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Financial services
Data Management Solutions for Insurance Companies
Thoughtfully manage information, no matter the source, improve compliance programs and gain business efficiencies, accelerate digital transformation
Get in touchInsurance
Business as usual is no longer an option
Every day insurers are faced with an ever-growing volume and variety of information distributed across multiple locations, systems and platforms. Every day more data -- including new claims, policy changes, detailed financial information and other business communications -- enter your business. Finding innovative ways to understand and derive value from all of this information is crucial to your success.
Adding to the complexity, hardly a day goes by when a regulator does not assess your insurance program. Regulatory compliance is a given in the insurance industry and demands insurance carriers not only protect and preserve data – physical and electronic – but also prevent against inadvertent disclosures and data loss as well as data breaches.
Safely and consistently managing it all may seem like a never-ending challenge; but it does not have to be. Iron Mountain has the experience to help you:
- thoughtfully manage information, no matter the source
- improve financial services compliance programs and gain business efficiencies
- accelerate digital transformation
- ensure data protection while maintaining 24/7 access to information
Manage your information with a solution insurers trust
We make it easy to manage your information throughout its lifecycle.
Insurance firms must maintain both physical and electronic records for long periods of time. Iron Mountain offers reliable and secure storage options no matter where that information originates.
Our innovative solutions will help to achieve your digital transformation goals by allowing you to store any remaining paper offsite while digitising your information going forward.
Our solutions are flexible and can be tailored to meet your company’s requirements to manage the records critical to your business.
Get In TouchAccelerate your digital transformation within the insurance space
How do I handle compliance and business process deficiencies?
A major property and casualty insurance company needed a way to enforce compliance through an enterprise-wide clean desk policy. The claims department still operated on manual processes—a massive issue to remedy
The solution needed to demonstrate measurable cost savings, improved efficiency, decreased turnaround times, improved customer experience, and a decreased carbon footprint. We worked with the company to roll out a transition protocol, moving from paper-based, open-shelf processing of property and casualty claims to a digital mailroom with a front-end, image-enabled automated workflow, including secure electronic delivery of select, validated information to third parties. Together, we met the compliance goals and saved the company $1.5 million—while eliminating 5 million printed pages annually.
What if I need backfile imaging for improved access?
A New York-based life insurance company needed to improve access to its highly valuable commercial client files, while minimising risk. These files were highly active with many individuals accessing them over time. This resulted in misfiles and lost documents, and there was no disaster recovery plan for these documents in the event of a catastrophic event, such as a fire or flood.
Iron Mountain provided a backfile conversion solution for employees, as well as ready access to information anywhere within the organisation. Backfile imaging also allowed for scanning and digitisation of the company’s documents for secure storage in its enterprise content management system.
How do I solve a post-merger digital mailroom dilemma?
A major US insurance brokerage firm struggled to develop a digital mailroom solution that could be delivered in a timely fashion while providing real-world savings and value. After the firm’s recent merger, employees were faced with the major pain point of finding a way to access policy checking services.
We rerouted the contents of the company’s P.O. boxes to a central location where a team picked up and processed the mail by scanning, classifying by content, and completing data capture with our imaging services. This meant that digital mail could then be rerouted for approvals or exception processing. A centralised database also provided worldwide access to mail. Overall, this solution resulted in better collaboration, cost reductions, and environmental benefits.
How can I work with an outdated and inefficient data center?
A workers’ compensation insurance company evaluated the infrastructure of its data center, including maintenance and operating costs. Results reflected a limited ability for the facility to support redundant power without significant cost and effort.
The company increased security, redundancy, power, connectivity, and reliability. An Iron Mountain colocation data center, scaled to meet the company’s shifting needs, not only provided increased security and connectivity but also greater energy efficiency and cost savings.
- 1,400+Our footprint spans 1,400+ facilities in 50+ countries
- 65+We’ve spent nearly seven decades working with insurance industry partners
- 2,700Thousands of insurance carriers benefit from our suite of solutions and services
Additional services to escalate your insurance experience
Document scanning and digital storage
Transform your business and centralize your information with digital scanning and storage
Secure Storage
Preserve your important records with highly secure and compliant offsite storage
Secure Shredding Services
Destroy your paper-based records, plastics, and electronic media in a compliant, safe, and cost-effective way
We had already had very good past experience with Iron Mountain in the area of paper archiving…we were convinced that the company could supply all the services associated with archiving, scanning, transporting files, and data exchange.
Our specialists audited the Iron Mountain facilities, including processes, security, and fire protection arrangements. Iron Mountain satisfied all our requirements and tabled a cost-effective proposal.
Frequently asked questions
Digital-first innovators are making a splash in the insurance industry, leading to an electronic revolution and evolution of paper-intensive processes. Consider partnering with Iron Mountain to assist in your digital transformation
How can digital transformation within my firm lead to more efficiencies and a reduction in costs?
Information is often scattered across different systems that don’t communicate or speak the same “language.” This disconnect creates delays in which the lack of uniformity and automation slows down internal processes and procedures.Iron Mountain helps insurers digitise these processes and paper forms, which in turn unlocks the value of your data.
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