2 May 2024 mins

Business challenge

Claims processing is where insurance providers make their money and prove their worth to their clients. Today’s savvy consumers expect prompt communication about and transparency in the claims process, as well as quick settlements. Meeting these higher customer expectations while increasing profitability and protecting sensitive data against growing cyberthreats is a serious challenge.

Impact

  • Manual, paper-based claims management is incredibly labor-intensive, eating into profits and burdening workers with time-consuming, tedious tasks that take them away from face-to-face customer service.
  • Today’s consumers expect instant, attentive service, and inefficient claims processing impacts the customer experience. Policyholders who are not satisfied with claims handling often switch carriers.
  • Data privacy, security, and compliance are critical for insurance providers, and the industry is heavily regulated. Yet manually managing paper and electronic claims records in separate workflows impedes transparency and auditability while complicating data security.

What if you could

Iron Mountain® Claims Management can help you overcome your challenges, to:

  • Reduce expenses and increase profitability.
  • Improve the customer experience for a competitive advantage.
  • Improve data privacy, security, and compliance.

Iron Mountain® Claims Management

With Iron Mountain Claims Management, our experts can help you:

  • Gather customer records faster: Insurance agents securely scan documents into the system from any web browser. Automated processes push the information into the system quickly and accurately.
  • Digitize paper documents: You can digitize existing paper documentation, or Iron Mountain can do it for you. Optical character recognition (OCR) extracts contents to make it easily searchable. Low-code/no-code capabilities help you further tailor automated workflows to your needs for faster, more accurate results.
  • Connect data across platforms: Integration with core insurance systems connects data across platforms to break down information silos and provide access to all relevant information in one place.
  • Enable anytime, anywhere access. Insurance agents can easily access and search documents on our secure enterprise content management (ECM) services platform while policyholders can review the status of their application on the web.
  • Protect your business: Our content platform complies with industry standards and data retention policies and provides capabilities that help you respond to audits and discovery requests.
  • Manage the entire lifecycle: Iron Mountain can dispose of physical records by securely storing or shredding them or returning them to you.

The results will have a significant impact your bottom line, helping you:

  • Save time and resources: Streamline processes to reduce the time it takes to process claims, and free staff for servicing customers and growing the business.
  • Provide better customer experiences: Speed, transparency, and accurate communications help you attract and retain customers and build share of wallet.
  • Improve security and compliance: Better protect sensitive data and streamline audit and discovery compliance. Automation reduces human error to help ensure claims are settled appropriately.

Industry fact

31% of customers switch carriers after a poor claims experience, and another 47% consider switching.

Accenture

Elevate the power of your work

Get a FREE consultation today!


Get Started