Category: Insurance

Insurance

Putting the “Enterprise” in ECM for the Insurance Market

Insurers are operating in saturated markets in North America, and the current slow but steady economic recovery is creating more pressure to run efficient and effective businesses. In today’s environment, insurers agree that the management of their documents and content is a critical issue – one that is a key contributor to their success. Insurance companies have been applying technology to this area for decades, and are now increasing the focus they are placing on enterprise content management (ECM) systems. In the early years of automation, technologies were leveraged to improve the efficiency of handling paper documents – the printing, sorting, inserting, and mailing of letters and policies to customers and third parties. For the past two decades, insurers have applied IT solutions to the management of electronic documents and content.
Where’s the relationship between customer service and enterprise IT at ACORD LOMA?

Where’s the relationship between customer service and enterprise IT at ACORD LOMA?

As is the case with every technology tradeshow, there’s usually that overarching, bigger picture pointing to why technology is important. Healthcare – better patient safety and care. Government – better constituent service. Credit unions – better member service. You get the picture. It’s all about whomever the industry segment defines as its customer. Maybe I’ve been too busy tweeting and blogging, but I’ve only heard the word “customer” a handful of times at ACORD LOMA this year.
ACORD Standards-Connecting the dots between systems to drive innovation

ACORD Standards: Connecting the Dots Between Systems to Drive Innovation

This is my third ACORD LOMA. As usual, Gregory Maciag kicks it off in the Monday keynote by talking about the value of ACORD standards. But this year, instead of focusing solely on the structure that standards can provide to insurance companies, Mr. Maciag took a different approach – innovation to drive improvement. It was clear that the presentation wasn’t just about education – it was persuasion. From the video clips of insurance technology leaders that were shown, it seemed like ACORD was trying to combat the image that standards are restrictive. So instead, Mr. Maciag spoke to the message of “these aren’t standards for the sake of standards.” Rather, it’s the “fragmentation between systems that allows for innovation. ACORD standards connect those dots, magnifying the innovation.”
SMA_Mark Breading

ECM for GWP: Enabling Growth in Insurance Through Content Management

This is the second of a three part series from Strategy Meets Action (SMA) partner – and now Hyland guest blogger – Mark Breading. You can read the first post, Content is King in the Insurance Enterprise, here. Enterprise content management (ECM) and gross written premium (GWP) are two terms that are not often used in the same sentence in the insurance industry. Systems to manage documents and content have been relegated to the back office and cost cutting initiatives in years past. However, a new role for ECM is emerging – improving communications with customers and enabling top line growth. An SMA study revealed that 48% of insurers consider managing the storage, archiving, and retrieval of documents to be highly strategic, while another 43% considers it important. In addition, 82% of survey respondents cite the capture of paper based information and its integration into systems as highly strategic or important.

Novarica ACE Rankings: Shakespeare Meets Insurance Software Solutions

“What’s in a name?”Our dear Romeo and Juliet asked the same question. Understanding the answer to this query was a struggle for these star-crossed lovers – and is a contemporary concern for modern-day insurance technology buyers (follow me on this one). With so many buzzwords and acronyms surrounding us, understanding IT and even more so, enterprise content management (ECM) can be a challenge. Recently, Novarica's Average Customer Experience (ACE) Rankings were published (congrats to all the vendors ranked!). After looking at the category Hyland was ranked in - Document Management - something I’ve often considered finally clicked in my head. When it comes to ECM in insurance, most of us are still asking the same question as our Shakespearean friends, "What is in a name?" Document management? ECM? Imaging? Workflow? Records management? Collaboration? What’s the context for all of these terms? Here are just a few points to consider: