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Taming content chaos

12 August 2022 Hyland
Tian Horn, Account Manager at Hyland Southern Africa

Tian Horn, Account Manager at Hyland Southern Africa

The insurance industry has always been inundated with data. It is a sector that understands what it takes to manage massive quantities of information. However, the volume of digital media today, coupled with the proliferation of information types has created new challenges.

An average insurance claim file can include gigabytes of supporting content, from scanned documents to photo streams and dashcam videos. Simply storing data and not doing anything with it does nothing to help insurers to achieve greater efficiencies and enhance customer service.

The industry relies on powerful claims management systems to support daily claims operations. But as rich digital media pours in from different channels, claims adjusters must switch between applications to find supporting content pressing insurers to seek solutions that make the processing of claims content faster, increase operational efficiencies, and better serve their customers.

Uncertainty and risk are two factors insurance professionals know well. While they are built into the fabric of the industry, from a business perspective, the sector continues to face pressures of escalating operational costs, greater regulatory demands and increasing competition. For a traditionally risk-averse industry, the disruption that has happened in the past decade has turned operations upside down and caused many insurers to reassess business approaches to ensure they are meeting the evolving needs of their customers.

While digital transformation has become a commonplace trend, it remains a priority theme within the insurance industry, with more insurers moving into more advanced steps within transformation journeys. New technologies and innovations drive continuous change and in order to remain competitive in uncertain times insurance companies need to embrace them. Utilising tech solutions to control content is the name of the game – the alternative is data overload and chaos.

Taming content chaos
It’s important that insurers don’t just centralise claims content — they must improve process efficiencies. A modern approach to claims content lets workers manage content from within the existing claims management system they use every day - without replacing it - modern claims content management systems increase efficiencies and lower costs. This results in massive efficiency gains, stronger regulatory compliance, lower operating costs, and ultimately happy policyholders.

Bottom line gains:
• Decreased printing supplies and consumables, mailroom, and file room footprint,
shipping and storage costs.
• Lower maintenance costs for legacy content management systems
• With less need for multiple repositories, the cloud can decrease digital content
storage costs dramatically.
• Platform-as-a-Service offloads all software and infrastructure costs.

Customer remains King!
Always start and end with the focus on customer satisfaction. Faster, greater access to accurate claims information enhances the customer experience. The ability to view and share information from a single interface, automate manual steps, expedite the search process, and collaborate without delays leads to major process improvements. With fewer manual steps, happier staffers work faster and more effectively, which leads to happier customers and the latter leads directly to business sustainability and growth.

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