What is Document Management Software?
Document management software, sometimes referred to as enterprise content management (ECM), enables organizations to electronically capture, store, index, and retrieve information via scanning, bar codes, and online forms as well as from email, voicemail, faxes, images, and other files. With DocFinity, underwriting applications, claims forms, risk assessments, financial information, supporting documentation, correspondence, and other data are available at the click of a mouse. Data can be stored either within DocFinity’s digital file repository or by simply pointing from the DocFinity system to the location of pertinent information in other storage systems. More secure, yet easily accessible via the Web than paper files, document management also serves as the launching pad for digital automation of business processes such as underwriting, reinsurance, claims, billing, contract management, and other routine procedures.
Advanced, intelligent search enables diverse departments to establish an indexing plan for document storage in accordance with how their users search for information. When integrated with digital workflow, updates to the files (via scanned barcodes, new portal entries, or data keyed into the system) ensure that the most up-to-date information is used as documents and tasks related to them are pushed through toward completion. Security rights that limit access to specific pieces of data in accordance with the insurer’s business rules make certain that only authorized persons can review, annotate, approve, deny, sign, or take other actions on documents. Other features of integrated EDMS software solutions include advanced search capabilities, document archival based on retention schedules, and managing information across an entire enterprise. Seamless integration with existing legacy systems as well as underwriting, claims, policy administration, accounting, and HR applications help insurers to leverage the data and systems they already have and avoid costly redundancy. Business continuity and disaster recovery planning ensure that you, your agents, and other pre-authorized third parties have access to all of your client data, even in the event of a natural disaster or unforeseen events such as fire or floods.
Benefits of EDM
Document management allows you to:
- manage and control information through its entire lifecycle, from creation to deletion based on predetermined retention schedules,
- facilitate records management of files that are no longer part of the active document lifecycle
- ensure data consistency and completion by using online forms, bar codes, and scanned documents to capture information, and pull the data into the EDM system for immediate viewing and processing
- ensure the integrity of policies, claims, and other documents and help you demonstrate compliance
- purge information in accordance with regulations, and provides thorough reports for internal and external audits.
Document management software eliminates time spent searching for information for customers and staff and struggling to demonstrate compliance. Existing data can be pulled to other applications as instructed by the insurer; reports are produced and available in real time, enabling proactive adjustment based on policy, claims, and billing volumes as well as staff productivity; and thorough transaction reports leave no question about compliance. Storage, shipping, and staff costs for information searches decrease. Employees are able to process more policies and claims in the same number of hours, and can dedicate more time to providing better service rather than chasing and waiting for information.
If you would like to talk with someone about your business challenges and learn how DocFinity can help, please contact us.
