Business as usual is no longer an option
Every day insurers are faced with an ever-growing volume and variety of information distributed across multiple locations, systems and platforms. Every day more data -- including new claims, policy changes, detailed financial information and other business communications -- enter your business. Finding innovative ways to understand and derive value from all of this information is crucial to your success.
Adding to the complexity, hardly a day goes by when a regulator does not assess your insurance program. Regulatory compliance is a given in the insurance industry and demands insurance carriers not only protect and preserve data – physical and electronic – but also prevent against inadvertent disclosures and data loss as well as data breaches.
Safely and consistently managing it all may seem like a never-ending challenge; but it does not have to be. Iron Mountain has the experience to help you:
- thoughtfully manage information, no matter the source
- improve financial services compliance programs and gain business efficiencies
- accelerate digital transformation
- ensure data protection while maintaining 24/7 access to information
Manage Your Information with a Solution Insurers Trust
We make it easy to manage your information throughout its lifecycle.
Insurance firms must maintain both physical and electronic records for long periods of time. Iron Mountain offers reliable and secure storage options no matter where that information originates.
From backing up laptops and servers to archiving cloud data to recovering information from older systems, we can help. Our innovative solutions will help to achieve your digital transformation goals by allowing you to store any remaining paper offsite while digitizing your information going forward. We also provide you with the tools to automate business workflows and maintain online access to your records.
Our solutions are flexible and can be tailored to meet your company’s requirements to manage the records critical to your business.
Insurance Use Cases
A major Property and Casualty Insurance company looked for a way to enforce compliance though an Enterprise-wide clean desk policy within their Claims, which was still operating on paper-based manual processes. The solution needed to demonstrate measurable, hard dollar cost savings. Secondary objectives were to improve efficiency, decrease turnaround times, improve customer experience, and decrease carbon footprint.
Iron Mountain provided a solution to transition from paper-based, open shelf, manual processing of property and casualty claims to a digital mailroom and front-end image-enabled automated workflow. This included secure electronic delivery of select, validated information to third parties. Implemented with a multi-phased rollout.
- Met compliance goals
- Saved $1.5 Million
- Improved SLA by 24 hours
- Eliminated printing of 5 million pages per year
A New York based life insurance company was looking for a solution to improve access to their highly valuable commercial client files, while minimizing risk. These files were highly active with many individuals accessing them over time. As a result, they had a high occurrence of misfiles and lost documents. There was also no disaster recovery copy of these documents in the event of catastrophic event, such as a fire or flood.
Iron Mountain provided a back-file conversion solution including scanning and digitizing the documents for storage in the customer’s enterprise content management system.
- Ready access to information anywhere in the organization
- Tools for employees to follow through on obligations
- Formatted information reduced lost/misfiled records
A major US insurance brokerage firm was struggling with developing a digital mailroom solution that could be delivered in a timely fashion and provide real world savings and value. After the recent merger with another firm, they were faced with a major pain point of finding a way to access their policy checking services.
Iron Mountain re-routed the contents of P.O. boxes to a central location, where a team picked up and processed the mail by scanning, classifying and completing data capture. Digital mail could then be re-routed for approvals or exception processing, and the customer was provided with a centralized database to access mail worldwide. The solution provided a formal needs assessment and collaboration on the Statement of Work, which led to a successful project.
- Eliminated paper
- Improved chain of custody
- Tighter SLA
- Cost Reductions
- Enhanced user experience
- Environmental benefits
Canadian wealth management firm Aligned Capital Partners wanted to streamline document management for 220 independent advisors and their clients. The goal was to improve efficiency while offering value-added opportunities for advisors to enrich their practices.
Advisors’ paper records are collected, scanned, stored and/ or destroyed by Iron Mountain with secure chain of custody throughout. The digital images are then uploaded to the Secure Digital Vault, customized to precisely suit the firm’s folder setup and workflow needs.
- Aligned has all relevant records in one place.
- Productivity benefits from faster file retrievals, quicker new advisor onboarding, and more effective communications.
- 30% headcount efficiency compared to competitors