This series of blog posts provides an overview of how a Phoenix-based insurance company implemented a record management solution that improved productivity, customer service, disaster recovery, and process integrity while holding the line on labor and other costs. In this blog post we will discuss how the record management solution allowed the insurance company to reduce delays and errors associated with having to manually handle governance, risk and compliance.
Governance, Risk and Compliance Benefits
The insurance company’s paperless systems reduce the potential for delays and errors associated with having to manually handle all of these processes. Documents are entered into the record management solution on the day they are received, and administrators can track their progress and history while a file is being worked on or after it has been archived.
Strict security settings can also be applied to documents, preventing unauthorized users from viewing them. For instance, the insurance company’s VP of IT notes that AP documents, which are not relevant to the majority of users, have been tightly restricted. Even if a user has access to a document, s/he may be restricted from modifying, printing or e-mailing it.
Conversely, the record management solution has made documents more accessible to independent, state regulatory and insurance auditors. The insurance company has eliminated the disruption associated with having to assign personnel to gather documents for an audit by providing auditors with temporary access to the solution’s repository. Disaster recovery initiatives are also supported by the ability to back up files nightly and store the media off-site.
For more information about record management solutions, continue to visit our blog or contact OSAM Document Solutions, Inc.