Data Onboarding

Insurtech: How to Ingest Clean External Data, Faster

Written by 
Julia Harold
April 13, 2022

Insurtech is a complicated space. Servicing some of life’s most difficult scenarios can be–-well–complicated. Not only that, but you have to meet the expectations of both your consumers and your partners. Being able to do that requires you to take in data from many sources, but that’s easier said than done.

What is Insurtech?

Insurtech is the rapidly growing sector of businesses founded to innovate and evolve the outdated insurance industry. To really disrupt the long-established, legacy insurance space, you need to be nimble, efficient, and forward-thinking in everything you do. 

Digitally transforming the insurance industry is no easy task, so don’t get bogged down ingesting external data.

3 challenges with external data for insurtech companies

You need clean, properly formatted external data to effectively power your business. But with data coming from all sorts of external sources and systems, it can be a slow, tedious, and expensive process to normalize the incoming data.

1. Slow and tedious

Onboarding data from customers and partners could take days to bring into your internal systems. This process requires time and resources from your internal teams, not to mention patience from customers.

The following steps detail the process of ingesting messy, external data:

  • Customer data is submitted via a partner’s website
  • That data is compiled into a CSV or spreadsheet of users and purchases
  • That compiled data is then sent via email (Is it secure? Is there any sensitive information?) to your insurtech company
  • Then your dev and ops teams have to manually extract and cleanup the data which can take days just to fit it into your destination’s schema
  • Once the data is extracted it is sent via email to an insurance company

2. Lots of coordination

The steps above require a lot of coordination across teams and organizations. Your customer success and partner teams are receiving external data that then needs to be sent to your dev and ops teams to be normalized.

These hand-offs require perfect organizational alignment and coordination which can, unfortunately, fall prey to human error. Any delays or miscommunication can further slow down and complicate the process. Plus, you don’t want to have to rely on partners to notify you every time new data becomes available. Data should be available to you and your teams in real-time, so the entire process isn’t dependent on a few key people. 

3. Manual data cleanup

Once you’ve successfully managed to bring in external data, you have to be sure it fits into your system requirements. Matching fields and updating data formats to fit your required schema is no small task. This workload usually falls on your dev and ops teams which precludes them from focusing on more strategic projects.

Data wrangling is a lengthy process because it requires your teams going column-by-column to match, parse, and clean data. Your teams bring value to your organization, don’t make them work on menial tasks with little impact to your customer experience or bottom line.

Break the external data bottlenecks

Osmos streamlines your slow and tedious data onboarding process. A process that usually takes days, now takes minutes with the power of Osmos’ low-code platform. Improve your customer and partner experience while enhancing your team’s capabilities with a solution for your external data problems.

Automate external data ingestion

The need to ingest external data is persistent. To automate your ingestion, you can schedule Osmos Pipelines to run down to the minute. And with data coming in from a variety of sources, it’s never been easier to funnel all of your data into one, clean format to fit for your needs. Automated data ingestion saves time for all parties involved. You can now provide instant confirmation to your users and immediately free up your internal teams.

Insurtech companies ingest data easier, faster, and with less resources with Osmos

No-code data transformations

Before Osmos, your teams spent more than their fair share of time with custom scripts and unwieldy spreadsheets in an attempt to reformat incoming data. With Osmos, you can quickly clean, validate, and format customer data into your target systems.

Fitting data into your target systems is faster and easier than ever. Osmos has simplified this headache with no-code data transformations. By providing the system with a few examples and formulas, you can now ensure you’re bringing in clean data free of errors.

Ingest data easier, faster, and with less resources with Osmos

Insurtech is a rapidly growing industry. Don’t let external data slow you down. 

Osmos gives your partners the freedom to share data on their terms while giving you full control over how and where it's received. We’ve significantly streamlined this process with no-code solutions that can automatically clean, reformat, and send your data where it needs to go.

The Definitive Guide to Data Onboarding

Discover the benefits and challenges of customer data onboarding, how to create an efficient process, and see how the right approach can accelerate business growth.

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Julia Harold

Product Marketing