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In the insurance world, unstructured information is stored in multiple forms (photos, faxes, paper files, voicemails, emails, and so forth) in multiple silos including physical filing cabinets. This can represent 80 percent of all insurance information.
In order to mitigate risk and strengthen corporate compliance, companies need to manage unstructured content in an efficient manner, while at the same time maintain the privacy of the insured.
Compliance requirements for the insurance industry have changed radically, including The Patriot Act and Sarbanes Oxley (SOX) for public companies. And HIPAA contains measures that must be addressed in order to protect and assure the confidentiality of electronic protected health information.
Insurers of all types and sizes have to be concerned and will continue to face new compliance challenges in the future. Done properly, compliance efforts can have a positive effect on the bottom line instead of being a cash drain.
At InfoSight, we understand the unique demands of the insurance industry and have the experience to answer questions such as:
Contact us to find out how. We'll evaluate your needs and provide recommendations for a solution that will enable you to enjoy the benefits of a secure and compliant system with greater flexibility and agility to confront new business challenges.
What is the
The insurance industry consists mainly of brokerages, insurance carriers and insurance agencies that provide protection against financial losses resulting from a variety of hazards. By purchasing insurance policies, individuals and businesses can receive reimbursement for losses due to car accidents, theft of property, and fire and storm damage; medical expenses; and loss of income due to disability or death. Insurance can have various effects on society through the way that it changes who bears the cost of losses and damage. The insurance industry can help societies and individuals prepare for catastrophes and mitigate the effects of catastrophes on both households and societies.
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