So what are the uses and benefits of using digital capture within the insurance industry?
For starters, digital capture has become a necessity when doing business in the 21st century. The amount of paperwork that could potentially be generated from a single insurance case might fill an entire cardboard filing box, which can be challenging to properly store and difficult to access.
Digital captures of the same number of documents, however, can be stored into a reference system or digital backup system for easier access and future examination.
Depending on where your business operates, the government may require or encourage the use of digital captures.
For example, the American Recovery and Reinvestment Act includes the conversion and maintenance of all medical charts in a digital format as part of the Electronic Medical Records Mandate. As far as the insurance industry goes, digital capture can help shorten or eliminate delays in retrieving and comparing information, provide updates to products and services to clients at a faster rate, and allow for better information exchange between various organizations.
Anyone that’s ever tried to mail several boxes filled with important paperwork can appreciate the ease of sending electronic copies.
• Downsize Manual Work
By digitizing a client’s records, including claims and purchases, the insurer can scale back on having to manually fill out new forms every time they interact with the client.
• Faster Client Response
Rather than having to print, copy, and mail the requested information to a client, the insurance company can provide the information in real-time to the client. Additionally, any changes to a policy can be instantly relayed to the client, and the client can make changes to their policy without having to manually create a new form.
Probably the single most important thing to a client: they want to know what’s going on, and they want to know they can trust the insurer to be open and honest with them at all times.
When it comes to handling personal information, a business has to be transparent about every aspect of the interactions. Digital captures of client data can allow for easy online viewing and the ability to learn of changes or updates whenever they want. So if a client feels the need to access their information at 2 a.m. on a Thursday morning, digital capture allows that access and transparency.
Maintaining security over physical records requires a physical response, typically in the form of guarded warehouses and locked storage cabinets. However, physical dangers such as fires or natural catastrophes can endanger physical records, which is why digital capture becomes so important.
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