Document Management for 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.

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.

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.

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.

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.

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.

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

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.

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.