How can Enterprise Content Management solutions help your insurance workflow?
Insurance companies have long found themselves burdened by mountains of paperwork - forms, claims, audits, case management files and so on. And, in some cases, these documents are all managed by different systems that may or may not connect - creating a logistical headache. The ability to manage this information while managing costs, legal requirements, and pressure from stockholders is becoming more and more of a challenge given the variety of formats that information is served in and the new ways to create it.
PaperFree offers a solution in the Documetum content management platform from OpenText that allows you to leverage this information to power your company’s processes. As the foundation on which successful business data management is built, Documetum allows your organization to capture paper data and digitize it into useful, efficient data that can power your enterprise. From collaborating on business documents, delivering case-based applications, or managing highly precise processes in most regulated business environments, PaperFree offers an effective solution for your business.
PaperFree offers a variety of tools to enable your operation to store data in one central, streamlined repository while enabling users in all areas of your enterprise to access the information they need quickly, which saves time, expense, and improves your customers' experience. Having all necessary information with the click of a button can also help mitigate risk, facilitate business decisions, and also more easily work through the process of mergers and consolidations. Taxonomies and built-in workflows are also included to enhance the access of information by cross-linking information and allowing quick searches. Effective permission configurations keep information available to only those who are allowed to see it. And, it’s scalable and administration is simplified.
How does it work?
The process of enterprise content management for insurance is straightforward in concept. Paper-based information (such as claims, client data, and more) is collected at the first point of contact and scanned into the system. There, industry-leading capture solutions ingest and interpret the data against established rules and templates, quickly returning accurately digitized data that can be exported to a processing workflow. Those workflows, customized for your individual enterprise, can handle any of a number of tasks automatically; accounts payable, manage client data, or even update case files. In many cases they also link documents together, so all information relating to a claim or a payment transaction are available together, without the need to search through endless folders. Operators are only required to step in when there's a workflow exception or a step is designed to require approval, significantly speeding up the process from paper document to usable data. Once those workflows are complete, the data is stored for easy later lookup by those with established permissions to do so.
Though enterprise content management is simple in concept, it's much more complicated in execution. That's why a trusted, experienced partner like PaperFree is your guide for how to maximize the functionality and economies of your content management system. Contact us to learn more about how we can revolutionize your organization's data processes.
Customer Service and Customer Care Programs
One of the shining features of enterprise content management is how well it manages customer data. Since information is automatically classified and linked upon entry in the system, all pertinent customer data is easily available for quick lookup by representatives. Look up case details, contact information, payments, and more without ever leaving your workstation.
These exceptional customer service capabilities also extend to program management, such as customer care programs for your specialized programs. Easily process, track, and approve applications and other pertinent information from start to finish.
Legal & Regulatory Compliance
Insurance one of the most highly regulated industries today - government, state, and medical regulations are only a few of the standards that they must adhere to. The extensive data-storing abilities of a content management systems ease this burden by enabling your organization to maintain accurate, comprehensive reports for regulatory review. Powerful workflows assist in making sure that no steps are missed in the process and that all of the correct assets are available. And, documentation for legal cases can be easily organized and reviewed by only those with permission to do so.
Accounts Payable and Accounts Receivable
Our capture systems have an exceptional track record in processing invoices and payments, all without endless hours of manual data entry. And, with the addition of DepositCritical your OpenText Captiva-based capture system can also process and clear check-based payments automatically using Check21 standards. All elements to the transaction are also digitized and stored for easy reference and accounting later.
Compliance and Data Security
The insurance industry is one of the most highly regulated industries today - government, state, and medical regulations are only a few of the standards that they must adhere to. Many enterprises utilize enterprise content management technologies to ensure compliance and consistent record keeping - and it can do the same for you. By digitizing all of your data and storing it in a central repository, no document ever goes missing and critical audit files are always a few clicks away. Plus, the ability to customize workflows ensures that all required steps are completed in the correct way. Additional data security compliance comes by way of built-in visibility controls so that only appropriate agents or caseworkers can access sensitive data.
With all documents safely indexed inside of a secure repository, maintaining important compliance documents as well as quickly retrieving them is easy. And, by adding BlackMark+ redaction to your enterprise content management system you can add an additional layer of data security by removing sensitive information from documents. This solution permanently redacts confidential data either automatically in the scanning process, or manually on an as-needed basis.
Mergers & Acquisitions
Among one of the most complex and confusing processes an organization will undergo is a merger or acquisition. The consolidation of workforces, physical assets, intellectual property, and business processes is an intensive undertaking. By organizing your information with an enterprise content management solution you can track the process of specific steps, who has them, and where they will go next. PaperFree's backfile conversion solutions also allow you to digitize old, paper information to make it more easily available for review by regulators and workers. By streamlining the process of a merger or acquisition, this solution saves money, time, and the headaches involved
Enterprise information capture and management solutions from PaperFree empower your enterprise to put its data to work for you – reducing costs, time searching for information, and increasing the power of your business information. To learn more about how PaperFree can employ these solutions in your organization, please give us a call today.