How Content Services is Changing the Insurance Industry

Now that paper documents are becoming a thing of the past, a perfect growth opportunity presents itself. We are in a period of industry transformation and insurance providers can leverage mobile technologies to increase their profitability and customer satisfaction. A vital piece of this evolution is quality content services.

For businesses within the insurance industry, content services are very important because the product is digital and insurance companies collect, create, and use vast amounts of information. By relying on data, insurers are increasingly gaining advantage by leveraging unstructured data.

Content services deliver insurance businesses better document management, including scanned paper documents, faxes, print streams, application files, electronic forms. web content, multi-media files, customer communications and emails, all in the context of core system screens and business processes.

Why are content services important to insurers?

Technology is evolving at a rapid clip, and so are the ways insurers can benefit from it. New technology makes it easier and faster to collect data and frees up time for your people and to focus on high-value activities rather than repetitive, manual and time-consuming tasks. Continuing to use legacy systems not only impacts the bottom line, but even worse, it impacts customer experience and the ability to recruit and retain top talent.

Thanks to innovative content services options, insurance providers can optimize document workflow, effectively manage content, and ensure they meet all regulations. Meanwhile, this frees up staff to focus on customer service, account management, and other more individual needs.

When processing a new policy or claim, it is so important for insurers to see all customer information…not just a glimpse. Content services bridge the gap with comprehensive and configurable platforms for capture, case management, document management, secure file sharing and workflows that integrate with core business applications.

Insurers operating with legacy systems will find it a challenge to keep up with opportunities presented by digital data. Utilizing content services will be the trademark for top performing agencies in the years to come.

What is legacy technology and how do we know when it's time for a change?

Simply put, it is outdated technology that remains in use, despite the availability of newer systems. It is “comfortable” and viewed as “reliable” and is still around because you’ve known each other for years. Does this sound like a relationship you’ve had in the past? While some things are just meant to be, such as peanut butter and jelly, peas and carrots, Mario and Luigi – I have seen many companies (and relationships) who have sought out change for change sake and have failed miserably. The first step is to decide if you have a legacy system you should consider replacing.

If your company desires to differentiate your service to your customers through system integration, automation, and self-service, but your legacy imaging system still is just storing and retrieving documents – it’s time to stop settling and move on.

1. “I don’t see a future together”

If your legacy system doesn’t provide the features your organization needs, or can’t develop them, your business processes can’t evolve to create new efficiencies. Without continual product improvements, your legacy solution will require time-consuming workarounds, adding to your system’s mounting TCO.

2. “We don’t talk anymore”

Getting multiple systems to communicate effectively can be impossible when your legacy system doesn’t easily connect with other core business systems, like your ERP, EMR, student information system, claims management system or other business applications.

3. “You take more than you give”

The lifetime total cost of ownership (TCO) of your legacy system is draining: administrative overhead, third-party services, custom development, maintenance fees, and maintaining an outdated or under-performing system. Is your legacy system only adding costs without adding value?

Four Signs You’re Ready for a Change

Moving to the cloud

In recent years, the use of cloud solutions has skyrocketed. Some businesses were initially hesitant to move from onsite to cloud-based systems. However, for an increasing number, the pros of going to the cloud — which offers rapid enhancements and integrations — outweigh any concerns. These companies are finding they no longer have the time or budget to maintain aging servers and costly annual upgrades, and they realize they need to be able to adapt more quickly and securely. These businesses are turning to the cloud, which means a new system and often a new technology provider.

Changing data needs

Financial leaders increasingly need data in real time, so they can gather, analyze and slice and dice the information to evaluate their business in different ways. Those who wait for data to come through reports are finding themselves behind on changes and trends in their markets. They are missing significant opportunities to make changes that will benefit both their employees and their businesses and differentiate themselves from their competitors. Many leaders recognize they need to take a forward-looking position. And forward-looking analysis requires real-time data.

Mergers and acquisitions

Legacy systems are often limited in what they can do. When a business changes or grows, their technology should as well. This is particularly true with acquisitions and mergers, where visibility across entities or companies is critical. According to Accenture Strategy, 87% of U.S. businesses acquired a company in the last two years. These companies need new technology solutions that can quickly adapt and expand to keep operations running smoothly.

Automation

Another area where companies are growing is through their use of automation. Advances in technology have made data easier to collect using software rather than through manual processes. Systems today are much more open and collective, enabling easier access to business-critical data and acting on that data at lightning speed. AI and blockchain technology is not only introducing itself thru our Internet of Things and personal devices, but rapidly being incorporated into core operational and financial systems which will dramatically impact the way businesses operate.

