Information is the lifeblood of insurance companies. Without good access to information, processing a claim, contacting claimants or keeping track of policies may be challenging and expensive due to the vast amounts of documents in circulation.
Accessing documents in physical archives is difficult and time-consuming. Documents can easily be misplaced, misfiled, or simply destroyed through age, handling or natural elements. This results in poor customer service, as wrong or outdated information may be sent to claimants and claims may be incorrectly processed or delayed. It may also be difficult to keep track of documents when received through various channels, such as a signed form delivered by courier mail, additional descriptions sent by email, or a final police report sent via fax. Storing important information in various locations makes it difficult to find all necessary components, particularly if the employee who originally dealt with the file is unavailable.
With an information management system, insurance agencies can streamline and optimize information access through the company to reduce cost and risk, increase efficiency, and improve customer service levels.