The insurance industry is heavily reliant on managing large volumes of documents and forms on a daily basis. The success of an insurance company can sometimes be dependent upon their ability to retrieve relevant documents and records. However, traditional paper-based methods pose several challenges to the effective day to day operations of insurance companies.

Paper-based files require physical storage such as filing cabinets and drawers. The cabinets can take up precious office space and result in a cluttered and cramped environment. Additionally, as the number of clients increase and the paperwork grows, it becomes increasingly time consuming to locate and retrieve necessary files.

Increased paperwork can also give rise to lost documents. As documents and files increase in volume there is a greater risk for lost paperwork. Retrieving lost paperwork can increase company overheads and employee non-productive time, not to mention unhappy clients. In addition to insurance files being lost to human error, paper-based files can also be lost due to fires, theft, flooding, and other unpredictable events.

In this article we will discuss how insurance companies can benefit from implementing document management software and how eFileCabinet’s special features make it the ideal solution for the management of insurance cover policies.


How Electronic Document Management Can Help Manage Insurance Policies

Document management software will replace paper files and documents in an office, thereby eliminating the shortfalls of traditional paper-based files previously mentioned. When properly implemented, electronic document management systems can increase employee productivity, enhance company efficiency, and increase profitability.

Having files stored electronically means that insurance companies can send insurance cover policies to clients almost instantaneously. An electronic document management system such as eFileCabinet also provides workflow capabilities so that policies can be routed and processed by multiple individuals before being returned to storage.

Electronic DMS can also help keep files safe and confidential so that only authorized persons can view, edit, and delete files based on pre-defined user access rights. Client insurance policy records should also be transparent and traceable and an audit trail kept of all access activity.

Most importantly, good document management systems such as eFileCabinet offer folder structures that are inherently compliant with regulatory standards such as HIPAA, FINRA, and ISO.


Using eFileCabinet for Insurance Policy Management

Benefit #1: Instant Access Anywhere
eFileCabinet possesses capabilities that allow insurance companies to make insurance policies and other insurance forms available instantly 24/7 online. Insurance agents no longer have to run back and forth between filing cabinets to track down client policies. With eFileCabinet online a client or any other authorized person can access files anywhere an internet connection is present, even if the receiving party does not have eFileCabinet installed. To make things even better, eFileCabinet has its very own mobile app. With this app users can send and receive insurance files using a mobile phone, eliminating the need for agents to make copies or walk around with huge briefcases full of policies and forms. Ultimately this system acts as a client portal for access to any relevant information.

With this type of instant access, multiple users can simultaneously access a client’s file and other relevant documentation. For instance, an agent can reference a client’s health insurance policy documents while an assistant works on processing the claim.

Benefit #2: Automated Workflow
With eFileCabinet’s workflow function processes can be automated sequentially according to a set of pre-defined rules. Insurance files such as coverage policies normally have to go through many processes and a multitude of persons for review and approval. Having this process automated means that documents are routed to the relevant persons once certain actions are taken. This is ideal for repetitive tasks and has the potential for significant time and cost savings.  eFileCabinet’s intuitive workflow is highly visual, making it easy to mimic the way documents are routed physically.

Benefit #3: Search and Retrieval Capabilities
As mentioned previously, the retrieval of relevant insurance policies can be extremely time-consuming. eFileCabinet offers a powerful search engine that can find files almost instantaneously with the click of a mouse. Files can be searched according to file name or by keywords within a document.

Benefit #4: Security and Disaster Recovery
eFileCabinet goes to extra lengths to ensure that files are confidential. All files are encrypted with 256-bit encryption to keep them safe from unauthorized persons. Additionally, eFileCabinet’s online environment is secured with SSL (Secure Socket Layer) protection and databases are outfitted with various physical barriers and intrusion detection systems.

Documents are also backed up regularly with the latest cloud based technology to ensure that files that are lost due to unforeseen circumstances can be easily retrieved.

Many other features in eFileCabinet’s document management solution can be leveraged by insurance companies in order to manage sensitive documents like insurance policies. To learn more about how eFileCabinet can be used to help insurance companies improve efficiency and productivity, fill out the form provided for a free 15-minute demo.