Insurance is a highly competitive business and everyday insurers are faced with an ever-growing volume and variety of information distributed across multiple locations, systems, and platforms. Every day more data — including new claims, policy changes, detailed financial information, and other business communications — enter the system.

In the new era of intelligent information management, insurers are feeling the pressure to advance their offerings quickly. When we ask companies how they manage their information, we realize that there is still a lack of knowledge about document and content management. 

Insurance is still a paper-based business but there are vast amounts of digital documents coming in various formats – such as video, phone calls, chat logs, web analytics, and more – and from multiple sources including social.  Insurance generates massive amounts of data and content, which generates information chaos. 

In the infographic below, we represent key areas where insurers need content and process services platform, the consequences of failing to solve the information chaos problem and finally main benefits insurers get from Alfresco and Alfred.

1. Key areas where you need content and process services management

The insurance industry faces challenges that range from regulatory compliance to data security and availability.  Automating document and workflow processes can significantly assist insurers in streamlining their business by ensuring that claims, underwriting, policy services, new business applications, and customer service are all handled and under control. 

2. The consequences of information chaos

Expectations of both internal and external customers are increasing rapidly and the consequences of information chaos are dramatically related to an increase in costs, a decrease in productivity and customers are not satisfied. As well, non-conformance and audit findings can be extremely costly and risky if you don’t know where problems exist.  

3. Benefits insurers get from Alfresco Digital Platform and Alfred

Alfresco is a proven partner to insurers. The Platform automates and accelerates the flow of information across the insurance business chain. By digitizing document-driven processes with Alfresco, insurers can transform transactions along the entire customer journey—from application submittal, through underwriting and claims, to ongoing communications with policyholders. 

Alfred is a fully integrated solution, an intelligent integration layer into Alfresco, that adds quality of service and full auditing and security. Alfred provides the flexibility to manage operational costs and still maintain the performance and scalability that the business requires. Nowadays, secure storage, rigorous access control, and privacy protection are no longer optional. Alfred creates a smooth path to compliance, with a well-tuned document model and out-of-the-box features to protect digital assets.