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IDC projects that 80 percent of worldwide data will be unstructured by 2025. This is an undeniable fact that content—structured and unstructured—forms an integral part of every insurance process. From generating quotations, creating policies, and processing claims to filing reports and ensuring compliance–content is available in various shapes and sizes. Also, as an insurer, you need to collaborate with external organizations and third parties for resolving cases that result in multiple versions of large files in your folders, emails, printouts, laptops, and shared drives.
Well, this humongous amount of content often acts as a roadblock due to the lack of modern and effective content management platforms. As a result, your employees and partners end up spending a lot of time gathering information, repeatedly reviewing the same documents, comparing versions of contracts, and looking at accident images and videos, resulting in low productivity and high processing time.
Let’s have a look at the five signs that clearly indicate that your existing content management system needs an uplift:
- Limited access to information: From policy underwriters to claims officers, there are many stakeholders in your insurance organization who need access to case-related information periodically. It hampers caseworkers’ productivity when there is no single interface to access this information stored in large and complex documents, images, audio files, videos, emails, and MS Office files. The struggle continues when different stakeholders are unable to work on these documents from different locations and time zones.
- Inefficient Document Discovery: Locating the right content at the right time is vital for insurers to ensure timely and smooth case processing. However, due to limited search capabilities in most content management systems, it results in high turnaround time and low accuracy as caseworkers spend a lot of time on finding the required information. It compounds manifold when the content in the context of a process is required from the history of the life of the policy, often through decades. In the post-COVID era, unstructured content participates more and more in business processes, e.g., an accident video. Imagine how easy it would be for the claim adjuster if the claim surveyor was able to add an annotation at the point of accident and other critical junctures in a long and large video file, which the claim adjuster could search and view in a matter of seconds as opposed to watching the entire video.
- Lack of Collaboration: Most insurance processes require the participation of multiple stakeholders. The stakeholders need to add comments, share recommendations, and even collaborate in real-time at multiple steps of a case. Limited collaboration among caseworkers causes miscommunication, redundancy, and errors.
- Absence of Document Generation Capabilities: Insurers generate numerous documents, like policies, proposals, forms, notices, endorsements and renewals, claims, statements, bills, SOPs, brochures, videos, terms of policy products, and more, to communicate with their customers. Generating such documents is cumbersome for employees as they are huge in numbers and should be compliant with the company’s branding as well as regulatory guidelines. An agent or producer often uses older versions of policy terms, resulting in mis-selling to customers, which in turn causes lengthy and arduous grievance management. Most of the content management tools do not support the generation of customer and partner-facing documents, resulting in delayed communications.
- Weak Security and Control: As your organization deals with a large number of documents, audios, and videos that contain important data and sensitive customer information, you need to ensure the highest security standards. But this is often missed due to a lack of rights-based access and other control options in traditional content management systems.
The Solution Lies in the Modern Content Services Platform
As a digital-age insurer, you must look beyond traditional ways of dealing with content and embrace a modern content management platform. You must invest in a platform that allows insurers to access and manage their case-related content from a single place, empowering them to collaborate and take decisions quickly and efficiently. A modern and effective content management system can help you create policies, process claims, streamline commercial insurance, and allow business users to access and manage content from a single place. This will help you reduce the turnaround time, enhance user productivity, increase collaboration, and improve security and compliance—and achieve all this while ensuring seamless integration with your existing IT systems.
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