Insurance Industry laid bare by Remote Working

Remote working by thousands of Insurance staff has exposed problems facing the insurance industry. 

The elephant in the room is that they are running legacy systems that work, however the core databases and applications do not communicate, and/or are not connected. 

This causes major problems with compliance, remote working, secure document exchange and client communications. 

The core issues can be fixed by building a framework that all the current applications can sit on like the chassis of a car. OnBase®️ by Hyland is that chassis.Intelligent document automation is the key. Each of the databases supporting the applications can be bolted onto the frame, with access configured by the client, keeping the original look and feel.  

Remote access  is made a lot simpler. With OnBaseevery document is intelligently captured, digitized, and stored securely in one place. Therefore, every user can access all the applications and documents using one access portal and sign in! They can see the documents they need and work with the content that they need too. No more multi clicks with several sign in’s! A massive cost saving through time and effort not to mention much clearer thinking and decision making.  

Document automation enable’s total change from within, allowing seamless transfer of work between home and the office. 

Secure document exchange is another big issue that is highlighted by remote work. Many thousands of documents are exposed by being sent through insecure email channels and duplicated and stored in remote locations such as laptops and old pc’s. ShareBase by Hyland allows secure encrypted sharing of files. The user can have approved access when required. For example, confidential legal documents can be shared between claims handler and a solicitor using encryption and an access code issued by a claims handler.  

Compliance is vastly improved because business information is securely stored in one location. With every file securely stored digitally, the need for storing paper files is vastly reduced.  The chances of losing parts of a file are eliminated and more importantly you can see at a glance who has accessed a document, when it was accessed and what was done with the document. 

Document retention, storage and destruction can be governed using GRaaS by Hyland. (Governance Rules as a Service). Hyland and Iron Mountain are revolutionizing this process with Governance Rules as a Service (GRaaS). By leveraging the Iron Mountain Policy Center solution, GRaaS applies aggregated, updated retention regulations to all relevant documents in OnBase and enables OnBase to completely automate the destruction of documents per regulatory guidelines. 

Auditing is made a lot simpler, Auditors can be given temporary and controlled access to all the information they need, configured by management as required. This is a repeatable and configurable process saving vast amounts of time and effort. 

Management dashboards and reporting. If all the applications and databases are sitting on one chassis then all data can be displayed in a fashion that suits reporting and dashboards. Real-time management is reality.  Claims estimates can be compared to new business figures. Outstanding accounts receivable compared to claims due to be paid – All from a User Friendly personalized real-time dashboard. 

Client communications are crucial to retention of existing business and brand recognition. With all the crucial information easily available in one secure location, intelligent targeted marketing is so much easier. Rules and reminders can be set up throughout the core system, supervised by managers and marketing empowering all the teams. 

Clients refunds and extraordinary claimsare a reality because of Covid19. Special teams set up to handle these events can use Case Management by Hyland which can then be bolted onto the critical database and allow the intelligent management of an unanticipated costsaving unnecessary wasted hours of work by experienced staff who are needed elsewhere. 

Case management empowers users to effectively manage cases and handle unpredictable work. By combining the ability to manage data, processes and documents. OnBase supports case management and equips users with a 360 – degree view of all the information they need to make better decisions. Gain visibility into the entire case, project or incident, and identify areas for improvement to increase effectiveness over time.  

More so than ever before the Insurance Industry needs to make changes to ensure they can continue to be competitive and face unexpected challenges – The time for change is NOW –  But knowing where to start can sometimes be more difficult than the solution itself  – If you would like to find out more and try to figure out where to start then contact one of our expert OnBase team members: Request a Call Back Today 

Eamon Masterson

 

 

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