Insurance companies all over the world use document management software to organize critical industry information. The benefits of DMS systems are particularly helpful for the insurance industry because of the mounds of papers necessary for operation. A large volume of documents are created, organized and reviewed by clients, agents and underwriters. A smooth workflow can ensure that your business provides top-notch customer service while decreasing expenses and increasing profitability.
Processing new client paperwork or insurance claims is a very time consuming task. In order to increase efficiency, many companies in the insurance industry use document management software. A good system will help you ensure smooth document flow from one department to another. Your company can capture, route, and process documents with greater accuracy with automatic workflows throughout the claims or underwriting process.
Eliminate the wasted space of physical filing cabinets by digitizing paper documents. Capture documents via fax, email, or multi-function printer and easily save them to the central repository. This also allows your employees to organize files easily and pull up documents using index searches. Employees can answer customer inquiries about claims, renewals, or payment information while on the phone instead of looking up the information and returning the call later. Information is readily available.
With DMS, workflow becomes transparent and efficient resulting in quick and accurate claims processing. You no longer have to copy and ship paper documents to other offices because all files are accessible to any authorized user once saved in the repository. Employees can quickly view where an application or claim is in the process, and keep customers informed about the status of their accounts.
Likewise, document management software integrates with many industry specific applications. Employees can access claims, policies, ERP and other specific tasks without leaving the repository. These tasks save employees a great deal of time by not requiring them to switch between applications frequently. Time saved equals cost savings for your business.
Ultimately, smoother workflow and efficient document searches result in increase customer service for your business. Insurance companies grow significantly with word-of-mouth customer referrals. When customers call their insurance company, they are often stressed. So they need insurance company employees to alleviate their worries and provide solutions as quickly as possible. DMS helps your team easily access an entire customer file and find the status of claims immediately. From there, employees can initiate workflow or contact the right department directly to solve the customer’s problem.
Increased workflow efficiency leads to better customer service. Better customer service leads to expenses and greater company profitability. You reduce the cost of required paper processing for your business, and you spend less time finding files. Both of these tasks allow your employees to focus on more important jobs than looking for documents. Easier searches result in increased compliance with regulatory agencies and even greater cost savings. As a result, you see reduced expenses and increased profitability.
Many insurance companies utilize DMS software to help them streamline workflow, improve customer service and increase profitability. Your business can benefit from more efficient document processing. Contact MaxxVault today to find out how the best document management software provider can help you become more efficient.