One of the rising heroes in the Insurance world today is technology. There’s a reason why insurance companies all over are talking about ECM and eliminating manual processes. When you can save time and money while bringing in more clients and keeping existing clients happy, why wouldn’t you jump on the train?
Here are some things to consider when looking into the #InsurTech revolution:
The Data
Conquering and leaving behind old legacy systems can be tough. When you’ve worked on the same program for years, you get comfortable. Not only that, but your systems contain a lot of data. The right software can handle all of those records and make moving them into a digital environment a breeze.
Understanding the volume that needs to be migrated while selecting a vendor will help ensure that you choose one that can handle the job. A lot of vendors also offer services to take on the migration completely so you don’t have to put any additional work on your staff.
The Security
We all know that those file rooms filled with sensitive information are not secure.
Getting rid of the un-safe paper trail and storing classified client information in a secure digital environment is key. Many advanced ECM solutions allow you to:
- Separate security options by user-type
- Update security settings as positions change
- Grant temporary access to auditors
- Restrict what can be printed, emailed and shared.
Meeting compliance standards like HIPPA and HITECH can really be effortless with the right system and vendor. Choose one that has the experience to take on your project and can even offer up additional security options you may not have considered.
The Staff
When you’re working with physical copies, only one person can access the files at a time. Instead of waiting for one person to finish their portion of the claim or underwriting process, multi-user workflows allow multiple users to run through and access the same documents simultaneously.
Doubling up on the processes allows you to complete them in half the time without any additional work. You can also add customized workflows to automatically route completed documents to the next person or phase and keep track of all pending processes. These digital initiatives allow you to keep your existing staff and let them focus on bringing in new clients with quicker underwriting and keep existing clients happy with more efficient claims processing.
The Solution
The reality is, the world is moving toward technology and because of that push, technology is being morphed and changed to fit your specific needs. Both client-facing aspects of insurance and internal processing challenges, security requirements, and staff expectations are being met and exceeded by advanced software vendors and technologies.
To see more examples of Insurance solutions being put to work in real companies, read this guest blog by Nichole Stewart, OnBase Certified, System/Workflow Admin at Kansas City Life Insurance Co.: Document Composition in the Insurance Industry: It Just Works!
