Background and Challenges
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.
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.
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
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.
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.
Hub's Outsourcing offerings
Hubs outsourcing services includes the processing
of prospective and retrospective insurance applications
and claims on a daily basis.
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:
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
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.
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.
makes use of an Enterprise Application Interface
(EAI) to seamlessly map and transfer data into
commonly used Insurance enterprise applications.
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.