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Insurance

Document Management for Insurance

Digitising document management and processing improves insurance company’s claims handling process, improving speed and simplicity.

An insurance claim handler has to spend a lot of time searching and gathering physical records or digital ones from various systems before he can start working on claims settlement, prolonging the entire procedure. This is an inefficient method of handling records and documents and thus results in clients chasing and placing queries adding to an already long to-do list of the handlers adding to the pressure they have to endure. One inefficient stage and overdue task affects another and snowballing into considerable backlogs, costing the company additional cost and leading to an unhappy client base negatively impacting branding and company reputation.
Document Management for Insurance

Implementing a document management system can vastly aid in improving document handling and tasks management, furthermore with modern tools such as digital signature a lot of time can be saved which means no chasing calls from customer and overall reduction in things to do which saves time to be invested in more productive activities by disengaging colleagues as the workload is reduced. Moreover, errors such as misfiling documents, lost files and damaged files can be largely reduced and thus policy holders can get their claims settled faster as the handlers can easily access the information they require, improving customer satisfaction and also making the staff’s life easier.

How a Document management system for Insurance firms can help
Processing applications, policies, recreating damage reports, processing claims, etc. involves a lot of paperwork. Add to this, the policyholders’ eagerness to get the same at the earliest and receive similar response they are used to when they are engaging in simpler activities like shopping online that has fast response times but comparing that with complex tasks such as insurance claim processing is often an impossible job. However, with the right document management in place, you may improve considerable the claim settlement time by steering all inbound documents directly to the right department and processing begins quickly and claims are settled faster than they would have in a manually managed environment. Also, with the required information at your fingertips, you can respond to policyholder inquiries instantaneously and improve customer satisfaction. An Effective insurance claims process document management plays an important role in customer satisfaction, customer retention and the overall image of your company and how your target groups perceive your brand. The operation policies and practices of insurance companies become more efficient and information flows faster and with better control over an electronic document management system. Productivity increases and improves customer satisfaction measurably along with improved profits and reduced process time.
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Also, Insurance managers can take advantage of document management systems to improve compliance with various governing regulations. DMS systems provides accurately recorded audit trail of each document in the system and user activity which helps in audits and since these records are automatically managed by the system, companies don’t have to spend time preparing for upcoming audits.

Discussing about convenience, document management systems, especially cloud-based ones, provide a centralised repository and access to your documents and data. Documents can be shared quickly with colleagues and external stakeholders such as adjusters, agents or legal contacts to facilitate the information and documents required for claims settlement or other regular processes while also keeping the data secured as with an electronic document management system, organisations get a limited accessible and permission-based document access control. Confidential documents containing personal data are stored as pdf or other preferred format upon receipt centrally in a secure repository where it is only made available to limited users with appropriate access rights eliminating the risk of document loss, unintended access or damage, while Document manager ensures information is only made available on a controlled basis through audited sources.

Document management systems help insurance companies to store insurance process related documents from multiple sources and channels whether they arrive by post, email, web form or any other channel into a single repository.

The benefits of Docusoft for Insurance firms

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