The insurance industry deals with a large volume of different documents, processing incoming information and responding to policyholders’ needs. The constant inflow of data can be difficult to monitor without the right tools, which need to allow for security, speed, and regulation compliance. With a constant stream of paper documents coming in, it is necessary to ensure that important data is handled instantly, and passed to the correct person in a timely manner.
Insurance documents can include anything from explanations of benefits (EOBs) to claim forms. Because offices receive these forms in such large numbers, the only way to survive in a competitive market is to maximize efficiency, reducing costs while providing excellent services to policyholders.
This is where document automation software comes in. The ability to process large volumes of documents electronically has completely revolutionized the insurance industry, transforming the speed at which services can be provided. In addition, electronic processing has enabled insurance companies to make use of the Internet, letting customers view policy information and fill out applications online. The resulting implications are complex: document automation has simplified many insurance-related tasks, but the availability and widespread use of document automation has driven up competition dramatically. Customers have come to expect more speed and accuracy from their insurance providers than ever before. According to Mathieu et al. at the System-Wide Business Symposium, “insurance companies are benefiting from this transformation by seeing healthier bottom lines.” The benefits of going paperless can be seen in improved services, with a substantial reduction in costs.