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Insurance firms keep records in industry-specific applications, the lifespan of which is anywhere from seven to 15 years. 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.
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.
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.
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.
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.
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.
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.
“We have a 15-year retention rule. We find it extremely difficult to shut down aging applications because they contain records we must maintain.”