Synatic has collaborated with an AI-powered company Relativity6 to expedite the insurance underwriting processes.
Under the collaboration, the companies will utilise the data integration and automation to improve technologies and help the insurance companies to speed up their underwriting processes.
As part of the strategic partnership, Synatic’s nimble, and simple hybrid integration platform (HIP) will be combined with Relativity6’s up-to-the-second business classification services.
The combination will allow the customers to integrate and automate their important data processes to boost efficiency and offer better business identification accuracy and speed.
According to Synatic, underwriters take up to 30 minutes to one hour per policy to find the appropriate data required to carry out underwriting processes.
The new collaboration services are expected to help the customers of both the companies to reduce implementation costs by 50% and deployment timelines by 70%, mainly in quoting, underwriting, and CRM functions.
Synatic Business Development and Alliances vice president Jamie Peers said: “Our shared goal is to help insurance companies innovate faster, providing the right data to the right people at the right time.
“Our partnership with Relativity6 will empower businesses to get the most out of their data.”
Relativity6 CEO Alan Ringvald said: “Partnering with Synatic’s best-in-class platform enables Relativity6 to deliver value quickly and seamlessly across the insurance value chain, and we couldn’t be more excited to get started.”