7 Reasons Why ECM Is the Answer for Insurers – Part 5

Have you been following our 7-part series of blogs for insurers all about ECM?  

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

  • Enterprise file sync and share (EFSS) 
  • Mobile access 

Part 5: If It Ain’t Broke…Integration with Existing Systems 

If it ain’t broke, don’t fix it – that’s the right way to look at digital transformation for insurers. If your existing policy administration and claims processing systems – like Guidewire, DuckCreek, CSC, and StoneRiver – are working but you need to automate other labor-intensive tasks, it’s time to integrate. Our insurance solutions, for life, property, casualty and workers’ compensation, deliver integrated document, workflow, case management and record management in one application.  

Having sophisticated admin systems that are integrated with a powerful enterprise content management (ECM) solution solves many of the processing challenges, whether it’s capturing data from different sources, normalizing data across multiple systems, tracking customer interactions, or providing a full view of documents and activity for an insured when a claim is filed. In this scenario, the admin system is the primary interface with the ECM solution providing seamless functionality. 

For legacy systems that are primary data maintenance systems, a powerful ECM solution can function as the primary interface, seamlessly exchanging data with the admin system while aggregating data and documents into a single interface.  

Considerations for Integrating Technologies 

When developing your strategy for integrating ECM technologies, we suggest these six considerations. 

  • Look for flexibility and robust features. Make sure the technology you’re adding has all the functionality you need and has a track record of continuous development. Some ECM solutions have already built-in integration points, and most have standard integration tools. 
  • Keep initial implementation costs down by solving 70 percent of the pain points of a specific business process or department rather than over-engineering a unique solution. You get a big win up front for both users and the business. Save the complex customizations for after the initial deployment period when users get familiar with the system and can provide invaluable design feedback. 
  • Insist on thorough training before going live. Don’t shortchange the user acceptance testing phase, as that can make or break your project’s success. 
  • Look for opportunities with your vendor for mentoring and training options to help with solution understanding. Doing so advances the self-sufficiency of your team.  
  • Understand and deploy change management processes to optimize the solution’s value, reach and learning curve.  
  • Stay up to date with upgrades and new solution versions to ensure you have the latest features, functionality and security enhancements.  

By keeping the best of your existing systems and integrating them with new technology, insurers gain four major benefits. Integrated solutions:  

  • Extend the value of your existing systems   
  • Improve customer communication and customer service 
  • Deliver true digital interoperability and transformation 
  • Realize stronger security 

Customer Success Story 

A P&C insurer integrated the OnBase by Hyland ECM solution suite with its Guidewire and Duck Creek applications. Because these systems can now communicate with each other and share data, the insurer improved its claims processing. Staff continues working in the familiar applications while finding data integration and visibility in the ECM solution.  

The results? The insurer:  

  • Eliminated a full week off new business cycle times with automated processes and improved decision-making. 
  • Maintained staffing levels while increasing the number of premiums processed.  
  • Gained visibility into productivity with streamlined workflows and real-time insights. 
  • Increased processing speed and gained parallel processing by simultaneously sending applications through Underwriting and Accounting. 

By integrating with an ECM solution, insurers can take on more new business while reducing cycle times and improving underwriting decisions. Integrated systems give insurers faster claims processing and visibility into the information they need.  

Next Up 

Our next blog in this series will highlight how modern ECM delivers Enterprise File Sync and Share (EFSS). 

But for now: is your system broke 

ImageSoft can guide you through the selection of enterprise solutions for insurers that integrate with your existing systems 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.  

Leave a Reply

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