Avoiding Data Integration Pitfalls: Top 3 Things to Look for in a Tech Partner

Your big tech plans won’t amount to much if you can’t stick the landing with smooth data integration. Read on for tips on how to avoid integration pitfalls, and to hear from industry leaders on the growing understanding of the importance of future-proofing your data systems and practices.

The right partner can help. Here’s what to look for:

1. Find a true modern tech stack.
Pop the hood on many software solutions and you might be surprised at how old some of the technology is. Look for a modern platform built from the ground up in the last few years to ensure flexibility and ease of innovation. 

2. Avoid out-of-the-box solutions.
It goes without saying that every carrier has different integration needs. Any one-size-fits-all solution should be met with skepticism. You need a partner who takes a collaborative approach to solving your unique challenges. 

3. Leverage industry expertise. Insurance is an old industry, and many data formats, requirements, and practices have been around for a long time. You need a partner who isn’t learning all of that on the job, and who can bring expertise and fresh perspectives on what’s possible with state-of-the-art tech.

TLDR; you need clean, ongoing data.

McKinsey reported last year that tech investment was up 50% year over year across the industry. Given that influx, and with that upward trend likely to continue, Fritz Nauck, a McKinsey Senior Partner, had this to say: “data architecture and data usage has to be clean and updated frequently with the right data.”

“Any integration must prioritize data compatibility, fidelity and visibility,” explains Peter Eliason, VP of Data & Analytics at Bestow. “Carriers need practical access to both historical and new data to make informed, cost-efficient decisions. It’s the best way to drive innovation in products, experiences, and risk management.”