Synatic, a data integration and automation firm, has announced that it has become a member of ACORD, the global insurance standards-setting body, as well as a Licensed Integrator Partner of the ACORD Solutions Group. ACORD membership will ensure that Synatic’s data platform is fully compliant with insurance industry data standards.
With the partnership, Synatic can now handle the automated, digital extraction and population of data in ACORD forms, as well as converting to the AL3 messaging format. The platform can also integrate this data into multiple destination systems, including policy management and agency management systems and CRMs.
ACORD maintains a comprehensive library of electronic data standards and forms, including more than 1,200 messaging transaction types and more than 800 industry-standard forms.
“Our Hybrid Integration Platform (HIP) helps tame the data chaos in industries like insurance,” said Jamie Veers, vice president of business development and alliances at Synatic. “The number and variety of data sources used by insurance companies continues 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 increased the industry’s need for new data sources. According to a report by KPMG, 85% of insurance CEOs say they have accelerated plans to digitize operations. Much of that digital transformation will require the integration and aggregation of disparate data sources, making data standardization 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, managing director – global at ACORD. “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.”