Helping insurance companies go paperless
Many industries have made the switch to at least a partly, if not completely paperless office. Healthcare facilities will soon be required to use electronic medical records, and e-signatures have helped realtors and financial institutions sell homes and make loans without physically meeting clients and customers. However, one industry that has struggled to go digital is the insurance industry. But, as one news source explains, paperless insurance companies can realize a number of benefits.
Many files used by insurance companies are hundreds of pages long–and finding any information quickly can be nearly impossible. While it’s one thing for it take an employee to take time to locate data, if a customer calls with a question, struggling to find information can reflect poorly on a company.
Additionally, so much paper in a policyholder’s file can also take up a large amount of storage space, requiring an insurance company to invest in more space than would be necessary if all papers were digital.
While scanning all documents by hand is one option, there are many other factors that newly paperless companies need think about to make information as accessible as possible.
“However, [scanning] is only the first step to effectively streamlining business processes,” the article read. “The next is to make forms and records ‘intelligent,’ so the information is integrated into various technology systems and properly indexed for simple extraction.”
For insurance companies going paperless, the article suggests using optical character recognition software, often used by bulk scanning services. With this tool, document scanning services can read the text on a document, and create a searchable file. These paperless document management solutions allow insurance companies to find information quickly and efficiently, instead of taking the time to physically looking through all their documents.
Tab Service Company is a Chicago based company with over 53 years of experience as a data processing service provider. We provide business with outsourcing solutions for document scanning services, data entry services and mailing/lettershop services. As a SOC2-approved service organization, we apply industry-best practices to our approach with clients.