The Piprate Solution
The insurance industry has fundamental data sharing problems
Insurance is a US$5 trillion industry. Data sharing is key to writing business, but is fraught with challenges: it’s inefficient, expensive, insecure, and fundamentally lacking in trust in the veracity of the data.
Current data sharing practices in the insurance industry are stuck in the dark ages. While the current mix of spreadsheets, email and faxes does get the job done, it’s hardly cutting edge. And more importantly, it’s incredibly inefficient.
Files are sent and received multiple times, to multiple parties. With low levels of trust and transparency around data, each party processes it independently, creating unnecessary duplication of effort.
And each time the data is transmitted or handled, it increases the risk of data breaches, and creates additional complexity for legal and regulatory compliance efforts.
These inefficiencies cost companies in the insurance industry precious time and effort, which translates to significantly increased operational costs.
