The Insurance industry is in flux. New competitors are entering the market with new and flexible business models. There is more competition between organizations via new channels such as online customer interfaces, self-service, and streamlined “e” insurance services. To compete effectively, companies must become more nimble by leveraging information across the enterprise and 3rd parties. Access to quality data also drives predictive analytics and helps organizations uncover “hidden” relationships and trends from their data. This requires having more flexible adapters to legacy systems and replacing manual processes that impede success.
Organizations are moving their applications to Service Oriented Architecture and utilizing the data standard ACORD for interoperability. Over 60% of the top 25 insurers in the U.S. have a strategy in place to implement ACORD standards. ACORD XML provides information exchange and integration with all of the insurance carriers, brokers, agents, service bureaus and important applications such as Agency Management Systems and rating solutions. Adoption of the ACORD standard improves adaptability and interoperability, reduces costs, increases efficiency and is a necessary first step to a successful SOA strategy.
The dynamic nature of the field of marketing and data informatics is best seen when information from a business intelligence system is plied back into operational systems, which is referred to as "in-line analytics". This ensures better decisions in response to market changes and competitive pressures.

The insurance industry must utilize data more strategically than it has done so in the past. Factors such as data warehousing and data analytics must be applied in order for business intelligence to be relevant to the insurance market's ever dynamically changing scenario.

Many insurance companies are dealing with legacy computer systems that work well on their own from a process standpoint but are extremely difficult to run with respect to data sharing and integration. In addition to the above mentioned intra-institutional data integration issue there is also the problem of inter-institutional data integration which has arisen as a result of many insurers growing as a result of mergers and acquisitions. As a result data pertaining to the parent companies has not been integrated or streamlined effectively enough from disparate systems into one central location such as a data warehouse.

Lic Policy India data capture & data-entry solution allows companies to dramatically cut the costs of hardware, software, staffing and training. Data entry is often thought to be a mundane process, but any one with insurance experience and Vee having several million man hours of data capturing experience, we realize that this can be a tough and demanding process, especially in the insurance claims indexing process as there are several rules that are unique to each payor/TPA or plans. Look to VeeInsure to be your business process outsourcing partner for data-entry services. Outsourcing your data capture responsibilities to VeeInsure allows you to operate around-the-clock 24/7 protection cycle.With our data capture you receive highly accurate data . We combine our intimate knowledge of medical claim forms with our IT expertise to ensure accurate and efficient data capture. We leverage OCR, double key and data validation tables to provide the highest quality data.Quality is validated using ISO standards , audit procedures as well as "audit the auditor" processes, to ensure audit integrity. VeeInsure offers extensive online reporting to ensure you know the turnaround time, inventory and accuracy of your data at all times. Many companies offering such services will state this and not risk to quantify this. But Vee have a policy of providing you the ‘Vee Guarantee’ here we agree with the client on the levels of quality and delivery, the client does not pay for claims past due or if the quality is off. Thus Vee are able to stand behind this and offer SLA (Service Level) based pricing – ‘you pay for what you get’. We currently capture data from over 25 million health claims per year and over 15 million various other source documents per year. Using the knowledge base of customer specified and industry standard rules, VeeInsure’s configurable claim editing software validates each claim to eliminate or flag errors prior to adjudication. Based on payer specific edits, claims will be rejected during the validation process. Vee use both best of breed software like EMC Captiva Claim pack as well as our proprietary software and the integration of sophisticated data validation, edit routines and quality checks, we ensure the highest quality and validity of the data.