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Learn how a major insurance company took advantage of Smart Sort to quickly identify the policy files required to fulfill the terms of the divestiture.
In a corporate divestiture, careful discovery and management of the associated records — determining which files to turn over to the buyer and which ones should remain with the seller — can be a complex undertaking potentially requiring a review of thousands of records (if not more) on a tight deadline and in strict compliance with all regulatory, privacy and legal requirements.
Traditionally, this task was accomplished manually by reviewers and analysts going through individual boxes of files. More recently, records have undergone scanning and digital text extraction.
Regardless of the method, it’s a time-consuming and costly process that becomes even more challenging when (as is often the case) files are spread out across multiple filerooms and record centers (both on premises and offsite) with multiple record types commingled in the same storage box.
To address this challenge, Iron Mountain offers Smart Sort — a workflow solution enabling you to locate, sort, organize and manage a large number of records within demanding time constraints.
Using basic information (e.g., policy numbers) from an organization's core business applications, Smart Sort matches that information with a scan or keyed entry of the file ID. The result is an up-to-date file-level listingthat maps the location of all files to the individual box level so that decisions can automatically be made on how each file should be managed to meet immediate business requirements.
A major U.S. insurance company was divesting part of its business to two new owners and needed to locate and turn over 1.9 million specific insurance policies to two new owners within 12 months.
The divesting company quickly realized that its records management processes would make it difficult to complete the discovery and records turnover within the 12-month time period. For example, insurance policies are often inventoried in diverse ways and commingled with other record types. Also, the lack of internal resources and efficient processes for sorting and transferring records made it impossible to accomplish in the required timeframe.
A team of Iron Mountain Records Management professionals went to work. By taking full advantage of Smart Sort, combined with relevant information pulled from the company's core business applications,they were able to quickly:
Looking beyond the divestiture, the up-to-date, file-level listing created by Smart Sort makes it possible for the company to further streamline its records management, reduce costs and make retention and destruction decisions easier and more compliant.
Smart Sort enables the divesting company to:
Smart Sort is a great choice for any business process where there is a need to quickly and accurately sort and organize a large number of records: