In the midst of a hard market and near a recession according to many economists, insurance companies are struggling to make a profit. Raising rates isn't likely to win the hearts of new customers, and with that in mind, insurers are taking an even harder look than usual at internal systems, workflows, processes and staffing in order to optimize.
Hummel Group (Hummel), an insurance and financial services agency with eight offices in Ohio and Indiana, was struggling with the inadequacy of canned reporting in an existing agency management system (AMS) which lacked customization options. Additionally, in providing personalized insurance solutions for individuals, families and businesses across many lines of business (LOBs), including auto, homeowners, general liability, workers' compensation, employee benefits, and wealth management services, Hummel encountered several pain points primarily revolving around data quality and reporting deficiencies, including the absence of a reliable system for mass data cleanup and ongoing maintenance. This led to issues, such as incomplete data mapping during mergers and difficulties in ensuring data accuracy across various operational aspects.
"Our major pain point was accounting," said Rochelle Yoder, IT director of Hummel Group. "The agency's finance and accounting teams were not able to give timely reports on new business numbers each month. They were performing countless manual lookups, generating report after report, and still ending up with inaccurate figures. This inability to promptly generate accurate reports directly impacted the finance and accounting team's ability to track new business metrics effectively."
Furthermore, discrepancies in retention reporting, active business reporting, and departmental LOB assignments compounded the complexity of Hummel's finance and accounting teams' data management. These issues affected crucial business functions, such as client communication, accurate policy tracking, and financial reporting. The reliance on manual processes for generating reports exacerbated the challenges, particularly in accounting where timely insights into new business numbers is crucial.
Addressing these pain points required a comprehensive solution capable of not only cleaning up existing data but also ensuring ongoing data integrity across multiple departments and operational levels. Hummel selected Synatic and began implementation of the company's DataFix solution.
"The partnership with Synatic was instrumental in tackling these challenges, enabling us to streamline processes, eliminate dirty data, and enhance reporting capabilities for informed decision-making," said Yoder.
Synatic tackled Hummel's challenges with a systematic approach, primarily focusing on cleaning dirty data and improving reporting efficiency. One of the initial tasks involved rectifying discrepancies arising from a merger with another insurance agency which operated on a different AMS system.
"We merged with Ramsberg Insurance Agency, which was utilizing Applied Epic," said Yoder. "When using the conversion tool to bring their clients over to AMS360, from Epic, not all the fields mapped in the location we would prefer them to be mapped to."
Synatic's expertise enabled seamless data mapping, easier resolution of inconsistencies, and smoother operations overall. This allowed Hummel to leverage internal marketing and communication channels more efficiently.
What's more, DataFix played a pivotal role in refining data integrity across various fronts. It standardized email formats, validated phone numbers, and ensured accurate representation of employees' roles within policies. The company then delved a level deeper into the data accuracy by validating the policy information loaded into AMS360 by the customer service team. Synatic's systematic approach also involved periodic checks and corrections to maintain data quality.
In addition to improving data quality and reporting efficiency, Synatic assisted Hummel with cleaning up the company's LOBs, which were each linked to specific departments. The challenge arose from the inability to restrict employees to designated LOBs within AMS360. This resulted in confusion and inaccuracies, particularly regarding premiums and revenue allocation between personal and commercial lines. Through a uniquely designed automation, Synatic assisted Hummel in ensuring correct LOB assignments, thereby enhancing data accuracy and departmental efficiency.
The partnership with Synatic addressed immediate challenges and offered long-term cost-saving benefits for Hummel. Unlike previous solutions that involved costly one-time scripts or manual interventions, with Synatic, Hummel addressed immediate data cleanup needs and established an ongoing system for maintaining data accuracy, which resulted in significant cost savings in the long run.
"DataFix's continuous data cleansing process is not just a one-time cleanup; it's an ongoing process that will save us a lot of money in the long run," said Yoder.
Looking ahead, Hummel plans to expand its collaboration with Synatic to integrate additional systems, such as Redtail for financial services. By leveraging Synatic's capabilities to merge data from multiple departments, Hummel aims to enhance cross-selling opportunities and gain comprehensive insights into client relationships. This underscores the strategic value of the partnership in driving business growth and operational excellence through data-driven decision-making.
"My favorite aspect of collaborating with Synatic is their accessibility," said Yoder. "We interact directly with their developers, bypassing the need for intermediaries. Unlike working through a project liaison, where communication can become convoluted, working with Synatic was straightforward."
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