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ECM: Defining Best-in-Class Business Strategy
Insurance is a paper and process intensive industry. And it is a great example where ECM can be applied to bring great ROI. A recent article by Jason King in Insurance Networking News gives an example of how ECM can be a game-changing decision for a company in the insurance business.
The benefits of ECM are many and include reduction of physical space occupied by filing cabinets, speed and ease of document search and retrieval, system-of-reference of the most current version of any document, and concurrent access to documents. ECM eliminated problems related to multiple policyholders and duplicated copies that frequently can occur in the world of paper.
There are significant benefits of using ECM that are related to compliance and security. Because documents can be accessed quickly, ECM also enables much improved customer support. ECM can provide an audit trail that can document every access to any document. And ECM, when used with workflow, can speed operations, enforce process, and improve productivity.
King writes that “ECM solutions also help insurers run more efficiently, making it possible to compete in a price-conscious market. Hard cost savings are achieved because insurers do not have as much paper to buy, store and copy. Labor costs are reduced as well because workflow eliminates many manual tasks from processes. This is especially important because 80% of costs required to produce a policy or resolve a claim are labor-related.”
