The soft market has boosted the profitability in the insurance industry in recent years. But despite that, you have more issues to deal with than ever. The increased profitability is accompanied by increased competition and greater pricing pressure. Additionally, mergers and acquisitions have doubled or tripled the number of IT systems your company needs to manage. Demographic changes are also having an impact, as retiring boomers are seeking different retirement and insurance products than younger generations.
Collectively, these factors may have driven you to develop new products and explore using new channels, such as the Internet. But first, the back-office must be integrated to allow that to happen. If you are working on siloed legacy data systems, it likely means that you:.
Often use inaccurate or inconsistent data during underwriting.
Cannot easily create new products in a mainframe environment.
Cannot distribute policy information to agents and customers in real-time, via the Internet.
Many integration solutions are inherently unable to help speed products to market, or to provide the consistent, real-time information that insurers need. Designed for operation in local area networks (LANs), such solutions become unreliable, slow and hard to manage when used in highly distributed environments - such as integrating agents to a corporate office, or providing information directly to consumers via a portal. The Progress Multi-site Integration solution, powered by Sonic ESB, will give you a reliable infrastructure that can be rapidly deployed and managed remotely, speeding time-to-market and reducing costs. Learn more about how Sonic ESB can help you create new business, improve underwriting performance and increase customer satisfaction.
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