Fat Agent

All the things insurance companies break, Fat Agent fixes. Simplify quoting, submitting new business, & agency management. All on modern-day frameworks & APIs.

[Fat Agent @FatAgentCRM]

Big News 🚀 The first-ever full mobile AMS has been approved in the App Store! Agents can manage their operations fully from their smartphones, bringing more flexibility and efficiency to the industry. #InsurTech #insurance #InsuranceInnovation
https://t.co/M7zhhrZhe4

[Fat Agent @FatAgentCRM]

@OpenAI @OpenAISupport, why is your customer service nonexistent? Specifically for paying API customers.

[Steve 🤙 @SteveKBark]

Ohio State is the most deserving champion in the history of college football.

They’ve beaten every single team in the top 8 of the final rankings except Georgia. And they did it with an average margin of victory of 15.5 points.

Ryan Day rewrote the narrative. He’s a legend.

[Buckeye Empire @BuckeyeEmpire]

Oh this is a good one

[Fat Agent @FatAgentCRM]

@EliotMBless @HighwingIO Would what you’re working on and if we can help in any way. No strings attached. We just want to move this industry forward. It has to be easier for agents and customers!

[Fat Agent @FatAgentCRM]

8. Conclusion:
The insurance industry must evolve beyond the ACORD standard or enhance it significantly. Only then can we see a reduction in operational friction, better customer experiences, and more agile business practices.

#data #insurance #insurtech

[Fat Agent @FatAgentCRM]

6. The Need for Change:
It's critical for insurance leaders to recognize data as a core asset. Modernizing data exchange protocols isn't just about IT; it's about business strategy, customer satisfaction, and staying competitive.

[Fat Agent @FatAgentCRM]

Cultural Shift: Encourage a culture where data is seen as vital, not just in IT departments but throughout the company's operations.
Education & Training: Ensure that leadership understands the implications of data mismanagement the benefits of a well-oiled data exchange system

[Fat Agent @FatAgentCRM]

Investment Reluctance: Even when awareness exists, there's hesitation to invest in new systems or overhaul existing ones to meet modern data standards. This could be due to cost, perceived risk, or simply not prioritizing tech transformation.

[Fat Agent @FatAgentCRM]

5. Leadership's Role - CEOs and CTOs:
Understanding Gap: There's often a disconnect at the executive level. Many CEOs and CTOs in insurance might not fully grasp the intricacies of data management or its strategic importance.

[Fat Agent @FatAgentCRM]

Lack of Uniformity: This results in data silos where information isn't easily shared or understood across different platforms or insurers.

[Fat Agent @FatAgentCRM]

4. Impact on Efficiency:
The lack of a robust standard affects everything from customer service to underwriting, pricing, and claims processing. Delays, errors, and increased costs are common where data should flow seamlessly.

[Fat Agent @FatAgentCRM]

Inconsistent Implementation: Different companies interpret & implement ACORD standards in their own ways, leading to compatibility issues.
Outdated Technology: ACORD standards haven't kept up with modern data technologies like JSON or XML, which are more suited to today's needs

[Fat Agent @FatAgentCRM]

The Frustrations of Data Exchange in Insurance: Why the ACORD Standard Falls Short"

Thread:

[Fat Agent @FatAgentCRM]

3. The ACORD Standard Critique:
The ACORD (Association for Cooperative Operations Research and Development) standard was supposed to be the answer, providing a framework for data exchange in insurance. But in practice, it's more of a guideline than a strict standard, leading to:

[Fat Agent @FatAgentCRM]

However, this data exchange between different systems or companies is fraught with inefficiencies due to non-standardized formats and protocols.

[Fat Agent @FatAgentCRM]

2. The Data Exchange Dilemma:
Insurance companies manage large volumes of data from various sources, such as customer information, claims, and third-party insights. However, data exchange often faces inefficiencies due to non-standardized formats and protocols.

[Fat Agent @FatAgentCRM]

1. Introduction to the Issue:
Insurance companies are drowning in a sea of data but are struggling to make it work for them. The core problem? Data exchange and standardization, or rather, the lack thereof.

[Fat Agent @FatAgentCRM]

@TheRiskResource All I want for Christmas is for carriers to stop the madness: pics of all 4 sides of every car, registration, proof of prior, driver’s license (front & back), utility bill, odometer pics, pay stub…and then wait 7 business days? It’s auto insurance, not a forensic investigation!