Information: The lifeblood of insurance

Businessmen

In 2003, when Hyland asked me to begin an international vertical effort, I jumped at the chance. At the time, I did not have any experience in international business, but I did not let that make me shy away from the opportunity.

Because what I did know is that insurance is very similar across the globe.

Since then, I have had the privilege to work with insurance companies all over the world and have found, even with language barriers and cultural differences, my job has been relatively easy – because I speak the language of insurance and insurers worldwide are very “universal.” Even though regulations and culture may vary across the continents, and even though each insurer thinks they are “unique,” the reality is they all collect premiums and they all pay claims. The other thing that is similar across each and every one of them is… information matters.

Every single thing insurers do, every single process, it all revolves around information.

Tying systems together to share information

Insurance organizations must manage a large array of line-of-business applications to run their operations. If they are to be agile and flexible enough to meet the service needs of their customers, they need these systems to have similar attributes. They need systems that pass information from one to another without worrying about the technologies on either end.

From finance to policy systems, it shouldn’t matter.

For example, one of our insurance customers, FMG in New Zealand, focuses on providing easy access to information for its employees and customers. While speaking with Geoff Yates, FMG’s GM and CIO, he described best what FMG needs to meet the service vision the insurer has established for its clients:

  • Delivering information from any place without using multiple systems to manage that content
  • Utilizing a platform to manage the information and, in essence, to become the system’s lifeblood, like the cardiovascular system – similar to the body’s veins that carry oxygenated blood to the heart – carrying information to all of the vital systems
  • Using that information platform as the heart of the enterprise, which FMG puts in the center of every solution design

Moving beyond imaging to information management

What insurers like FMG are beginning to realize is their legacy imaging solutions that traditionally provided a secure, cost-effective way to store and archive important business documents are not what they need in today’s world. Insurers need to meet the sophistication that is required to manage business in the digital world, where information is critical to the success of an organization and key to every interaction made with their customers.

Insurers are taking note that even though there is so much change as the digital age continues to evolve, information – regardless of how or where it is generated – will remain the key to everything. So, as systems are modernized to meet the demands of today’s consumers, you need to consider information platforms as vital organs within architectural designs. Enabling mature enterprise information platforms will empower insurers to not only optimize their business processes, but also allow for much-needed innovation to remain competitive in today’s marketplace.

Even if you aren’t in the insurance industry, your organization needs to manage an ever-increasing amount of information every day. If you’re in Berlin, come visit us at the OnBase Summit | EMEA to learn more about the how to put information at the center of your universe.

Or keep coming back to The OnBase Blog. That works too.

Ruth Fisk

Ruth Fisk has more than 25 years of experience working within the insurance industry and is a foremost expert on the practical application of EDMS technology. In her role as Global Director for Insurance at Hyland, she has travelled to more than 90 countries helping insurance organizations to successfully reduce operating expenses, increase efficiency, and positively impact their bottom lines.

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