The information explosion is real. Every day more customer data, new claims and detailed financial information enters your business. Not to mention emails, medical reports and transcripts. Managing it all safely and consistently is a never-ending challenge.
Regulators are a natural part of the insurance business. If you operate in multiple states, hardly a day goes by when a regulator doesn't assess your program. Your ability to access your information can be the key to expediting the review. You need a plan before moving any records or transferring data. We have the experience and scale to help you incorporate acquired records and apply best-practices to your existing program.
Mergers and acquisitions in the Insurance Industry are on the rise. Acquiring a company or a new business is a major event - and one that can disrupt your information management program. Due diligence will ensure that nothing goes wrong. But when it comes to integrating an acquired company's records program -- both physical and electronic -- the task can be more complex and even more expensive than you'd anticipated.
A Call for Modernization in the Financial Services and Insurance Industries
Our proven Inventory Governance solution helps analyze your acquired physical and electronic data so you can identify what records should be destroyed or retained. We can also help you target redundant applications so you're not running two disparate information programs after the merger. By mapping your program and applying consistent retention policies to enable defensible destruction, you can bring the acquired program up to speed quickly.
Many insurers store records in-house, either in a centralized or decentralized location (within lines of business), but this approach can add risk to your business. The decision to outsource elements of your records and information management program does not mean giving up control or timely access to your vital information.
Iron Mountain's leading Records Management solution provides insurers with a reliable, compliant, effective process for storing records in a secure vault location, controlling access to records, tracking records, and providing defensible destruction capabilities for records eligible for destruction.