The reliance on technology to store and manage critical data is ever-increasing. This is especially true for the insurance industry, where maintaining accurate and accessible records is a necessity.
These records contain sensitive customer information, policy details, claims history, and compliance-related data. However, many insurance companies find themselves trapped with aging, industry-specific systems that make it extremely difficult to access these valuable records.
Legacy systems often suffer from limitations such as outdated technology, poor integration capabilities, and lack of support. As a result, these systems can pose serious risks, including data loss, security breaches, regulatory non-compliance, and hindrances in delivering efficient customer service. So, what can insurance companies do to rescue their records from aging systems?
Understanding Relevant Regulations
Insurance industry professionals must be aware of the regulations that govern data management and security. Here are a few key regulations that emphasize the need to rescue records from aging systems:
GDPR (General Data Protection Regulation): GDPR, applicable to organizations operating within the European Union, stresses the importance of protecting personal data, ensuring its accuracy, and limiting storage periods. Records that are “stuck” in legacy systems can easily fall out of compliance with GDPR’s stringent requirements.
HIPAA (Health Insurance Portability and Accountability Act): HIPAA mandates the protection of sensitive health information. It also requires insurance companies to maintain data integrity, accessibility, and security. Inaccessibility and lack of updated security protocols in aging systems almost guarantee non-compliance with HIPAA’s guidelines.
SEC (Securities and Exchange Commission) Regulations: SEC regulations apply to insurance companies offering investment products. These regulations mandate recordkeeping, data retention, and accessibility. Rescuing records from aging systems facilitates adherence to SEC requirements and enables efficient retrieval during audits and investigations.
Rescuing Stranded Records From Legacy Systems
Enterprise businesses spend between $100,000-$250,000 to maintain records per legacy application, per year. Why? Many businesses are forced to maintain legacy systems to meet retention requirements for the records they contain, even though the application’s performance and efficiency diminish over…
How Access Unify™ | Secure Compliance Can Help
Access Unify | Secure Compliance offers a comprehensive solution to rescue records from aging insurance systems while ensuring compliance with relevant regulations. Here are 4 key benefits for insurance industry professionals:
- Seamless Data Migration: Access Unify provides a smooth transition from legacy systems to modern platforms, ensuring the preservation and integrity of valuable records. It minimizes the risk of data loss and ensures a secure and compliant data transfer process.
- Centralized Record Management: With Access Unify, insurance professionals can consolidate and manage records from multiple sources in a centralized, secure repository. This enables quick and easy access to historical data and ensures compliance with recordkeeping regulations.
- Enhanced Security and Access Control: Access Unify | Secure Compliance implements robust security measures, including data encryption, role-based access control, and audit trails. This ensures the protection of sensitive information and helps meet regulatory requirements regarding data security.
- Intelligent Search and Retrieval: Access Unify employs advanced search capabilities, allowing insurance professionals to quickly locate and retrieve specific records or data points. This allows you to streamline operations, enhances productivity, and assists in responding to customer inquiries and regulatory requests promptly.
As a single source of truth, Access Unify | Secure Compliance helps insurance companies make sense of their records by consolidating information in a cloud-based, secure, and compliant digital repository. With robust audit trails, detailed reporting, secure rights provisioning, and data privacy safeguards (SOC 2 Type II, PRISM Privacy+, Privacy Shield, etc.), the solution ensures records are readily available, secure, and compliant.
Is it time to renew your approach to records management? Rescue your documents from legacy systems and embrace the power of Access Unify | Secure Compliance for a more secure and compliant future.
