Benefits

  • Increase productivity with fast index, search & retrieval
  • Integrate with existing systems for increased efficiency
  • Improve customer service
  • Increase ROI and cost savings
  • Reduce costs of storing & retrieving content
  • Meet regulatory & compliance obligations

Insurance and reinsurance companies, agents, and brokers need a business-driven, customer-centric, knowledge-sharing culture that facilitates information flow throughout the insurance value chain, in a compliant manner. Reducing risk and avoiding regulatory action needs to be addressed while at the same time, increasing revenue. The volume of paperwork generated from insurance claims, policies, appraisals, and applications creates a challenge in efficiently tracking information. The lack of a consistent process for securely managing and disclosing information during policy creation puts the agency at high risk of over-exposure, potential legal disputes, and increases operating costs.

Claims Management

The sheer abundance of paper and lack of efficient paper handling often results in low productivity and a high rate of error. Customer satisfaction with claims handling is measured in the level of increased renewals, referrals, and recommendations. Properly managed and maintained information enables claims departments and adjusters to get the knowledge they need, when they need it. All documentation from initial notice of loss through the claims adjustment process to claims settlement needs to be tracked, maintained, and recorded. Integration with existing systems is essential to easily capture, manage, and distribute scanned insurance claims and policies between branch offices, departments, and corporate HQ.

Storing all claim-related documentation in a single repository reduces back-end data storage complexity and improves information accessibility. Customers are offered a faster time to resolution as claims can be processed rapidly. Document protection is essential; all associated claims information assets can be safeguarded while online access is provided, ensuring authenticity and low total cost of ownership.

Compliance

Dealing with state, national, and international regulations is increasingly complex but compliance does not necessarily mean a paper mountain, since volumes of email correspondence require tracking too. Traceability of all client transactions is needed but keeping documentation indefinitely comes at a cost – financial in terms of storage costs and rents, and in time with detrimental effects on efficiency. The ability to quickly source information and documents is impacted, especially where filing is archived off site. Insurance agencies are increasingly focused on implementing technology solutions that will provide a central process for managing and accessing information via shared network folders or repositories.

Once integrated with back end systems, digital copiers and scanners enable insurance underwriters and brokers to easily capture, manage, and distribute scanned insurance documents. At the push of the "copy" button, paper-based information is now in an electronic workflow, for easy filing and distribution.

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