Key Considerations for Comparing Legacy Imaging Systems to New Options

1. Does your system have very specific and deep experience in your industry?

There is always the latest, greatest, cool technology that changes at a very rapid pace. Industry knowledge is much harder to find, so when you have it, you should be very careful to walk away from it.

2. Does your system and vendor have a good strategic roadmap for the product?

Sometimes companies through acquisition decide to stop innovation on a specific product or may determine to change platforms instead of enhancing the current solution. Review your products annual release schedule and if product enhancements are declining, this may be an indication you need to look elsewhere. However, if a company has in place a good strategic roadmap and you have a good history with the company, it may be wise to work with the vendor during their technology transition.

3. How does your solution view integration?

For years, solutions could be isolated, the keeper of all your data and ultimately become very difficult to move away from. In today’s business world, system integration and data analytics are critical to your business processes. You can no longer survive with a data silo approach. Solutions today need to provide mechanisms to incorporate into the larger technology ecosystem. If your vendor resists or says the solution cannot integrate with other solutions or processes, you should view this as a red flag and consider a move.

As an example, LBMC Technology Solutions does a significant amount of work in the Insurance industry across the US. Here, we have seen technology company acquisitions dramatically impact the market. In some cases, those acquisitions have driven innovation, but in other cases we have seen where innovation has completely stopped, leaving companies with solutions that no longer have industry knowledge, no future roadmap, and poor customer relationships. In contrast, we are fortunate to have partnered with OnBase by Hyland Software. Hyland has continued innovation on their OnBase platform for over 25 years. As other insurance industry solutions have gone by the wayside, OnBase has continued to take the discussion past just document management and into the realm of digital transformation, customer self-service, and process automation with renewals and claims.

Reasons to Consider Content Services for Your Insurance Business

Visibility

Many insurance companies have limited visibility into client relationships, and often have their staff track activities in shared Excel spreadsheets. Content Services allow for representatives to search content within documents, rather than just the document title. Agents are now able to find exactly what they’re looking for, even if the documents are misplaced, misfiled or tagged improperly. Content services software can provide a consistent way of managing critical relationships with clients. Automating document processes and better search instantly boosts productivity while ensuring your business maintains control over content and related actions. You’ll have instant access into who made changes and when.

Accessibility

Advanced content services software offers mobile optimization, automatically tailoring desktop views of your document database for different devices from laptop to tablet and smartphone. Employees are granted with untethered access to their business documents and workflow functionality, no matter where they are. No snowstorm can stop your employees from getting their work done! Additionally, when users are on site with customers, documents pertaining to the client can be instantly accessed for improved consultations.

Productivity

Content services systems can index documents automatically so that they can be instantly found. Now you aren’t only improving productivity, but also customer service. With instant search functionality, employees can provide better service to customers by answering more questions live. Soon you will process claims with record speed and accuracy. Your company will gain a reputation for being timely and available. All the while, you obtain an integrated, bird’s-eye view of consumers and customers.

Compatibility

Gone are the days of searching through endless files, databases, and email correspondence for relevant information. Instead, cloud-based content services efficiently manage all data and paperwork, including claims, reports, applications, e-signatures, emails, web-based forms, scanned-in papers, and more.

Content services are highly adaptable and can easily integrate with your current insurance applications. OnBase enterprise content management solution integrates with any insurance applications – from DuckCreek, EXLServices LifePro, to Guidewire ClaimCenter and Guidewire Policy Center – simplifying processes across the organization.

Integrations with existing applications ease transitions to new software, improve user adoption and satisfaction and eliminate switching between screens to find the right information. Integrations also allow for faster document indexing which increases content capture speeds and eliminates the risk of human error from manual entry.

Compliance

In the insurance industry, security, compliance, and efficiency are in high demand. Insurance regulations are some of the strictest in existence. In order to meet this need, content services platforms remain up-to-date with privacy and other regulations. The flexible, scalable nature of cloud-based content services platforms allow businesses to achieve compliance without stress or distraction. With this assurance of security, users can easily share and modify critical documents and information.

Insurance agencies can use OnBase to efficiently manage all documents associated with a life insurance policy and claim. OnBase manages document retention to ensure proper adherence to corporate policy. The solution also provides an audit trail to demonstrate that the corporate retention policy is in place, and followed, eliminating fines and costly court judgments.

Insurers can easily show that all documents existed at a specific point in time and had not been altered since that point. At the end of the retention period, documents must be archived, and the system can be configured to ensure timely disposal of qualified records automatically or after required approval.

