member of ACORD, the global insurance standards-setting body, as well as a Licensed Integrator Partner of ACORD Solutions Group. ACORD membership will ensure Synatic’s powerful data platform is fully compliant with insurance industry data standards. Synatic can now handle the automated, digital extraction and population of data in ACORD Forms, as well as converting to the AL3 messaging format. Not only can the platform handle these data structures, but further, the platform can integrate this data to multiple destination systems such as policy management solutions, agency management solutions, and CRMs.

Insurance has always been data-driven, applying large datasets for risk assessment and other purposes. As the amount of data available to the insurance industry has dramatically increased, there has been an ongoing challenge to integrate data from disparate sources. Partnering with ACORD and ACORD Solutions Group will ensure that Synatic’s unified platform for integration, API management, and data management is compliant with the latest standards for insurance data exchange.

“Our Hybrid Integration Platform (HIP) helps tame the data chaos in industries like insurance,” said Jamie Peers, VP of Business Development and Alliances of Synatic. “The number and variety of data sources used by insurance companies continue to grow, creating more manual work and more opportunities for error. By applying ACORD Standards with our HIP platform, we can speed the exchange and storage of electronic data in compliance with insurance industry standards. The rapid integration of the right data can make the difference between profit or loss for insurance organizations.”

The COVID-19 pandemic has accelerated the insurance industry’s need for new data sources. According to KPMG, 85% of insurance CEOs report they have accelerated plans to digitize operations. Seventy-nine percent say they have brought a new urgency to create new revenue streams. Much of that digital transformation will require integrating and aggregating disparate data sources, so data standardization is more critical than ever.

“ACORD’s annual Insurance Digital Maturity Study has shown that the performance gap between digitized competitors and digital laggards continues to grow,” said Chris Newman, ACORD’s Managing Director – Global. “Data collection has become a baseline capability – competitive advantage requires extracting the maximum amount of value from that data. Platforms that leverage standardized data exchange allow stakeholders to more easily capture that value.”

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