Insurance is a highly competitive business and 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 in the system.
In the new era of the intelligent information management, insurers are feeling the pressure to advance their offerings quickly. When we ask companies how they manage their information, we realize that there is still a lack of knowledge around document and content management.
Insurance is still a paper based business but there are vast amounts of digital documents coming in various formats – such as video, phone calls, chat logs, web analytics and more – and from multiple sources including social. Insurance generates massive amounts of data and content, which generate information chaos.
In the info-graphic below, we represents key areas where insurers need content and process services platform, the consequences of failing to solve the information chaos problem and finally main benefits insurers get from Alfresco and Alfred.
1. key areas where you need content and process services management
The insurance industry faces challenges that range from regulatory compliance to data security and availability. Automating document and workflow processes can significantly assist insurers in streamlining their business by ensuring that claims, underwriting, policy services, new business applications and customer service are all handled and under control.
2. the CONSEQUENCES OF INFORMATION CHAOSExpectations of both internal and external customers are increasing rapidly and the consequences of information chaos are dramatically related to an increase of costs, a decrease of productivity and, at the end, customers are not satisfied. As well, non-conformance and audit findings can be extremely costly and risky if you don't know where problems exist.
3. BENEFITS INSURERS GET FROM ALFRESCO DIGITAL PLATFORM AND ALFRED
Alfresco is a proven partner to insurers. The Platform automates and accelerates the flow of information across the insurance business chain. By digitizing document-driven processes with Alfresco, insurers can transform transactions along the entire customer journey—from application submittal, through underwriting and claims, to ongoing communications with policyholders.
Alfred is a full integrated solution, an intelligent integration layer into Alfresco, that adds quality of service and full auditing and security. Alfred provides the flexibility to manage operational costs and still maintain the performance and scalability that the business requires. Nowadays, secure storage, rigorous access control and privacy protection are no longer optional. Alfred creates a smooth path to compliance, with a well-tuned document model and out-of the box features to protect digital assets.