How will you celebrate Insurance Awareness Day?
By Roger Beharry Lall | June 27, 2014
While Insurance Awareness Day doesn’t quite have the cachet of Valentine’s Day, June 28th is an important day nonetheless. It’s a day designed to remind us that things can go wrong, and as a result, we should have a backup plan. I myself am thanking my lucky stars – I recently needed to use my home insurance when a family of raccoons decided to move into my roof.
How does it really work?
This got me thinking about how the insurance industry works. I don’t mean on a large scale – I’m talking about the minute details of how a claim is actually processed. How many signatures do they need? How do they capture the form data that I filled out? What file format do they store their documents in?
We recently held an event that delved into just that: the document processes of the insurance industry and how they can best be optimized. We will tell you all about what happened at the event in another blog post, but let me just say that there was a thrilling discussion on content capture and document ingestion.
Delving into insurance document processes
The insurance industry deals with a lot of documents – that’s probably an understatement. Many of our insurance customers deal with hundreds of thousands of documents each day, while others are somewhere in the millions. They need tools which can streamline their document processes and save them valuable time, money and resources. Some of the areas which can be honed with the right software are:
- Case and claims management: Agents receive documentation from a wide array of sources, and these documents are sometimes in paper, sometimes digital, and usually in a variety of formats. They need a simple way to capture or ingest all of those documents, convert them into a standardized format – PDF in this case – and assemble them into a case file. That file then needs to be enhanced with metadata so that those documents can be searched and found easily.
- Capturing data: In addition to the collection of claims-related material, organizations leverage different technologies to onboard new clients, collect payer and payee information and much more. Beyond just the physical scanning and digitization, organizations are leveraging automated document conversion to create more robust, searchable material which is directly integrated into standard systems and workflow.
- Archiving: The days of archiving documents in hard copy are slowly (and thankfully) going away. One of the key considerations of digital archiving is choosing the correct file format. You want something that will be accessible years from now and is not dependent on special file viewers or requires native authoring applications. This is where PDF or PDF/A work best.
- Digital and electronic signatures: Many document processes in insurance require authorization, whether it’s from an internal stakeholder or a client. By incorporating this into the workflow, signatures can be generated on the PDF, with a certificate to ensure that it is secure and hasn’t been tampered with.
Streamlining insurance with automated document conversion
Having worked on a number of digital transformation projects for insurance organizations, we’ve gained a lot of experience in helping them to streamline their document processes using Advanced Rendering technology by automating the conversion of documents to high-fidelity PDFs. This helps improve case management, archiving, and a number of other processes. To learn more, download the new white paper Solving the Document Dilemma: Enterprise-Grade Advanced Rendering for Financial Services.
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