Insurance

Background and Challenges

• New Business

  The insurance industry is characterized by massive amounts of documentation that are often kept for long periods of time. Volume patterns can be uneven with most insurers experiencing a larger than usual surges in business volume on month or quarter end.

  Over time, new business documents often get sent in parts therefore good filing practices are essential to process and subsequently retain a complete record of the customer over the minimum retention period.

  Like most paper-based processes, there are often heavy requirements for data capturing as part of the underwriting process and this represents a heavy processing cost burden to the Insurer.
  

• Retention and Retrieval

  Insurance documents especially life insurance records often get stored for long durations of time and this represents a records management challenge for the enterprise. Given that policy documents is the life-blood of any insurer, a proper retention and management strategy, which at the same time addresses the BCP of vital records, is very important.

  Many Insurance companies still keep millions of documents in traditional warehouses because it is too massive internal undertaking to convert existing records in warehouses into usable data. This is a key reason why records management practices remains backward and represents a huge business continuity challenge for insurers today.

Trusted Hub's Outsourcing offerings

Trusted Hubs outsourcing services includes the processing of prospective and retrospective insurance applications and claims on a daily basis.

After processing, TH returns clean data and images associated with each transaction back to the Insurer’s legacy or workflow system (if present) for underwriting and claims approval. Trusted Hub’s Outsourced Data Conversion offers the following benefits:

• TH uses an Evidence Act certified (by PricewaterhouseCoopers) process to create reliable e-records and data that are as good as originals when introduced in court. This doubles up as a backup for the enterprise.
  
• Our high throughput 24-hour-turnaround processing center churns out trusted data at a significantly faster rate than the enterprise’s internal in-house staff. In this way, ROI benefits can be realized faster.
  
• TH offers a fairly priced transaction-based pricing model. Insurers need not incur any investments in purchasing imaging equipment, software and infrastructure costs. Insurers also need not deal with issues of technology obsolescence and maintenance over time.
  
• TH makes use of an Enterprise Application Interface (EAI) to seamlessly map and transfer data into commonly used Insurance enterprise applications.
  
• For enterprises without workflow systems, TH’s offers a secure hosting infrastructure for both data and workflow applications to operate on. This same platform is designed to enable Insurers to manage and store millions of insurance records in a confidential and reliable manner over time.