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How the Insurance Industry can Save Time & Money by Going Paperless

How the Insurance Industry can Save Time & Money by Going Paperless

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For a long time, paper has been an indispensable part of running an insurance company. The number of contracts that need to be signed and the documents that go into insurance make it one of the world’s most paper-heavy industries.

But with the rise of digital technology, the century-old practices of insurance businesses are rapidly changing.

Today, using an insurance document management system is not a novelty but an integral part of running a successful company.

But what are some of the biggest advantages of going paperless and using cloud document management software?

Let’s explore below.

More Security

Insurance contracts and documents contain sensitive information about your clients, your company, and the industry. If it would fall into the wrong hands, that could have a detrimental effect on your reputation and make it virtually impossible to attract new customers.

And because of that, having a paper-based document management system is not really sustainable. No matter how well you structure your security system, accidents are prone to happen, and they can result in misplaced, lost, or even stolen documents that would be impossible to recover.

The good news is that if you go paperless, you won’t have to worry about any of these issues any longer.

All of the documents can be stored on the cloud, where they will be protected by the most cutting-edge security solutions. The documents and vital contracts would only be accessible to authorized staff, and you wouldn’t have to worry about someone from the outside getting access.

Easier Sharing

Efficient document sharing is one of the most crucial aspects of any successful business. And in a high-stakes and hyper-competitive industry like insurance, that’s even more true than anywhere else.

And one of the biggest issues with paper documents is the challenges that come with trying to share them with colleagues or clients.

Retrieving documents from storage, making a copy, and then sending it through to someone who needs them is a very time-consuming process that will take up a lot of time from your employees, taking away from other, more productive tasks that they could be focusing on instead.

But with a paperless insurance document management system, these issues can become a thing of the past.

When you digitize your documents and implement a paperless document filing system, you won’t have to worry about locating the document, as even the most obscure records will be easy to find using a convenient digital search system.

Instead of spending hours in the storage room, your employees can find the document they’re looking for and share it with those who need it, speeding up the process and providing the best possible experience for the clients.

Less Storage Space

In the insurance business, any advantage you can get is crucial. Even though the profit margins can be pretty good, the fierce competition and the inherent risks make cutting unnecessary costs an absolute necessity.

But because of the need for a large number of documents, storage space has, for a long time, been one of the biggest headaches insurance companies had to deal with. Finding ample space for physical copies is a challenge in itself, but even when you find it, you still need to take care of the monthly costs associated with maintaining the space and making sure that it remains organized.

Meanwhile, a paperless system means that you don’t have to allocate any space to paper documents and can focus all of your resources on areas that make the biggest difference to your bottom line.

Whether it’s providing a better service for your customers, investing in marketing opportunities, or even attracting better talent by rewarding your employees, going paperless is one of the simplest ways to cut down unnecessary costs and gain a significant edge over your competition.

Better Productivity

Your employees need access to documents in order to be effective. Looking into the agreements with clients, going over the legal documents when evaluating cases, or even making offers to prospects can all be situations that require in-depth access to records.

However, if your employees have to face the prospect of spending hours in storage, they will likely either get discouraged or decide against the process in the first place. And that will hurt their effectiveness, productivity, and the results that they can achieve.

Because of that, going paperless is one of the best ways to provide an immediate boost to employee productivity.

Instead of forcing your workers to go into the document storage room every time they need to reference something, you can provide your staff with a sophisticated cloud document management software solution that will be accessible from their computer.

This way, they can get the information they need in seconds, make more informed decisions, and provide the best possible service to your customers.

Accessibility on the Go

The Covid-19 pandemic has changed the way that companies operate, and the insurance industry is no different. Businesses have been forced to reconsider remote working and make it a central part of their operations, resulting in a drop in productivity. Some tasks that used to be simple have now become much more complicated or even impossible to complete.

That’s especially true for insurance companies since having secure access to documents is so important for employees to do their job. If you have a lot of paper documents, remote employees will have a hard time gaining access, limiting their ability to work.

But if you invest in a paperless environment, it won’t matter where your employees are. Whether they’re traveling or working from home, your staff can always have the information that they need on hand, which can completely revolutionize how your business operates.

It allows pursuing employees that are not in the immediate vicinity of your physical location, greatly expanding your talent pool and providing you new opportunities for growth that weren’t available previously.

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