CITS in the Age of CoronaNews / May.07.2020
Companies that have eApp systems have seen a huge surge in their usage. Electronic applications and the corresponding application notification feeds have become true table stakes for organizations.
While we didn’t predict Coronavirus, we did have the foresight to imagine an automated future with a reliance on data feeds. The work that CLIEDIS and its members put into feeds has paid off. These feeds, now more than ever, are an essential part of your business.
As we settle into this new normal, the initiatives CLIEDIS members have been driving will move into the forefront. We can safely hypothesize that paperless will be a high priority. Anything that will reduce the dependency on manual intervention and touch points will become crucial in this new reality. The business case for APIs is being made for us.
Data standards are tricky, the word ‘standard’ being a misnomer. CLIEDIS works with companies to standardize the communication of information when nothing else in our industry is standardized. Unlike funds, where the main differentiator between companies and products is price, insurance is very complex. Each company seeks new and unique ways to differentiate themselves while balancing the extensive legacy that needs to be maintained. Companies offer different product types and features; use different applications; manage different actuarial rules, underwriting requirements, compliance procedures, and an extensive library of back end processing systems.
These differences provide for competitive advantage in areas far beyond pricing alone. The trade-off is that the data available will vary from company to company, making standardization very challenging.
This is where CLIEDIS stands out. We work with carriers to help them serve up the highest quality data they have available, coming as close to standard as possible. We then work with distributors and their software providers to ensure they understand exactly what they are getting from company to company, product to product. Our member resources capture both what is standard as well as necessary variances, so that users can make use of everything they have access to.
CLIEDIS is prepared. The work we’ve been doing throughout our 25-year history has positioned us to support this industry in transforming quickly.
Contact us to find out how to use the resources we have available so that you are able to move your business forward in this new world.