Securing Sensitive Data: How Your Insurance Company Will Benefit from A Document Management System
Have you ever been asked to share sensitive information in an email? It’s not a great feeling to know that your data could be stolen, and your insurance clients feel the same way.
We all know how important it is to keep our personal information secure, but practicing secure sharing is one extra step insurance companies often fail to take. Currently, the insurance industry is facing challenges caused by large volumes of data and the difficulty of keeping information secure. With regulatory requirements and the expectation of quick, accurate service, document management systems help insurance companies access and share important data securely.
This article will explore how a user-friendly and secure document management system will give your insurance company a competitive edge over other companies and bring peace of mind to your clients.
Why Does An Insurance Company Need A Document Management System?
The insurance industry is document-intensive, with numerous forms, claims, policy applications and customer correspondence daily. This mass influx of information needs to be managed effectively not only for smooth business operations but also for compliance and security. A virtual data room with the right functionality provides a document management system to help insurance organizations streamline document management, enhance data security, and ensure regulatory compliance without adding a complicated step to daily operations.
Document Management Efficiency
With all the different departments involved in insurance claims decisions, it is important for the right people to have access to information when they need it. Siloed data will cause delays in operations, client frustration, and the potential for errors. With a document management system in place that allows your employees to access, exchange, and edit files with clients, you prevent siloed data and promote a single source of truth for information. Not only does this prevent client frustration through delays, but it also allows your employees to make decisions based on the most accurate information available.
Enhanced File-Sharing Security
Insurance companies handle sensitive personal and financial information daily, which requires great security measures. A document management system built to integrate with Microsoft 365, a platform with a reputation for high security, will help keep your information secure.
EUM has configured Data Room to allow users to exchange, review, and edit content with clients. Efficient permissions management allows clients to see the information they need while ensuring sensitive information remains internal. Your business users are able to access a comprehensive view of information across your client groups.
Regulatory Compliance
The insurance industry is heavily regulated, with requirements for data privacy, document retention, and secure document disposal. There are several national laws that insurance companies must follow to protect the personal, financial and healthcare information of their clients. These laws include but are not limited to GDPR, HIPAA, and PIPEDA. Non-compliance can lead to large financial penalties, loss of trust, and disruption of business operations.
A secure document management system will help your organization maintain compliance with your national regulations by taking the security measures necessary to protect personal information and prevent a data breach.
Three Key Features For Insurance Companies
These are the features to look out for in a document management system for your insurance company.
An Easy-To-Use System
A worry among new users of a secure virtual data room or document management system is whether there will be an added complexity to daily operations. We know that insurance companies are already bottlenecked by the large demand for claims settlements, and adjusting to an entirely new ecosystem is not an enjoyable task. To mitigate this, something to look for is a virtual data room that integrates with your existing platforms.
The EUM Data Room is a portal that allows you to exchange, review and edit content and files with your insurance clients. It is designed to integrate with Microsoft 365, a platform you already use daily; there is no large transition or shift in your daily operations. This means that your documents remain secure and in one place while simultaneously allowing you to share and retrieve the information you need from clients.
IT Support
When it comes to a seamless integration of your new system, having an IT team involved in the installation will allow for proper integration while allowing you to focus on what really matters; client satisfaction and business success. With EUM Data Room, IT is involved from the beginning to ensure your new system is installed properly with minimal disruption to your operations.
See if there are options for additional support packages to provide you with expert assistance throughout the year. Having access to a support team after installation will ensure you are getting the most out of your virtual data room.
Collaboration Tools
Internal and external sharing is essential in the insurance industry. Whether it is sharing documents between departments or retrieving important information from clients, your organization requires a secure platform to share and manage these documents without the risk of a data breach.
With EUM Data Room, not only do you get access to a secure document management system that allows you to share, edit, and review documents, these documents remain in your Microsoft environment, allowing you to easily collaborate with the appropriate members of your team.