Digitizing Records for the Insurance Industry
This case study involves digitizing a variety of formats for a large insurance company.
Insurance companies manage a lot of records. Each client has a slew of critical personal data and history to track. This data must literally be kept forever; even after the client moves on as there may be a myriad of legal and logistical needs for that data. For life insurance there could be legal claims on an estate years after the client has died.
Insurance companies must be prepared for data requests from lawyers, auditors, policy holders and regulators. Not having an organized, searchable document system can results in hours of excess costs in searching and retrieving. With Obama Care regulations being implemented, insurance companies are going to be under very heavy scrutiny by the Federal Government. Records will need to be accurate and current
Another phenomenon in the insurance industry is the large amount of mergers and consolidations that take place. Many small insurance companies are being acquired by larger insurance companies. When a large insurance company acquires another insurance company, it also gets all their records.
This brings us to the case study. Microfacs recently started doing work for a large insurance company that had acquired a lot of smaller companies. This insurance company now has a mish-mash of records in a variety of formats. Some companies kept records in microfilm; some kept them in microfiche or aperture cards. Microfacs is taking all these different formats and digitizing them into a homogenous system of indexed, searchable pdf records. The project is literally eight projects in one. Microfacs is fully capable of handling a variety of records from different sources and can safely and reliably organize them into highly efficient digital files.
If you work for an insurance company or any other type of company with records management issues, you should talk to a Microfacs representative to find out how our digitizing technology can simplify your record keeping.