The need for cloud integration in the insurance industry has only increased. Consolidation, business growth, a tough regulatory environment, continuing political and legal change, and burgeoning fraud all require data quality and integrity. Additionally, the widespread adoption of cloud-based CRM by the industry calls for the integration of high volumes of disparate data from adjusters, brokers, service providers, underwriters, and related professionals.
Cloud integration tools make it possible to synchronize business-critical data from front- and back-office systems, in turn making agency management and other industry systems significantly more efficient and accurate.
What are the use cases?
Five reasons for adopting cloud integration come immediately to mind.
- Information Integration. As mentioned earlier, insurance carriers are turning to cloud-based CRM systems, such as Salesforce CRM, in great numbers. These integration systems are easy to use, attractively priced, and customizable. Cloud integration allows carriers to assemble the information needed by wholesale brokers from multiple sources, synchronize it, and ensure its quality. For example, theSalesforce integration process pulls data from contract and licensing systems, which indicate the products that independent brokers and agents can sell and from policy administration systems that keep a record of what’s already been sold.
- Agency and Broker Management.Policy administration systems provide the data that create a single view of the customer. Agents and brokers use that data to spot cross-sell and upsell opportunities and to pinpoint when policies are up for renewal. Cloud integration delivers this data from carriers’ back office systems to CRM desktops, essentially allowing carriers, agents, and brokers alike to derive full value from theirSalesforce data.
- Compliance. Industry standards, such as ACORD, govern information exchange between carriers and agents. In addition, all parties require accurate, synchronized data to demonstrate regulatory compliance.
- Cross-Organizational Access. Siloed information is common in the insurance industry. Rapidly breaking down those silos and enabling business units across an enterprise is critical to streamlining business processes, staying in compliance with standards and regulations, and, of course, pinpointing sales opportunities.
- Fraud Prevention and Detection. Fraud is involved in a staggering 10 percent of all insurance claims, costing billions of dollars every year. Fraud raises insurance rates and impacts profitability across the industry. Cloud integration aggregates and standardizes data, making it a lot easier to detect patterns of suspicious behavior.
The insurance industry is an excellent example of the benefits conferred by data integration across cloud and legacy applications. But it’s by no means the only one. Consider B2C operations that sell online, government and public safety agencies, and high tech enterprises. They can all profit from a single view of their customers.