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How Content Services is Changing the Insurance Industry

03/29/2018

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Content services is a useful tool that has gone by many names, such as enterprise content management and document management. Now, the term content services are being used in the hopes to encompass the broad range of access, management and delivery of virtual content, when you need it, where you need it.

For those in the insurance industry, this capability is even more important because the product is digital and insurance companies collect, create, and use vast amounts of information. Insurers rely heavily on data, and they are increasingly gaining advantage by leveraging unstructured data.

What are content services?

There has been much evolution of the ECM systems… what started as a document imaging and storage system evolved by adding workflows and integrated content and process management. Now, in a time where digital content is expanding, new approaches need to be sought for integrating systems.

Technical aspects insurers should keep in mind

According to a recent blog post by Mark Breading, Hyland partner at Strategy Meets Action, below are technical aspects that insurers should consider:

“Ultimately, a content services solution needs to manifest as a layer in the technical architecture. From a technical viewpoint, this has several dimensions.

First, the solution must support open systems and extensively leverage application programming interfaces (APIs). This type of approach allows insurers to implement new capabilities faster via the ability to integrate with existing systems more rapidly.

The second area – vital, but in its infancy – is microservices. This approach results in more fine-grained services (beyond large monolithic, components). With microservices, it is possible to engage in parallel development and more rapid testing, a requirement in today’s fast-paced world.

The third area is security and compliance. As insurers accumulate more digital content, especially content related to personally identifiable information (PII), it has become mandatory to have world-class security in place to manage that content.

In insurance, there is also a great deal of regulated content, so a content services solution must have extensive capabilities for versioning and analysis to ensure compliance.”

Why are content services important to insurers?

When processing a new policy or claim, it is so important for insurers to see all customer information…not just a glimpse.  Content services bridge the gap with comprehensive and configurable platforms for capture, case management, document management, secure file sharing and workflows that integrate with core business applications.

Content services also deliver better insurance document management, including scanned paper documents, faxes, print streams, application files, electronic forms. web content, multi-media files, customer communications and emails, all in the context of core system screens and business processes.

Insurers operating with legacy systems will find it a challenge to keep up with opportunities presented by digital data. Utilizing content services will be the trademark for top performing agencies in the years to come.

LBMC Technology Solutions offers OnBase and Square 9 for content services. Our certified consultants recommend, implement, and support these systems to help insurers departments save time and reduce risks. Contact us to learn more.