Insurance and Document Automation Part II: Staying Organized

Insurance and Document Automation Part II: Staying Organized

Once an insurance matter has been finalized, it lives on. Details of policy agreement must be maintained and tracked. Long gone are the days of keeping executed agreements and policy statements in cardboard boxes, stored away in musty filing rooms, and using complicated, time-consuming, and often arcane inventory filing systems. The need to be in compliance with various regulations, like the Dodd Frank act, and Data Privacy laws, requires smart, robust automated document management software that not only helps generate your documents, but helps you manage your documents as well.


Compliance Documentation

If it isn’t documented, it didn’t happen”. Compliance to insurance regulatory requirements such as Solvency II, and data privacy rules such as the General Data Protection Regulation (GDPR) is one thing, but proof of this compliance is something altogether different. If your company comes under scrutiny from a regulator, and undergoes an audit, an automated document management system with strong record taking capabilities may mean the difference between a positive evaluation and heavy penalties -or worse.  

Automated Document Lifecycle Management software that keeps an Audit Trail of every action performed on a document reinforces transparency and confirms your fair business practices.

Security and Confidentiality can be maintained by implementing comprehensive yet flexible User Permissions that can determine what content is available to whom, and which users at your organization are permitted to edit, or share documents internally or externally. These settings can be further bolstered using Template Categories that can organize Documents, and the automated templates from which they are generated according to department or office location, and restrict access based on those parameters.

Although adherence to data privacy laws require an aggressive approach, easy to apply Data Anonymization tools make it easy to stay compliant and protect the privacy of your customers.


Document Records

In addition to securing your documents for compliance reasons, it is important to have strong Document Records that can provide a quick, but detailed view of the important aspects of any given document. These details may include information like the parties, in a document, and their contact information. It may even include information about the drafting, review, and Approval of the document. Ancillary documentation related to a matter, such as medical reports and invoices, previously filed claims, and assorted files could also be uploaded as Related documents.

Specially selected Document Record Properties, Template Tags are additional ways to avoid spending time on data entry, and automatically pull data like policy fees and payment amounts from your automatically assembled documents to automatically populate your Document Records. Key dates such as policy renewal dates can be pulled and used to create automatic Document Alerts, ensuring that agents do not to miss opportunities to engage with customers.

An Automated Document Management solution that is used to pull this information and more, can help your company better summarize and categorize documents. This same information can be used to power Reporting and Analytics to assess how LEAN your operations are.

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