Document Management for the Insurance Industry

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Improving Document & Claims Management for the Insurance Industry

Insurance agents have to manage a significant amount of paperwork every day. Insurance claims, new applications, and documentation for the multitude of insurance policies available can make managing the paperwork a challenge. That’s where insurance document scanning and management services can help!

Electronic document management can automate your processes, optimize workflow, reduce expenses, and improve the way you interact with your clients with the right program for your needs. With automation, insurers improve accuracy and eliminate human error. Record Nations has experts in your area who specialize in providing services to the insurance industry. From claims to new applications, we can help your office go paperless and eliminate the headaches of paper documents forever.

Service Options for Insurance Agencies

How Document Management Can Help You Excel in the Insurance Industry

Optical Character Recognition and Data Extraction

OCR gives you the ability to search and index every aspect of your files with a quick keyword search, eliminating mistakes and improving productivity. If you need to adjust a policy, there’s no need to make the changes in a hard-copy document.  Utilize Optical Character Recognition (OCR) and data extraction to give you the ability to edit any information you need quickly and easily.

Automated Document Routing and Billing

Would you like the ability to have a digital document routed to the appropriate department or policyholder once it’s submitted into the system? Our local providers can add that capability to your document management process to eliminate the risk of the information getting lost, which creates delays and headaches. 

Document Conversion for Business Records

As you make the transition to paperless, you’ll have the ability to eliminate costly and time-consuming paper processes. Record Nations finds experts that take the time to help your organization reduce operational costs, improve patient care, automate hard-copy processes, and ensure HIPAA compliance.

Accounting files, personnel files, and critical or commonly-used forms can all be converted and added to a document management system to help streamline your processes and eliminate all the paper in your office.

Insurance Document Management FAQs

What data privacy laws apply to the insurance industry?

1. The Identity Theft Penalty Enhancement Act modifies the Federal criminal statute to institute consequences for heightened identity theft involving the misuse of personal information. Those apprehended and found guilty of identity theft will face imprisonment ranging from 2 to 5 years.
2. The Red Flag Rules mandate that both dealerships and financial institutions develop a documented program for thwarting, identifying, and alleviating identity theft. The goal of the Federal Trade Commission is to foster a program that empowers businesses to identify questionable trends and avert the financial repercussions of identity theft.
3. HIPAA was implemented to safeguard the permissible usage and disclosure of patients' health information. It oversees the confidentiality of Protected Health Information (PHI) as well as the secure obliteration of both physical and digital records. Any violations of these regulations may result in penalties, potentially as high as $1.5 million.

What types of insurance documents should I scan?

Our service providers are equipped to handle any kind of insurance document. Some examples include: customer applications, policy documents, endorsements and amendments, client correspondence, claims documentation, underwriting information, premium payment records, renewal notices, insurance certifications, and more.

How much does it cost to scan my insurance documents?

On average, it costs 7-12 cents per page. However, the price will depend on the types of documents you have, how many documents, the complexity, and any other special requests. You will get accurate price quotes on your project when you contact us with the details.

How much does off-site storage cost?

Typically, records storage costs anywhere from 50-95 cents per box per month. However, the price will depend on the number of boxes you have, any prep work, indexing, additional security measures, retrieval options, and any more special requests.

What is the turnaround time on a project?

The timeline of your project will depend on what service(s) you need, the size of your project, the complexity, and any other special requests you need. Your service provider will give you a timeline when you contact us with the details of your project.

How does Record Nations ensure the security of my insurance documents?

Our service providers meet or exceed all state and federal regulations regarding data privacy. In addition, their off-site facilities will keep your insurance documents safe with fire-suppressant systems, climate controls, access controls, 24/7 security, and more. If you scan your documents, our DMS options come with encryption, access controls, version controls, redaction, and more.

Can I edit the insurance documents I scan?

When you scan with OCR technology, you can easily search for, edit, and share any documents you scan into your system.

How do I need to prepare my documents for scanning?

Generally, you should organize your documents in the way you want to index them in your digital storage system. They should be free of any damage, and you should remove staples, paper clips, or other bindings so the scanning process can run efficiently and smoothly.

How should I prepare my insurance documents for off-site storage?

1. Sort and Organize: Before storing your documents off-site, sort them into categories based on their type, date, or other relevant criteria. Organizing your documents beforehand will make it easier to access them later.

2. Remove Unnecessary Items: Take this opportunity to purge any records that are no longer needed or relevant. Dispose of outdated documents following your organization’s document retention policies and regulations.

3. Boxing: Place the sorted documents into sturdy, archival-quality boxes or containers. Use appropriate-sized boxes to prevent overfilling and potential damage.

4. Labeling: Clearly label each box with information such as the contents, date range, and any other relevant identifiers. This will make it easier to locate specific records when needed.

5. Inventory: Create a detailed inventory list of all the boxes or containers being sent to off-site storage. Include box numbers, contents, and any other relevant information to track your documents.

6. Protective Measures: Consider using archival-quality folders, sleeves, or envelopes to protect individual documents within the boxes. This can help prevent damage from handling, moisture, or environmental factors.

See What Our Customers Are Saying

Hicksville, NY
"The quick response and amount of information was impressive. I would highly recommend using Record Nations to find the right company for your needs"
Santa Barbara, CA
"Cindy is great! She helped us find the right company to help us with our big project. She was informative and very professional."

Contact us for a free quote today!

Reach out to our team today to discuss document management solutions. We're here to explore your options and guide you to the perfect service for your needs.