What makes an Ideal Document Management Solution?

By Insurance CIO Outlook | Thursday, October 31, 2019

Integrating insurance industry operations in the digital age requires the use of document management solutions that foster efficient documentation practices.

FREMONT, CA: Insurance service providers deal with a vast number of documents every day. Documentation is a basic requirement for smooth disbursal of services across the insurance industry. With digitalization picking up pace, efficient document management has become central for improved customer service, higher rates of productivity and better compliance with regulatory norms. To optimize document management, insurance firms are turning to digital third-party solutions that offer a host of relevant features. These software solutions form the keys to achieve well-organized document handling and cost-efficient operations. Creating electronic files for every piece of document and building a comprehensive, centralized digital database is the basic function of an insurance document management solution. The following list mentions some of the other functionalities that make for a valuable document management solution. Top Insurtech Startups 

• One-Click Search and Retrieval

A document management system for the insurance industry should facilitate seamless integrations with related systems and applications, making it easier to add and retrieve documents quickly. When documents can be managed in a seamless manner with a minimum set of commands, insurance firms can optimize claims processing, making it faster and accurate. In the process, customer experience also improves. Handling documents and utilizing them for business operations gets a major boost with effective document management solutions.

• Document Workflow Automation(DWA) Tracking

Document management solutions with DWA are crucial to reducing document processing related workloads. When document workflows are automated, internal linking and transfer of electronic documents become easier for the insurance companies. Tracking tools that give details regarding the document workflows add to the capability of this feature. From identifying bottlenecks to streamlining processes, DWA plays a vital role.

• Customizable and Mobile Accessibility Options

Document management solutions for the insurance industry should provide a lot of flexibility in terms of customization of accessibility. When documents are stored and managed in a way that every authorized worker across the insurance firm can access it within seconds, the need for duplication of files can be eliminated. This brings down the storage and processing requirements significantly. Besides, document management solutions that grant industry users with mobile access options are also valuable since they increase productivity. No matter where staffs are located, they can use documents whenever required from mobile devices. Preventing duplication also results in better data security.

• Data Protection and Regulatory Compliance

Network connectivity has several advantages, but it has also magnified the challenge of data breaches. Insurance firms handle a lot of customer data in the form of documents. These can be protected adequately with document management solutions with robust security features. Privacy laws are becoming mandatory across the market, and document management solutions should grant insurance service providers with the controls to ensure a high degree of customer data privacy. As a result, the data management solutions make it simpler for insurance organizations to conform to regulatory frameworks. Some data management solutions also have dedicated tools to audit compliance.

• Electronic Signatures

The value of a document management solution increases a lot when it is able to bring down operational costs and durations. With tools that allow electronic signatures, insurance companies achieve faster approval rates by getting customers to sign on electronic documents, eliminating the need for printing and scanning. Similarly, document management tools that support scanning and conduct electronic routing of customer information reduce storage, printing and communication costs.

Insurance companies can elevate functionalities in several ways, and give customers the best experience by opting for document management solutions.  

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