7 Reasons Why ECM Is the Answer for Insurers – Part 2

We’re diving deep into the question of why insurers should consider enterprise content management or ECM. Mostly the answer is because existing legacy systems are outdated and inefficient, are vulnerable to security breaches and because a modern ECM system streamlines insurance processes while saving costs. Even modern core systems sometimes lack the business process and document management functions needed for today’s sophisticated operations.

We’ve got a whole bunch of other reasons, just ask us, but you get the picture.

In this blog series, we’re looking at how enterprise content management brings modern technology to the insurance industry to streamline:

  • Content capture
  • Business process management (BPM) or workflow engine
  • Case management
  • Content management
  • Integration with existing systems
  • Enterprise file sync and share (EFSS)
  • Mobile access

Part 2: Business Process Management (BPM)

Instead of trying to get by with outdated scan-store-retrieve systems that have outlived their usefulness, leaders in the insurance industry are embracing new solutions that fundamentally change the way they do business. Business process management (BPM) tools are delivering the optimal streamlined operations.

Business process management tools make up the workflow engine that manages complex insurance processes in a simplified way. Think of it as the internal combustion engine that is designed specifically for you that makes everything else run smoothly.

Because all insurers have unique processes and workflows, it’s essential that BPM technology is scalable and flexible to meet unique individual requirements. But to be truly useful, you need to be able to rapidly deploy your business automation solution. A two-year development cycle for a workflow automation process might find itself outdated at launch since the industry itself, legislation, marketing and product development do not stand still. Low-code solutions have the moving advantage of not only being faster to deploy but can typically be modified quicker and easier to keep up with changing conditions. Process automation optimizes your business processes by adding in much-needed visibility and transparency to further refine and lower the burden of compliance.

The best technology solutions include these business process management tools:

  • Workflow automation: You set the rules and actions, we’ll automate your business processes, presenting the right content to the right person, where it is needed. Work is shared efficiently among workers, with no one spending too much time doing low-value tasks such as searching for documents, waiting for or manually transferring files, losing critical documents, or duplicating work. By automating workflow, your business is well balanced among staff, without the issue of some staff overburdened while others are idled. More than one staff person can work on a file at a time.
  • Dynamic approval processes: Business process management tools simplify document approval processes with customized rules for evaluating documents and dynamically assigning approvers. Your business rules define decision-making steps and expedite the approval process. For example, Claims Managers assign authority levels and approval requirements so that the internal controls automatically route claims to adjusters with the appropriate authority.
  • Electronic forms: Expedite your processes and improve accuracy with required fields, data validation, instant calculations, and ways to customize all forms, even official ones, to fit your unique requirements with little to no coding. BPM tools validate the entries on electronic forms and make them accessible to all who need them. Completed forms trigger the next step in the process.
  • Dashboards and Activity Monitors: Point-and-click dashboard configuration and monitors give users instant visibility into business processes, from real-time status reports to task ownership. Identify opportunities for improvement and quickly respond to changes in process performance.
  • Automated Notifications: Let users know immediately when an action is required and expedite triggered email notifications. Streamline the entire notification process.
  • Reporting: Gain extensive reporting capabilities, detailed audit trails and visibility into your processes to provide consistency and avoid compliance risks.

Next Up

Our next blog in this series will highlight how ECM brings efficiency with case management.

How could an automated workflow improve your business processes?

ImageSoft can guide you through the selection of enterprise content management for insurers to achieve the efficiencies and cost savings you need. Our industry-leading solutions for insurance offer automated workflows, improved speed and efficiency, reduced costs and proper compliance. ImageSoft is ready to help your company reap the benefits from integrated enterprise content management. 

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

Follow ImageSoft’s Insurance Solutions LinkedIn Showcase page for more details about ECM. 

5 thoughts on “7 Reasons Why ECM Is the Answer for Insurers – Part 2

Leave a Reply

Your email address will not be published. Required fields are marked *