Claims Processing Made Simple With Digital Mailroom

Challenge

Integrate physical boxes with digital information to enable quicker claim processing times.

As one of the most highly regulated industries, insurance and paperwork go hand in hand.

A top US insurance provider came to us with claims processing files coming in both physically and digitally. However, it did not have a way to handle the mix of document types. And the amount of documents being moved around could result in mistakes.

To help fulfill its customer obligations in an efficient manner, this insurance company needed a way to integrate physical boxes of content with digital information to enable quicker claim processing times. It also needed to distribute its documents in a way that provided clarity on inventory, transit statuses, and any downstream applications for further processing.

Solution

Iron Mountain Digital Mailroom

To simultaneously expedite its work and satisfy its customers, this insurance provider decided to implement our Digital Mailroom solution with Iron Mountain InSight®, our intelligent document processing and content services platform. Through this, it was able to identify, classify, and sort 50,000 boxes of its incoming physical files and store more than 3 terabytes of data to streamline its entire claims processing service offering. Within all federal regulations, this insurance provider was also able to securely transfer documents between other organizations, acquire wet signatures for legal documents, and appropriately store everything.

Outcome

The insurance provider differentiated itself from the competition because it was able to more swiftly process its customers’ claims and provide a better overall service experience. And as an added bonus, they were able to remove a third-party consulting firm that cost millions of dollars and replace its services with the advanced search capabilities in Iron Mountain InSight.

By integrating physical boxes with digital information, the insurance provider gained a single view to search and locate files on demand, and they are planning to implement AI and machine learning capabilities by the end of 2022. What once took weeks or months of manual labor now takes only a few days.

• Merged content in physical boxes with their digital information to provide a single view to search across and identify relevant and required information on demand
• Improved legal discovery efforts and automated claims process from an omni-channel ingestion structure to automated document processing
• Integrated applications and workflow, eliminating traditional manual processes
• Imaged over 1 million files, or 50,000 boxes, and stored more than 3 terabytes of data
• Saved millions of dollars by no longer requiring a third-party consulting firm

To learn more about Iron Mountain’s full portfolio of Insurance solutions, visit here.