The insurance industry is inundated with huge volumes of information. This is unsurprising – since most people, at some point in their lives, will take out various different types of insurance policy. And, over time, these same people will likely submit one or more claims due to various incidents and accidents.
For insurance firms, this can result in an overwhelming pile up of records that contain complex information related to insurance claims. If your insurance firm covers a range of different cover – medical, financial, property, vehicle, life, pet, and so on – then the quantity of paperwork may increase even more.
Digitisation has helped reduce the huge volume of physical records to some degree. However, insurance firms must still contend with large numbers of client records, as well as general business records. Whether in digital format or not, these records need to be stored securely, be easily accessible, and be retained and disposed of according to relevant legislation.
The risks of poor records management
Any insurance firm that fails to monitor its records efficiently will put its business at risk. Poor insurance document management can lead to numerous issues. Remember firstly that both physical documents and digital data are vulnerable to theft. A lack of careful oversight increases the security risk significantly. If sensitive client or company information is compromised in any way, your firm’s reputation could suffer heavily.
Bad management also wastes resources and creates unnecessary labour costs. It will take twice the time, and people, to find what you need. Not to mention the fact that office space will be reduced as the boxes of records pile up.
Insurance firms must bear in mind the legal implications too. If your insurance records management policy fails to accommodate data retention regulations – for example, the Limitation Act 1980, which states that business agreements and contracts must be stored for six years – you could face financial penalties.
Records management needs can vary according to time, place and case. Certain documents may need to be accessed on a regular basis, some not at all, and some at very short notice.
The challenge lies in developing a document retention strategy that allows firms to store their documents securely, while simultaneously providing easy access for those who need it.
Our insurance records management solutions
At Access Records Management, we offer an end-to-end document storage and management service. This covers the collection, storage, retrieval and couriering of all your vital insurance records. It also includes dead file storage for files that are not needed for very long periods of time – as well as document scanning for files to be digitised, and secure shredding for files that no longer need to be kept.
We are committed to providing the most versatile and comprehensive document storage service on the market. We can design and deliver bespoke collection and retrieval schedules to meet specific customer needs.
Our document storage facility is completely secure. In line with records management best practice, we make sure that all boxes are protected against flooding, fire, and the elements. Locked data rooms are available for particularly sensitive documents.
We pride ourselves on delivering a superior customer service – balanced with reasonable pricing. We are based in North London, which means we are particularly well positioned to serve hundreds of firms across London’s world-leading financial services industry.
Our clients enjoy a host of benefits when they choose our insurance document management solutions. With fewer documents stored on-site, firms have much more office space to use for income-generating work.
Off-site storage also reduces the administrative and security headache of having to keep records safe. Less admin means fewer resources are allocated to the job of managing record, which in turn reduces labour costs substantially. Plus, improved security measures protect documents from theft and damage.
Documents are archived efficiently, which means your records can be retrieved at short notice. This ability to react quickly to unexpected situations ultimately helps firms to deliver a better customer service.
Why Access Records Management?
Access Records Management is a privately-owned company that has been established for over 25 years. The team’s combined industry experience of over 40 years, along with our stringent security measures (we have obtained an ISO:9001 standard certification), means we can handle the requirements of insurance firms of all shapes and sizes – including very large organisations and small, boutique firms.
If you need help with insurance records management, give the Access Records Management team a call today.