Document Imaging for Insurance

Insurance companies, like many other industries, rely heavily on information management, which is predominately operated by paper-driven processes. Claims management, policy administration, contracts, applications, policies, and underwriting, traditionally start their lifecycle with paper documents. There are many challenges that arise when working a paper-based environment like this.

The capture of information from these processes is time-consuming, inefficient, and cost associated with mailing, filing, photocopying, and distributing these documents is very expensive. Sharing, collaboration, and security placed upon these paper documents can also be very costly and difficult to manage.

Employees benefit from systems that streamline processes and boost their productivity. Reducing the amount of time the staff spends chasing down associated records, digging through stacks of paper, or attempting to re-produce a missing document, can increase productivity and enhance customer service.

At KnowledgeLake, we deliver document capture and imaging solutions designed for these challenges. Our industry-leading Enterprise Content Management (ECM) software takes the hassles out of paperwork and provides a lower cost of ownership and higher return on investment than the competition. With our help, you will spend less time chasing paper and more time doing what you do best; serving people.

The KnowledgeLake solution provides insurance companies with fast and easy scanning of paper documents, capture of electronic documents, along with sophisticated indexing of these documents for faster search and retrieval. The easy-to-understand SharePoint interface minimizes training, and easily integrates with most line-of business systems, enabling document imaging for applications where it was otherwise unavailable or cost-prohibitive.

KnowledgeLake software increases productivity and eliminates or reduces time-consuming duplicate data entry and routing of information. When paper is converted to digitally formatted information, typically by scanning the paper documents, it can be handled faster and more efficiently. Documents and transactions can be linked by key metadata and then automatically routed based on business rules placed upon the values held within the documents.

Even the process of capturing the data can be optimized with features such as Optical Character Recognition (OCR), data validation, and database index lookups. Integration with back-end systems, front-end systems, and database repositories, can help match and auto-populate key metadata fields and triggers. These validation and automation steps reduce data entry errors and enhance the accuracy and processing efficiencies.

The routing of information around the organization via an automated electronic workflow can eliminate paperwork delays, and also enable staff to easily track files through their process lifecycle. Insurance companies can streamline operations and deliver better customer service through a more efficient business flow processes; subsequently increasing productivity, reducing cost, and achieving regulatory compliance.

KnowledgeLake has helped hundreds of organizations do more with less by streamlining document-intensive, back-office routines. Areas within Insurance that can benefit significantly from ECM include: Claims Management, Underwriting, Policy Administration, Applications, Records Management, Human Resources, and Accounting.

Working with your staff, KnowledgeLake can help deploy a solution that results in:

• Faster Collaboration and decision-making with easy access to key documents.
• Immediate Processing of Files - documents move through the system more efficiently.
• Achieving government environmental mandates by reducing the need for paper.
• Proof of compliance with legal requirements via reporting, discovery requests and audit trails.
• Reduced operating costs associated with labor, printing, mailing, data entry and more.
• Line of Business Integration that enables users to immediately retrieve supporting documents from various proprietary and legacy applications.
• Improved Customer Service expedites claim approval processing, shortening the time needed to make decisions from months and weeks to just hours. Customer inquiries regarding claim status can be answered more accurately and quickly, reducing delays during high-traffic times such as natural disasters.
• Shared secured information for staff and associates with concurrent access to content. Ability to collaborate on documents improves the efficiency of all processes, and enhanced electronic security protects client privacy.
• Faster user adoption that results from the intuitive SharePoint interface.

KnowledgeLake’s ECM software for Microsoft SharePoint enables you to organize unstructured content and store it in SharePoint. This tight integration of Knowled geLake products with SharePoint enhances your existing technology investment through:

• Low cost of entry and ownership by leveraging your existing IT investments.
• Leveraging your existing scanning investments including scanners, copiers (MFP) and fax devices.
• Meta-data driven searches that provide fast search capabilities to maximize employee productivity.
• Total Enterprise Content Management (ECM) with SharePoint that lets users scan, index, search, view and manage content.
• Browser experience of SharePoint for document management, records management, and web content management.