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 Customers are looking for an “Amazon-like” experience as manual, or outdated, processes are inefficient and costly.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.

For Insurance CIOs, It’s the Nightmare Before and After Christmas

173_nightmaresWe help insurance CIOs everyday with the one nightmare issue that disturbs their sleep most often: is this the month my legacy, Band-Aid-patched, workaround-filled so-called content management “solution” crashes for the last time and my IT group can’t resurrect it?

Many CIOs are spending precious resources just to keep the lights on with their outdated document systems, knowing they are missing out on the digital transformation that would bring in more customers.

The nightmare scenarios for insurance CIOs are numerous.

  • Manual and legacy systems house data in silos, with no integration, and no centrally based way to manage information and documents. Staff resources are spent on locating paper documents or searching through poorly patched systems, some designed BEFORE the internet. Outdated, pieced-together and slow, these systems deliver only a partial view of the data needed to open a new policy, process a claim or pay a commission.
  • Insurers must coordinate mountains of content – certificates of insurance, endorsements, claims photos, medical records, proof of identification, emails, spreadsheets and videos. Add in the internally generated content, such as print output for policies, correspondence, renewals, declination letters, claim settlement packages, litigation packages and more, and the amount of data for insurers to deal with is only going to multiply in the future.
  • Legacy systems do not take advantage of the time and resource savings afforded by process automation, which streamlines manual methods. The disruptive “insuretech” advances bring efficiency to agencies suffering with outdated processes that don’t deliver on decades-old promises.
  • Paper-based systems and legacy solutions are breeding grounds for human errors and mishaps – from missing audit trail recording to misplaced customer information to documents misfiled or mishandled – liabilities abound.
  • Security threats and breaches are ever-present and most legacy systems were never built to withstand the current level of cyber-threats extant in all industries. Vulnerabilities in outdated solutions come with price tags in the thousands and millions.
  • Compliance issues in insurance have grown recently with GDPR and other state, national and global regulations. In Deloitte’s recent 2019 Insurance Regulatory Outlook, the analysts suggest that “No matter how ’modern’ a company’s existing compliance systems and processes might be, there is always room to improve.”

Helping Insurance CIOs Sleep Better

ImageSoft offers insurance CIOs enterprise content management systems for insurance agencies to centrally manage information, advance claims faster and provide better customer service. Our integrated ECM solution efficiently manages scanned documents, faxes, print streams, application files, electronic forms, Web content, multi-media files, emails and industry-standard files. Combining integrated document, workflow, business process and record management into one application, the solution streamlines processes and integrates with existing policy administration and claims processing systems from leading providers like Guidewire, DuckCreek, CSC, LifePro, Ingenium and StoneRiver.

To accelerate digital transformation (and experience fewer sleepless nights), CIOs can rely on ImageSoft to implement a solution that integrates with modern core systems and business applications while it extends legacy systems. Our solution helps insurers manage the content, cases and processes in all areas – new business, underwriting, policy services, claims, compliance, and shared services – that core systems can’t. It has comprehensive enterprise content management capabilities such as data capture, document management, secure file sharing, and workflow and customer communication management. Look for more information about our solutions for life and property and casualty insurance, plus workers’ comp.

No More Nightmares for Insurance CIOs

By integrating your core systems with our information management solution, insurance CIOs can rest easy knowing they have optimized the full potential of their technology investment. Our solution helps insurance agencies:

  • Process claims faster and make more informed underwriting decisions.
  • Improve document management capabilities.
  • Keep agents and brokers up to speed with a secure self-service portal where they can submit applications and access relevant documentation.
  • Improve security and compliance by tracking revision histories, managing retention periods and controlling access to all critical documents, all with audit trail options.
  • Tap expert advice from our team members with decades of experience helping insurers succeed.

Insurance CIOs – We Want to Hear From You

What’s keeping you up at night? What are your challenges in content management?

Want to stay updated on the latest in insurance technology and trends?

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