Insurers Should Keep in Mind these Technical Aspects

Being able to harness content services systems to make work assignments based on workload, monitor employee productivity, improve customer experience by reducing response times, and doubling business revenue without doubling operational costs are the kinds of customer wins we have experienced using these tools.

For those in the insurance industry, this capability is even more important because the product is digital and insurance companies collect, create, and use vast amounts of information. Insurers rely heavily on data, and they are increasingly gaining an advantage by leveraging unstructured data.

A content services solution needs to manifest as a layer in the technical architecture. From a technical viewpoint, this has several dimensions.

Open system support and application programming interfaces (APIs) leverage – This type of approach allows insurers to implement new capabilities faster via the ability to integrate with existing systems more rapidly.
Microservices – This approach results in more fine-grained services (beyond large monolithic, components). With microservices, it is possible to engage in parallel development and more rapid testing, a requirement in today’s fast-paced world.
Security and compliance – As insurers accumulate more digital content, especially content related to personally identifiable information (PII), it has become mandatory to have world-class security in place to manage that content.
Versioning and analysis – In insurance, there is also a great deal of regulated content, so a content services solution must have extensive capabilities for versioning and analysis to ensure compliance.

Whether the focus is on new business and underwriting, or claims processing, or customer service, LBMC’s business process management experience helps our clients succeed.

LBMC Technology Solutions’ certified consultants recommend, implement, and support content management systems to help insurers departments save time and reduce risks. Contact us to learn more.

Insurance Technology and Emerging Trends

Three shocking InsurTech trends and how to pick the right partner to complete the picture.

In this guide, learn about the digital disrupters that are challenging the insurance industry. Digital transformation is as much about building strong relationships with your customers as it is about implementing innovative technology, embracing digital workflow and becoming a paperless office. Today’s consumers are looking for policies and products that resonate with their personal needs. They want a sincere relationship with their carrier. Carriers should want the same, so they can anticipate needs and communicate changes – both good and bad – before customers ask questions.

Download the guide to learn more.

Meet OnBase – Your Enterprise Content Management (ECM) soul mate

OnBase is a recognized market leader in ECM, providing a single enterprise information platform for managing content, processes and cases. An uncompromised focus on product development ensures OnBase will grow with you – not hold you back. Extensive integration capabilities enable you to link content and data to activities in nearly any enterprise application. And with one system to support, maintain and upgrade, you’ll realize a low TCO and minimize IT sprawl. Breakups can be tough, but our expert conversion team has the experience and toolset for an easy and successful ECM migration.

Choosing the Right Technology Partner

Companies that are growing and evolving need the technology they use to keep up. LBMC has seen businesses benefit from technology strategies that make the tech work for them. This includes technology that makes it easy to purchase and to see ROI, as well as technology providers who focus on micro-verticals, specializing in specific strategies to engage and nurture a company’s particular market. Here are a few additional tips to keep in mind when searching for the right technology solutions partner.

Choose a provider who is certified, qualified and experienced. Not all are. LBMC spends a lot of time working with companies that have suffered major technology problems due to unqualified technicians and consultants who are not able to deliver what they need. This type of situation can be painful for all involved and costly in dollars and lost productivity. It’s best to avoid it in the first place.
Find a technology partner who is both technical- and business-minded. Your provider should have expertise in a variety of service areas, not just in the niche for which you are looking. Select a partner with a general understanding of how the systems support your business so they implement from a holistic perspective. This has the added benefit of allowing you to go back to them for other needs instead of starting over with a new provider every time your needs change or progress.
Compare apples to apples. Value does not equal low cost. While price is important, and you should evaluate all options, make sure you are comparing quality and level of service. Get detailed quotes with specific deliverables, understanding the added value of having a partner versus just a vendor. Technology solutions are too important to your organization to only look at hard cost. It can be the “soft costs” that accumulate like dust bunnies in your business processes.
Technology should support your specific business requirements, goals and objectives. Be bold in questioning your technology resources (internal and external) and evaluate how projects and investments are aligning with your larger corporate goals and strategies. A technology partner should be able to answer these questions easily since they should have been asking them all along.

Businesses need a technology provider to be a single voice for technology services across a broad set of solutions as well as a provider like LBMC that offers bundled solutions and predictable service engagements. It’s important to do your due diligence to make sure you are making the right choice in your technology solutions provider. The time spent on the front-end vetting your appropriate technology partner will pay off not only in terms of dollars, but in less frustration and wasted effort.