For Insurance Companies, These 5 Truths are Self-Evident

With President’s Day coming up, we’re stealing Thomas Jefferson’s words from the Declaration of Independence about self-evident truths.

176_thomasjeffersonThe truth is, insurance companies must upgrade their systems to take advantage of technology advances to eliminate paper once and for all. Customers are looking for an “Amazon-like” experience as manual, or outdated, processes are inefficient and costly. Moreover, they shut out insurance companies from winning new business.

So, thanks, Mr. Jefferson, for the lead-in. Here are our five self-evident insurance truths.

Insurance Truth #1: Digital document management is a must.

Companies must automate their document management, for several reasons: customers want information access and control. New business opportunities demand an enterprise content management solution that is flexible and can streamline all document handling. A single enterprise platform for managing content, processes and cases will result in additional opportunities for insurance companies.

Using technology to redesign insurance propositions for customers is fundamental to an insurer’s survival, profitability and ability to thrive in a competitive marketplace. Imagesoft knows that adopting technology to increase efficiency while staying compliant is the key to success.

Insurance Truth # 2: Documents come in varying formats.

Insurance companies deal with various formats of documents, photographs, claims reports, quotes, etc., and need a software solution that can handle these document formats. Paper-driven processes mean too many expensive copies, rising storage and copying fees, a lack of confidence in the integrity or timeliness of content changes, filing compromises and document misplacement. Enterprise content management is the answer.

The right-fit integrated ECM solution efficiently manages scanned documents, faxes, print streams, application files, electronic forms, Web content, multimedia files, emails and industry standard files such as ACCORD XML. Moreover, it eliminates the costs and vulnerabilities of manual and legacy, patched-together systems.

Insurance Truth # 3: Document management needs to be available across devices and be completely mobile, with Cloud compatibility.

Efficient customer service demands a mobile presence with the advantages of Cloud compatibility. Customers are becoming more adept at online transactions and expect online interactions with enterprises of all kinds – they demand a responsive experience that is available 24/7.

Insurers need the right tools to provide a consolidated view of information and documents with critical tasks identified, due dates assigned, and priorities identified. With an integrated enterprise content management solution available across device types, insurers can quickly access customized views, for example, by priority, policy type or due date. Increased visibility results in better customer service from the very beginning of the relationship.

Insurance Truth # 4: Modern enterprise content management systems help insurance companies deal with security issues.

As one of the most regulated industries, insurance companies must be compliant with industry regulations while protecting confidential customer data. Legacy systems and paper-based procedures are vulnerable to security breaches while automated enterprise content management systems add layers of protection to secure data.

Insurance Truth # 5: Insurance companies live or die by communication.

Today that communication is happening by text, email, fax, Skype, and even real phone calls. When it isn’t clear if a document has been updated, or the most recent version is on someone else’s desk, it’s time for improved communication via automated document and content management.

Insurance companies thrive when there is a single platform for document collaboration with access rights, commenting options, handling and timing rules, audit trails and time stamps, and more versioning and editing options. In this way, agents, brokers, the insured and all other related employees can move documents quickly and efficiently.

ImageSoft’s Truths for Insurance Companies

Industry leading ECM solutions for insurance include automated workflows, improved speed and efficiency, reduced costs and proper compliance. ImageSoft is ready to help your company reap the benefits that an integrated ECM solution can provide.

Look for more information about our solutions for life and property and casualty insurance, plus workers’ comp.

Which truths are you grappling with?

Follow ImageSoft’s Insurance Solutions LinkedIn Showcase page, and receive all the truths you need.

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