10 Reasons Insurers Need a Modern ECM System in 2022
Data is arguably an insurer’s most valuable asset — it is used to inform underwriting, product development, marketing, security, and more. And as the insurance industry has become increasingly digitized, the ability to capture and leverage that data has become priority number 1 for carriers. But, with seemingly endless data resources, finding a solution that organizes and optimizes that data isn’t always easy.
Enter the enterprise content management (ECM) system, a must-have solution that enables insurers to make the most of their data to improve nearly all aspects of their operations. While iterations of these systems have been around for years, many insurers are still missing the mark when it comes to managing their data and information. That’s why today’s carriers need a modern enterprise content management solution.
What is Enterprise Content Management?
Also known as a content services platform, enterprise content management (ECM) is an umbrella term for the “technology, strategies and methods used to capture, manage, access, integrate, measure and store information.”
More specifically, ECM technology takes all the content that comes into an insurance organization — think documents, form submissions, photos/videos, customer communication, claims, policy, and billing data, etc. — and stores, manages, coordinates, and delivers that information to relevant end-users, ultimately building workflow rules for all enterprise content.
5 Components of an ECM System
According to the Association for Intelligent Information Management (AIIM), an enterprise content management system — regardless of industry or application — must have the following five core elements.
- Capture: ECM systems must be able to capture all relevant content an insurer may need, in a digital format. It must also be able to do this intelligently and automatically.
- Analyze: Because ECM systems for insurance collect and manage so much data, it must have intelligent analyzation features that allow insurers to search and leverage that content in an effective and efficient manner.
- Map: Mapping content creates a pathway between business needs and document storage. This supports the functions of enterprise content systems and separates traditional data storage from modern solutions.
- Preserve: ECM systems preserve data for several reasons, most notably for retrieval and compliance. Carriers must be able to access crucial content and ensure that it is safe and secure, features an ECM platform can provide.
- Store: Many insurers struggle with maintaining and utilizing disparate data systems. With an enterprise content solution, all information is housed in a single repository where it can be effectively and securely accessed.
What are the Benefits of an ECM Platform?
Having a high-quality document and content management solution is not only “required” of insurance carriers, it also has numerous benefits for carriers and their customers. These include:
- Reduces clutter. With SO much incoming data on a daily basis, carriers can quickly get overwhelmed by the sheer volume of content at their disposal. With an ECM system, all data can be easily organized and accessed for future use.
- Archives information. Because an ECM platform digitizes a carrier’s content, it is effectively saved for use by relevant stakeholders at any time, from anywhere.
- Modernizes operations. The insurance industry has been notoriously slow to modernize their operations. With ECM, carriers can take a very important step towards digitizing their largest asset, which also allows them to make tasks, like record keeping, more efficient.
- Organizes data. An ECM system creates structure for your data, so that it can be accessed, cross-referenced, and analyzed to provide important insight and context around organizational processes.
- Supports compliance. An ECM system will provide insurers with a consolidated, centralized content repository that can be easily accessed. This ensures that carriers always have secure data they can access to meet regulatory requirements.
10 Reasons Insurers Need ECM Systems
There are numerous reasons insurers need an enterprise content management system. Aside from just the aforementioned benefits, there are many features that ECM systems offer than can help set carriers apart from their competition. Here are the top 10.
1. Better Control of the Most Valuable Asset
ECM platforms convert all content into a digital asset which can then be more easily tracked, secured, and monitored. This also ensures that insurers know where their content and data is, and who can access and utilize it. What’s more, insurers can also build logic around the steps and activities that need to happen as content comes into the organization. This gives them more control over and a much better view into overall processes.
2. Deliver Better Customer Service
By having straightforward access to data and content, insurers can better serve their customers. ECM systems optimize efficiencies across the board, but where customers are concerned, ECM platforms improve claims response time and resolution. Claims Associates can access all relevant information in a singular dashboard, which enables them to act more quickly to find a resolution.
