For many organizations, financial considerations are equally as important as technical attributes. Companies will not invest in new products unless they meet their technical requirements and meet their budgets. While active data and backup expenses are analyzed using short-term acquisition and media costs, it is more appropriate to consider the long-term total cost of ownership for an archive environment.

Insurance companies are now faced with the arduous task of promptly updating and modifying their current records management programs to reflect recent regulatory requirements for record retention. Evolving regulations require compliance with a staggering variety of retention periods, storage methods, and other specifics corresponding to the many types of company records generated in the course of doing business.

Questions about return on investment (ROI) are among the first insurers ask when considering replacing their legacy document management systems with more modern enterprise content services (ECS) solutions. ROI is certainly important, but it’s crucial for insurers to look beyond initial cost-to-savings ratios to accurately compare total cost of ownership

Getting records management right has never been more important for the insurance industry. Changes in client privacy legislation, increased litigation, industry consolidation and the need for compliance have made the need for good records management practices paramount.

Underwriting and claims settlement are the two most important aspects in the functioning of an insurance company. To be successful, insurers need to improve the operational efficiency of their claim organizations and build an operating model that can minimize claim costs as well as eliminate the unnecessary expenses associated with claims handling. Watch the webinar to discover how to automate claims processing.