Insurance companies have records for just about everything — customer information and policy details, rates and underwriting procedures, marketing material, and licensing records. The list goes on, and on… and on.
It’s crucial that your company protects these records, for the sake of both your company’s proprietary secrets and your customers’ well-being. Information management provides guidelines to keep your documents secure, make information accessible across your organization, and help you stay in compliance with legal regulations.
Continue reading to learn how an integrated information management system can help your organization become more efficient and cost-effective through secure record storage, accessibility, and destruction.
Record-Keeping Regulations for Insurance Companies
Insurance companies are subject to a slew of regulations pertaining to what records to keep and how to store them. Insurance departments in each state set their own requirements, and you might have to comply with multiple sets of requirements if you operate across state lines.
Many state departments require insurance companies to keep records for up to five or six years. And you’re required to keep lots of data — ranging from claims records, underwriting files, marketing materials, complaint data, licensing records, and other forms.
This leads to mountains of papers and computers filled to the brim. If you’re not careful, your documents can quickly become an avalanche of data that reduces efficiency and creates blockages in your information management.
How Integrated Information Management Can Help
On the other hand, an integrated information management system can offer solutions for records storage, shredding, and file destruction, as well as management software that makes records accessible across your organization.
Safely Store Paper and Digital Records
Unfortunately, insurance companies are prime targets for data breaches. For instance, over 320,000 Prudential Insurance customers became the victims of a cyberattack in 2023 that gave the criminals access to their personal information, such as name, address, and Social Security numbers.
Whether you prefer working with primarily paper or digital files, integrated information management can provide a safe way to store your records.
Storing your paper records in a secure offsite facility helps give you and your customers peace of mind while also saving you space and money. Prioritize the security of digitized records by accessing and sharing them through an online repository designed to keep your files safe.
Have Files at Your Fingertips
Have you ever called a company’s customer service number and been bounced around to different departments to find someone who could answer your questions?
It’s safe to say that this routine creates unhappy customers who lose a little bit of faith in the company every time they hear, “Let me transfer you.”
But that’s exactly what your insurance company could be doing when an employee needs to access information that is being held in a different department.
Whether it’s a claims adjuster looking for a policyholder’s file or an insurance agent trying to access rates for a potential new customer, your information management system should make it easy for collaboration and integration between departments.
Digitize your paper files and keep them in cloud-based storage or upload them to an existing program. Digital copies make it easy to share information with all of your employees for quick access that leads to more efficient systems and reduced costs.
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Secure Destruction of Sensitive and Outdated Records
Insurance companies have a duty to protect customer information. After the required retention period, you must take precautions to make sure no one can access outdated records. Both paper and digital files need to be securely destroyed.
Shredding paper files is essential to destroying sensitive data.
Rather than spending hours sitting at your desk with a small office shredder, work with an integrated information management company that offers fast and easy shredding services for bulk documents. They will also provide you with proof that your documents have been shredded and destroyed to protect your company during compliance audits.
Deleting digital files may also not be enough to keep your records safe. Digital shredding completely destroys hard drives and computer CPUs to offer an added layer of protection.
Stay in Compliance
As mentioned above, insurance companies face regulations from multiple entities, especially if you provide coverage in more than one state.
Keeping track of your legal requirements can become overwhelming and cause confusion and disorganization. However, if you don’t stay on top of these requirements, you might pay fines or lose your customer’s confidence that you can keep their information safe.
Integrated information management systems are extremely organized and make record retention simple and efficient.
A high-quality system stays up to date on the latest industry regulations and creates a schedule tailored to your files, so you’ll know when and how to destroy documents due for destruction. You’ll also have strong record trails to provide proof of compliance if you’re audited by your state’s insurance department or other regulatory bodies.
Access the Power of Integrated Information Management for Insurance Companies
In a world of technology and data, your integrated information management program can make or break your insurance company.
Access is here to help you create an integrated information management system that increases efficiency and reduces costs. We’ll walk every step with you, starting with secure storage and ending with record destruction. Get in touch today to start streamlining your information management program.
