7 Reasons Why ECM Is the Answer for Insurers – Part 1

Insurers may be asking, why should we consider Enterprise Content Management (ECM) when we already have an (albeit old and patched and inefficient and unsecured and siloed, and, and, and) imaging system or a document management system (from the 90s)? We’ll answer that question in our 7-part series: 7 Reasons Why ECM is the Answer for Insurers.

The insurance industry is facing rapid-fire changes as technology continues to automate repeatable and manual processes. Robotic Process Automation is taking hold in the marketplace as we see chat bots taking on underwriting tasks, providing web services, conducting lookups – it amounts to “no-touch” claims processing. The legacy systems from 20 years ago or more cannot match up with today’s customer and employee expectations. Security issues in legacy systems make insurers vulnerable to attacks that can cost millions. Compliance issues abound as insurers strive to meet stringent data security rules. Insuretechs are bringing well-received disruption by shaking up processes and shaking out time-consuming, manual processes.

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 1: Streamline Content Capture Activities

I don’t know about you but there is so much stuff out there I want to watch and listen to and share and learn about: new podcasts, original programming on services like Netflix and Hulu, funny and educational YouTube videos, news and analysis from my favorite commentators and late night hosts, not to mention all of the Star Wars, Marvel and DC Comics movies – so many choices, so little time.

New networks and streaming services are coming online all the time: Chip and Joanna Gaines of Fixer Upper fame are going to have their own network soon, Apple’s new streaming service is about to launch, and the new Disney streaming service is coming later this year – juggling my family, work and viewing schedule is enough of a Herculean balancing act.

It’s similar for insurers – they must manage, coordinate, file and secure a growing number of categories of inputs of incoming documents, files, cases, applications, videos, emails, photos, and communication records. The capture of content often siloed in legacy document management systems becomes a nightmare because systems don’t talk to each other, there’s no central platform integrating and coordinating each system, and the automated workflow solution is MIA.

Here’s where enterprise content management comes in.

Enterprise content management solutions streamline the content capture of inbound documents and information for insurance carriers, saving time, resources and revenue. They reduce the time between receive and process.  Whether the content comes in from the mail room, MFP, email, fax, desktop, data stream, import processors or legacy systems, an ECM solution improves the content capture process.

World class content capture technologies help insurers serve existing customers faster and more efficiently while helping secure new customers. It all adds up to a better revenue picture.

The ECM content capture process is scalable and easily configurable. It offers encryption, compliance and records management. For example, ECM streamlines capture for:

  • New business applications 
  • Agent submissions
  • ACORD forms 
  • Claims
  • FNOL and more

ECM solutions are available on premise or in the Cloud and offer applications for iOS, Android and Windows to extend your solutions to the field for Claim Field Adjusters, Loss Control Representatives, Legal Counsel, Sales Representatives and more.

Next Up

Our next blog in this series will highlight how ECM brings efficiency with its business process management (BPM) or workflow engine.

What kind of content capture challenges are you facing?

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.