3 Ways for Insurers to Perfect Their Document Management Strategy in the New Year

New Year’s resolutions get a bad rap. Per a 2015 study, only 8% of Americans that make New Year’s resolutions are successful in accomplishing them. Individual goals to lose weight, get organized and save money fall to the wayside when life gets in the way. Businesses are no different. Goals can be difficult to accomplish with the day-to-day rigmarole. But, there is hope! With Naviant by your side, your document management goals can and will become a reality in 2017.

AIIM’s 2016 Paper Free Progress Report found 65% of organizations still rely on paper-based processes to drive their businesses. The New Year presents an opportunity to break the paper chain and perfect your document management strategy plan. Save time and money, plan for disaster recovery, and manage risk and compliance by going paperless.

The Insurance Industry Saving Time and Money by Going Paperless

Time is money. According to the Paperless Project, in a paper-based environment, about 20% of an employee’s time is spent searching for documents and information. A document management solution creates a central and singular electronic repository for all your documents and information. Participant applications, beneficiary change forms, policy information, email correspondences and all other documents your team needs is instantly accessible. Multiple users can access the same up-to-date document simultaneously. And, the need for physical storage is eliminated.

Why Choose Document Management Software for Your Insurance Company

An insurance document management solution will allow your organization to cut the costs and time associated with searching through filing cabinets. Instead, your team can focus on bringing in new business and providing phenomenal customer service, rather than hunting down pieces of paper.

Plan for Disaster… and Document Recovery

Dependency on paper can make disaster recovery and business continuity planning difficult. PRISM estimates that when a disaster occurs, as many as 90% of businesses are unable to stay afloat for longer than two years after their vital records have been destroyed. Utilizing electronic document management processes and records management practices reduces the time to get your business back up and running after a catastrophe.

Manage Risk and Compliance

Paper is integral to insurance companies. However, the paper is simply a tool to deliver data; once the paper serves its purpose, it is stored away out of sight, out of mind. Sometimes the required retention date passes without notice which increases your risk.

Insurers, like Guarantee Trust Life Insurance, are minimizing organizational risk and staying competitive by changing their processes and technology. An insurance content management solution can automate the retention and destruction of documents to minimizes legal risks associated with the accumulation of expired records.

Rather than focusing on an unrealistic New Year’s resolution this year, start off strong by learning more about Naviant and how we can help you to perfect your document management strategy in 2017.