Frictionless Commerce

What is Frictionless Commerce for the insurance industry?

When the industry’s ecosystem has the ability to send directly from the source system and receive clean data. With frictionless data, the process from submission management to full policy administration can run seamlessly with automation.

Over the years the insurance industry has implemented multiple technology solutions. Traditionally, the main focus has been on the processing of policy, billing, and claims. Data warehousing and analytics were then added to consolidate and evaluate the data.

The years of disparate systems and manual data entry have created a “dirty data” problem. This is now prevalent as books of business are evaluated and reports are sent out to partners.

With the increase of third party relationships, insurers are now consuming data from additional channels and increasing their data integrity problem. Without clean data, our industry cannot have true process efficiencies through technology.

Eliminating the friction from the ecosystem will be a key factor in succeeding in competitive markets.

Frictionless Commerce is the goal line.


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