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Access Unify™ | Secure Compliance for Insurance Industry

Modernizing, Automating and Fortifying Insurance Industry Operations

Legacy systems stand in the way of modern, cost-effective operations

Insurance firms keep records in industry-specific applications, the lifespan of which is anywhere from seven to 15 years.Â But firms often must retain records for decades. Discordant timelines cause “stranded” records, a problem exacerbated when major events, such as M&A or regulatory audits or reporting, require stringent records review. For 60% of companies, stranded records management is a challenge without an apparent solution. Maintaining legacy records management systems is a costly endeavor. Extracting electronic documents can also be an expensive and time-consuming effort. Moving from legacy systems and applications to modern tools with granular records management policy controls can solve the stranded records problem and provide better returns on investment. Large insurance industry incumbents could more than double profits over five years by digitizing existing processes. However, carriers spend just 0.2% of GWP on technology development.

Robust Information Governance Frees Insurance Records from Legacy Systems

Eighty percent of companies have more than 20 systems of record, and 73 percent of workers spend 1-3 hours trying to find information or a particular document within those systems. Knowing what records you have and how long to keep them boosts your organization’s efficiency.

Simplify Regulatory Compliance by Consolidating Your Records and Systems

As a single source of truth, Access Unify | Secure Compliance helps insurance firms make sense of 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.

Protect, Retain, and Maintain Insurance Records with Innovative Technology

Access Unify™ | Secure Compliance does what major cloud storage providers and point solutions cannot.Access has infused its proprietary technology with innovative approaches, such as RPA (Robotic Process Automation), ETL (Extract, Transform, Load), and AI-based delivery to do more than industry-standard record storage with permissions.It offers extraction and import, record-type identification, integration with other systems, automatically applied retention rules, legal holds, audit trails, disposition workflows, and automated destruction.

Woman reviewing something on a digital tablet

Minimize Information Risk With Secure Collaboration

More than three-quarters of organizations spend 1-3 hours a day moving data from one place to another.For insurance carriers, manually moving documents slows audit and eDiscovery processes and leaves firms in a reactive posture. Access | Secure Compliance allows carriers to securely share documents, folders or collections with internal or external stakeholders.By incorporating two-factor authentication, secure data rooms, complete audit trails, and detailed reporting, Access empowers insurance companies to share information without worrying about compliance and data security risks.

Automate Records Management to Improve Efficiency, Reduce Costs

In the competitive insurance industry, efficiency and cost reduction are crucial for success. One effective way to achieve these goals is by automating records management. A well-implemented automation strategy can streamline processes, minimize manual errors, and free up resources for more strategic tasks.

Particularly in the realm of claims management, automation has proven transformative – it can reduce the cost of a claims journey by as much as 30%. These significant savings not only improves the bottom line for insurance companies but also contribute to a more streamlined and satisfying experience for policyholders.

Streamline Records Classification and Retention Workflows with AI Assistance

Access Unify | Secure Compliance leverages AI to automate retention, from records search and retrieval to monitoring for compliance and reporting for regulations. One enterprise client noted, “It would be terrific to have automated tagging to classify records and assign a retention policy.”

Controls and permissions based on attributes including role, content type, and collection maintain data protection policies and compliance with everything from Sarbanes Oxley or FCRA. Alerts allow carriers to proactively address potential compliance gaps.

Integrate Information Governance Expertise

Access Unify | Secure Compliance integrates carrier-specific information governance policies and applies the requisite retention and security rules to every electronic record, allowing you to streamline the entire information lifecycle.

Legal research experts continually update our governance engine with information about more than 250,000 rules in more than 200 jurisdictions worldwide, blending human expertise with automation.

Add Granularity to Disposition Workflows

“Digital marking for destruction in our current system lacks finesse.” – Access client technical leader

Clunky disposition practices can lead to poor compliance and increased costs. More than one-third of collected data is considered useless, and every 1,000TB of stored data costs companies more than $650,000 annually.

Rather than be mired in ROT, insurance carriers can replace legacy systems, with solutions that automatically and intelligently apply specific information security and retention policies.

Retire Legacy Systems, Enhance Information Governance Policy and Future Proof Infrastructures

“We have a 15-year retention rule. We find it extremely difficult to shut down aging applications because they contain records we must maintain.”

Access Client

Modernize Information Management Systems While Maintaining Compliance

Keeping systems current from an information security standpoint is a critical challenge for IT departments. Record repositories contain more sensitive data than the average system and legacy systems are more challenging to keep. Concerns over what happens to records on legacy systems cause hesitance among decision-makers.

Our solution’s digital records archive supports insurance firms’ complete retirement of unneeded applications while maintaining a legally defensible collection of legacy content, spurring modernization.

Address Client Demands Through Automatic File Conversion

Commercial insurance clients want faster claims processing and reimbursement.

Access Unify | Secure Compliance easily ingests and converts information assets into a universally and legally accepted file format: Adobe Acrobat PDF.

Speed up claims and reimbursement processing, while also monitoring collection and automatically upgrading every record’s file format to the most current PDF version, in perpetuity.

Transform Your Records Management with Our Expert Guidance

To improve operational efficiency and enable employee autonomy, insurance carriers can retire legacy systems, adopt modern digital technology, and partner with experts. Access provides comprehensive records and information management solutions to more than 33,000 clients globally.

Our technology-driven services and solutions account for more than 30 million transactions a year, all while maintaining legally defensible chain-of-custody, security, and governance requirements. Most Fortune 100 organizations rely on Access to deliver the content they need, when they need it, safely and securely.

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Information is your most valuable asset. It’s our passion.

Are you ready to take control of your information lifecycle? We manage documents for over 30,000 companies in North America. Let us help you manage yours.

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