Having so much paper on hand can be an Achilles heel, for several reasons:

The physical aspect of exchanging paper between agents, offices, and even countries (in the case of a multinational insurance company) is often inefficient and slow – leading to delayed claims reimbursements and unhappy, inconvenienced customers.
Sensitive data contained in physical documents is prime for a security breach (through loss, accidental misplacement, etc.) as it is manually passed from one person to another. While "data security" tends to make people think of fortifying their networks and servers against cyber hackers, paper continues to be significant origin of data breaches in many industries.
Backtracking and tracing a particular document's path (and the exact employee who acted upon, or made a decision, based on data contained within that paper) can be extremely difficult and time-consuming. However, insurance companies face this challenge whenever a policyholder questions a denied claim or takes legal action, or when a state conducts an audit to ensure rules compliance. Insurance companies are held to a high standard, and policyholders expect prompt communication and quick claims processing. With paper scattered across the enterprise, meeting these expectations can be challenging.

Many insurance agencies may feel overwhelmed by the prospect of change, but in the digital age they must adapt if they hope to thrive. Industry leaders are raising the bar on policyholders' expectations for faster, more convenient claims reimbursements — initiatives like Aflac's One Day Pay is a prime example. Fortunately, there are several simple, straightforward steps that can help insurance companies get paper under control, once and for all:

Special Reports /

Digital transformation and document management

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