3. Centralize All Content
A superior ECM system, especially one integrated with a SaaS insurance platform, means carriers can handle and store all claims, policy and billing data in a centralized location. This brings together disparate data resources and ensures continuity throughout the organization and throughout the process.
4. Automate Supporting Processes
A high-quality ECM will easily integrate with other solutions and should be able to automate other supporting processes. With a supported integration, carriers can quickly and easily extend existing processes and create new ones.
5. Consolidate Disconnected Data
Whatever digital solution you currently use to manage business operations and data, there are also related information being managed outside these systems — via email inboxes, spreadsheets, antiquated databases and legacy applications. With an ECM platform, carriers can consolidate scattered data, tasks and activities living outside core systems into a single location where they are connected, tracked and auditable.
6. Enhance Content Security
Archaic or disparate content systems leave insurance carriers vulnerable to security breaches and hacks. A modern ECM solution will deliver far superior security at document and data levels, ensuring customer and organization content is protected. Furthermore, an ECM system will automatically apply security without user interaction or signaling.
7. Create a Configurable Workflow
Another way ECM systems help optimize internal efficiencies for carriers is in its ability to quickly implement changes around data. With an ECM solution, carriers can build rules-driven workflows throughout many functions — such as claims processes — with no coding required.
8. Gain a Complete Customer View
Enterprise content systems consolidate all content, so insurers can make informed decisions, accelerate processes and deliver a better customer experience.
By combining integrated document capture, case management, intelligent automation, customer communications management and secure file sharing in a single system, Customer Service Associates have all data and touchpoints for a customer in one place.
9. Make Better, Faster Claims Decisions
The very best ECM systems organize content surrounding a specific claim in a tabbed folder interface with supporting documents just a click away. Claims adjusters can then instantly access those documents directly, improving decision-making and eliminating the need to search through multiple applications, file shares and paper records.
10. Accelerate Cycle Times
In an ECM platform, adjusters can track missing or required information during claims setup to ensure all info is collected and available for review before key determinations are made. When integrated with other SaaS insurance platforms, claims correspondence and other related documents can be pulled with minimal staff involvement. In turn, activities automatically trigger workflow processes, initiating requests for information and assigning.
Duck Creek & Hyland for ECM
Duck Creek Technologies partner Hyland is a leading content services provider, that through their OnBase content services capabilities, enables insurers to deliver better experiences to the people they serve. When working together, Hyland extends the powerful data management functionality of the Duck Creek Platform with cloud-based content services capabilities.
With Hyland OnBase and Duck Creek, insurers get a content services solution that’s Anywhere Managed Integration verified and ready to go. This purpose-built accelerator for Duck Creek Claims empowers to speed your integration and implementation by up to 50%. Additional benefits include:
- Extends the core: Empowers workers to manage scanned paper documents, print streams, application files, electronic forms, emails and more, all in the context of their familiar core system screens and business processes.
- Simplifies information access and control: Employees, agents and brokers spend less time looking for information and more time working with it.
- Keeps information secure: By applying multiple levels of protection, including advanced authentication and encryption, data is secure at rest, in use and in motion.
- Speeds new product and process development: With true codeless configuration so that non-technical line of-business personnel can design or change products to meet evolving needs, create workflows that improve process efficiencies and generate reports that provide new insight
Q: What does enterprise content management (ECM) systems do?
A: ECM solutions empower insurers to capture, manage, access, integrate, measure and store information. And with all critical content in one centralized location, carriers can better leverage their data assets and use it to make more informed business decisions.
Q: What are the components of enterprise content management?
A: No two enterprise content management systems are built the same, but they all should have the same five capabilities:
- Capture content
- Analyze its contents
- Map content and content storage
- Preserve all information for compliance
- Store data for easy access
Q: Why do insurers need ECM systems?
A: There are numerous benefits insurers can expect by implementing a next-level ECM solution, first and foremost that it is essentially a requirement to be competitive in today’s market. More specifically, insurers need ECM systems to be able to reduce clutter, archive all information/content, organize data, ensure compliance and modernize operations.