3 Benefits of ECM Simplifying Insurance Document Management

Insurance CIO Outlook | Friday, July 24, 2020

A proven solution for data-intensive work environments, ECM, presents insurers with the ability to capture, index, process, and archive critical business documents. 

FREMONT, CA:  Insurance companies process hundreds or thousands of documents each day, including client applications, policies, endorsements, cancellations, reinstatements, claims, and financials. To manage documents efficiently, insurers need an easy-to-use, yet powerful document management system that helps them to access, manage and share information. With a strategic Enterprise Content Management (ECM) solution, insurers can uncover benefits that will conserve precious resources and streamline firms’ document management. Learn more about the top benefits ECM provides for insurers. 

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• Keeping Track of Information

Having a large quantity of critical information may be necessary and desirable for insurers, but it can often lead to certain challenges. Insurers may find themselves frequently shuffling through an endless supply of papers that could be duplicated, incompletely processed, or incorrectly filed. An ECM solution will come to rescue at this point. With ECM, insurers can unlock the ability to have complete, secure document management, all while making the documents centralized and easily searchable.    

• Reducing Operating Costs

Many insurers want to save money by going digital, and an efficient way to do this is with an ECM solution. With this, insurers will be able to slash their paper consumption dramatically, resulting in unlocking financial gains that come from lower printing fees. Less paper can even free up office space that can be put to better use. By implementing ECM solutions, an insurance firm’s employees will also experience the difference when they can reallocate resources to more valuable tasks.

• Improving Customer Service

When insurers can unlock instant access to critical documents, they will get real-time visibility into the status of customer requests and transactions. This, in turn, allows insurers to attend their customers faster than ever. The customers will also enjoy being able to both complete forms and make requests online. Additionally, the extra time that ECM solution will provide can be redirected to attending the customers. With this, an insurance firm will be able to provide the quality service and seamless experience that its competitors will envy.

The need for increased efficiency is the top reason for implementing ECM solution. The ROI of ECM solution is abundant, correlating directly with the scope of insurers’ intended document management project. 


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