The challenges of processes and regulations in the insurance industry
Whether you’re a claims adjuster, an underwriter, or fill another role, insurance is about paperwork. Forms to fill, financial figures to report, claims to review – it’s all constantly piling up. Underwriters and marketers often work closely on messaging to present policy options, while the underwriting agents work internally to organize documents for the prospective policyholder to sign and submit. The more time wasted getting your ducks in a row, the more likely the prospect is to go with someone else.
Once an insured is in the system, claims are the next hurdle to smooth business. This is the one area where an insurance company should have a tight handle on loss and profit – with a claim, the ball is in their court. Unfortunately, many disorganized claims departments can lose the company money simply through inefficiencies, delays, and misfiled paperwork. Let alone the regulations with which finance and claims departments must comply, such as HIPAA, ACA, Dodd-Frank, and state regulators. So much can go wrong, especially for an industry assuming so much risk as a matter of course.
For your Underwriting, Marketing, HR, Finance, Claims departments, and more…
Contentverse file management takes as much guesswork as possible out of the mix, offering document storage, access, and processing for every use case. Insurance agents can access the system in the field while meeting with prospective clients, bringing up plans and coverage calculations on the fly. With a totally customized filing structure, advanced search features, and the ability to view any vital file type, agents will have no problem calling up key form templates and then submitting them into the system after signing.
From there, role-based access permissions and automated workflow ensure speedy resolution for the underwriting department, as well as strict accessibility to each file or folder so that documents don’t get bogged down in unstructured review. Not only does this speedy turnaround increase customer adoption and retention rates, it also streamlines claims processes, saving the company money. Documents filed away for longer term storage can enter a document life-cycle to be archived or purged, or for users to be notified when a document needs review for renewal and escalation. Alongside encryption security and workflow reporting, insurance providers can comply to state and federal regulations painlessly.
Saving costs while gaining policy holders doesn’t have to be a challenge
For Contentverse customer Cornerstone Insurance, Computhink and local partners helped them stem the deluge of weekly and monthly paperwork, and they even managed to digitize colossal sums of physical documents that had required extreme storage procedures. Alliance Insurance implemented Contentverse across a number of departments, especially leveraging Microsoft and custom integrations, cutting down on data entry while easily meeting compliance requirements.
If you’re interested in exploring more of Contentverse’s ever evolving feature set, or if you want to speak about your needs with one of our representatives, fill out the form below. You can also reach us at 630-705-9050 to get in touch with a representative right away!