Day in and day out, insurers handle thousands of documents and varied forms of content, often leaving them struggling to catch their breath. Content generated in insurance companies comes in different shapes and sizes, spread across applications, systems and departments. To access this content, insurers are forced to sift their way through scattered systems, testing their time and patience and resulting in lower productivity.
For any insurance company, attaining operational efficiency while simultaneously grappling with the colossal volume of data generated from documents, emails, form submissions, social posts, photos/videos and instant messenger interactions is no cakewalk. And an outdated approach to content management only adds to their plight. One of the most common approaches to tackle the growing content volume was adding point solutions, which only led to complexity.
A Square Peg in a Round Hole: Why Traditional Content Systems Fail the Modern Insurer
Traditional content management systems have a monolithic architecture with a single repository. Documents are mostly undigitized and require ample human interventions across processes. On the other hand, modern content services platforms have a modular, services-based architecture and large-scale federated repositories. This approach enables the modern insurer to ensure seamless collaboration across departments, processes and functions and easy access to the right content at the right time. Documents from all sources are digitized and support all forms of content. Powered by AI and machine learning, the modern systems drive intelligence into processes and decision-making.
A modern content management system:
1. Enables a Centralized Location for Data Access and Management
Insurers struggle with finding the right content on time and often get lost in the jungle of structured and unstructured data scattered across multiple locations and locked in siloed systems across the organization.
Modern content management systems can help insurers store, access and manage all content at a centralized location. They support the digitization of all content, and the digital content assets can be tracked, secured and monitored more easily. Policy underwriters, claims officers and other stakeholders have a unified view of all the case-related information. They do not need to refer to multiple applications/systems for information, thereby improving productivity and reducing turnaround time.
Documents for various processes like new business, underwriting, claims, policy servicing, provider management and agent/distribution management can be centrally archived and managed by the system. This enables streamlined processing between the branches of the Insurance organization and the sales partner. This, in turn, ensures the desired economy of scale, increased operational efficiency and efficient management of documents.
2. Delivers Context in Engagements and Allows Intelligent Decision-Making
Content analytics and AI-led technologies can help insurers extract information from documents, images and videos. They can automate processes using robotic process automation (RPA), artificial intelligence and machine learning to extract contextual information and actionable insights in real time. And the best part is it doesn't require heavy coding.
A modern content services platform powered by AI can seamlessly integrate with the core system. It can analyze historical data and perform intelligent indexing to make content easily discoverable. Imagine pulling out data, an email or a recording of a current claim settlement! This kind of smart decision-making can improve customer experience and insurer productivity.
3. Allows for Seamless Collaboration
In any insurance organization, a certain level of collaboration between stakeholders is required at every relevant stage after the case initiation. Be it adding or modifying comments on documents or sharing recommendations, stakeholders need to collaborate in real time to ensure process accuracy and avoid errors.
A modern content management system allows stakeholders to search, generate, bookmark and share multiple forms of content in pre-defined templates. It also enables them to initiate case-specific virtual meetings and conversations. With a content management system, organizations can enhance the collaboration between stakeholders and allow for faster resolution of cases.
4. Enhances Security and Compliance
Insurers manage a massive amount of documents, images, audio, videos and other content daily. This content can also include sensitive information and crucial data that must be protected at all costs. However, poor enforcement of rights-based access to critical documents can make it difficult for insurers to enforce document security and integrity.
A modern content management system can enable security at document and data levels while allowing insurers to meet the evolving regulatory, reporting and internal governance requirements. It also helps them to ensure compliance with various security and retention standards.
5. Fast-Tracks Cycle Time
The massive amount of content waiting to be processed can hinder insurers hoping to improve their approval cycle time and deliver fast and efficient customer service.
By leveraging a content management system, insurers can keep track of any missing or required information and ensure that all information is collected and available for review on time. For instance, adjusters can track missing or required information during claims setup to ensure all information is collected and available for review before making key determinations.
A content management system can seamlessly integrate with existing IT systems and streamline multiple business processes. It can allow insurers to swiftly extend existing processes and create new ones. This can fast-track the workflow processes and help insurers achieve optimum productivity.
6. Ensures Exceptional Customer Service
Customers today expect swift and efficient service at every stage of the insurance policy lifecycle -- from policy initiation to policy renewal and claim settlement.
With a content management solution, insurers can swiftly process the enormous content at their disposal and contextually engage with customers.
For instance, what if your organization's content management system can leverage AI-enabled intelligent indexing to interpret historical data and make it discoverable? Suppose your system allows you to locate a letter, email or call recording from five years ago where the policyholder requested to modify certain aspects of the coverage that are currently impacting the claim. This can help insurers in ensuring intelligent decision-making, accelerating processes and delivering an exceptional customer experience.
It's time for insurance companies to say adieu to the era of outdated legacy content management systems. Modern content management systems are critical for insurance companies to efficiently process multiple forms of content, minimize operational risks, enhance collaboration and achieve ultimate productivity. These systems have become indispensable.