Overview
The COVID-19 pandemic resulting in the issue of electronic documents and virtualization of insurance operation and remote working culture. But while most of those in the industry adapted quickly, insurers are still likely facing lingering obstacles to set up complete remote working and centralised information repository.The pile of files and documents is a nightmare involving the strenuous tasks of filling forms, preserving copies of proof, and an infinite loop of claims to deal with. Also, the challenges of storing physical files, ineffective data-retrieving procedures, and the fear of losing files are just a whole vicious cycle to be in.
Well, there are word processors for forms and other particular softwares for each task at hand. However, repositories are insecure and the process is hard to streamline when we work with particular softwares for different tasks.
So, what’s the solution? There must be a way to integrate these tasks and channelize the whole process into a system, right?
Here comes the Document management software to the rescue.
What is a Document Management Software?
A Document management software aids in the storage, retrieval, management, control, and tracking of digital documents and electronic images of paper-based information collected using document scanning technology or ingested as a digital document. Document management systems can be basic solutions for sharing, managing, and organising digital files, or they can be part of a sophisticated corporate content management system with extended capabilities to support information governance, records management, and other functions.
Usage of Digital Documentation Tools 2020
According to a survey on usage of digital documentation tools, 2020 by Kimberly Mlitz in which 20% of respondents were from the insurance industry, both sales, and marketing departments are already employing documentation tools most often, with 62 percent and 57 percent, respectively.
Digital documentation tools can ensure business continuity as a rising number of employees is working from different locations as of 2020. Digital document solutions refer to file sharing and e-signatures, for example.
Let’s talk about documentation in the Insurance industry?
Investing in document management software can help any insurance company to get rid of misfiling, losing documents and it could also prove to be quite impactful in being time savvy when it comes to the long calls with policyholders.
It can help boost both the customer service and claims department’s spirits. Eventually, it amplifies customer satisfaction and improves retention and referrals.
Issues Faced without the Document Management Software: a Hypothetical Scenario
Working in the insurance industry around piles of paper and records is a usual scenario. In order to find the right information a professional has to go through the procedure of sorting and sifting these papers and records.
Let’s take an example to learn how an insurance agency lost a customer.
X insurance agency has been reluctant and decides to continue working without a document management system. A safe vault is used by this agency to store paper documents. These paper documents are accessible to authorized personnel only.
To get information, a junior relationship executive has to rely on an authorized relationship manager to help him fetch that particular information. There’s no autonomy.
When the customers call for a solution, the process of finding the required information would take a few hours to a day and the customer has to wait till then. Even after taking so much time there are instances of lack in providing the apt solution.
Probable Result: Customer will not renew his policy and will find a better insurance agency.
4 Main Benefits of Document Management Software to insurance firms
1.The Paper Work Gets Streamlined with Integration
With incorporation of document management software, insurance companies operate efficiently as there’s free flow of vital information in the electronic form of documents.
With such documentation software insurance companies can integrate the workflow of documents from multiple communication channels.
2. Remote Working is the Need of the Hour
Such documentation softwares facilitates a centralised access to insurance documents. It also allows sharing documents in no time and with accuracy to remote collaborators. These collaborators could be adjusters, agents or legal contacts to pave a seamless way for claims settlement.
3. Boost Insurance Regulatory Compliance
This electronic documentation software system improves compliance with Solvency II, FSA and more. The software keeps tracks of the thorough trail of the user’s and system’s activity.Documentation software’s retention module helps with the management of records and compliance with GDPR.
4. Distributed Workforce for Extensive Workflow of Operations
Leveraging systems to capture business process documents such as claim forms and invoices that are later stored to a secure cloud hosting. Documentation software also allows insurance companies to delegate processes that are either administered, or in-house, or remotely, or by associates or 3rd parties.
Conclusion
Document management software is an investment every insurance agency should make for seamless working, to integrate diverse operations and bring effectiveness in catering the customer’s query.
And as mentioned above, digitalization is one trend every industry is moving towards and there’s no going back. So, leverage the power of documentation to keep your records safe and ready to use in order to offer the best customer service that boosts retention and revenue.