Digitization in the Insurance Industry
In this hyperconnected age, insurance industry leaders worldwide realize that they have to step up not just because of changing customer behaviors and expectations, but also due to compliance. These pushed them to leverage the use of technology to reduce costs, improve their processes, and efficiently run their overall operations. There is much potential to be exploited through digitizing the insurance sector especially in this world of disruption.
Insurance Digitization Use Cases
Secure document storage
Insurance companies accumulate thousands of documents over their years in operation. They are required by law to retain confidential client information, along with employee or company data, for a certain period. Security is also one of the biggest considerations with the digitization of documents. In fact, even insurance companies are not protected from damages caused by water or fire. By digitizing and archiving documents in a document management system (DMS), not only would it address business compliance, but it also prevents fraud, document loss, and ensures that users are working with the right document version. Users are only allowed to access the documents that are relevant to them, thanks to the role and permission-based access function.
With a document management system, capturing data in documents through automated indexing is a lot easier, regardless of the format. This also means easier document submission for customers, employees, or sales representatives since they no longer have to submit multiple hard copies or even make multiple copies of documents. Employees can easily upload documents and index automatically using OCR which makes document search possible. It also documents the time of document processing through the system’s digital timestamps. This is especially helpful for checking claims and releasing settlement.
Meet compliance demands
Insurance companies deal with various compliance demands by different regulatory bodies. In fact, a typical insurance company focuses on the following compliance functions:
- Authority regulations
- Anti-Bribery and Corruption
- Data Security and Data Privacy
- Complaints and Claims Management
- Fraud Management
- Distribution and selling practices
- Conflict of interests
- Transparency of contracts
- Taxation on premiums
Meeting these compliance demands can be achieved with the help of scanning and deploying a document management system. Aside from being able to collaborate easily with auditors through its audit function, insurance companies can meet data protection and document retention regulations easily.
Document Scanning and Digital Archiving for Insurance Companies
Recent situations further highlighted the need for insurance companies to digitize and streamline operations and claims functions for customer experience and to alleviate compliance burdens.
Our document scanning expertise is scalable to your requirements, whether it is a small scanning job, day-forward, or a much larger backfile conversion. Upon the conversion of your physical documents by our imaging team, the digital documents are uploaded into Archive One DMS, which serves as a central repository where authorized users can access and view important documents securely.
Archive One is a document management software designed to help companies easily classify, store, secure, and retrieve essential company documents that are needed for retention and audits. With the help of our partners, we provide an end-to-end document management solution from scanning to document storage, at a highly competitive price.