Article by Stephanie Onofri
There are certain buzzwords or “buzz-topics” we simply can’t seem to avoid these days as we carry out our Google searches on the prowl for solutions to our deepest, darkest problems. Among these are “paperless,” “the Cloud,” “document management,” and “cat memes.”
Okay, maybe not the cat memes. That is, unless they can help us laugh away the mess of the Insurance Industry’s back-log and paper archives as it struggles to keep up with changing trends in the market. The current challenge most Insurance Companies face is how to reduce closing costs and time, thereby keeping a competitive level of customer satisfaction. It’s already difficult as it is to satisfy clients where insurance claims are concerned; document approvals, underwriting, and compliance audits take time and often the process requires digging through old records filed away in some storage facility or trying to streamline a multitude of different document formats. But the circulation of paper intensive documentation should not be what stands in the way of vertical industry growth.
Insurance corporations such as Kansas City Life Insurance, MICA, KAMMCO, and Blue Cross Blue Shield of Vermont have revolutionized the way they handle claims by taking paper out of the picture entirely, adopting Enterprise Content Management solutions that manage claims records and provide automation for more time-consuming paper processes.
In addition to a general inflation of office morale levels, now these companies enjoy:
- Automated data auditing to meet compliance requirements
- Workflow automation
- Automated document distribution
- The ability for multiple parties to view the same documents at once
- Drastic reduction of paper and storage costs
The solution here is simple, and yes, cat memes might play a part in it, but mostly it lies in the systems that are clearing up time and resources for companies to improve and innovate existing processes, instead of slaving after paper.
What ECM solution is right for you? We can tailor it like a fine worsted wool suit.
For more information, download our case study below to find out how we helped Broward Sheriff’s Office implement a new and improved records management system.