Records Management Programs for the Insurance Industry
Getting records management right has never been more important for the insurance industry. Changes in client privacy legislation, increased litigation, industry consolidation and the need for compliance have made the need for good records management practices paramount. But the traditional challenge of standardizing policies and practices is still there, a fact further complicated by a hyper-competitive business environment where resources for records management are scarce.
So what do you do? Its simple: get an RM program that is right for your organization and roll it out across the enterprise.
Comprehensive Records Management Helps
The right records management program guarantees the security and accessibility of your paper and electronic documents, saving you space and labor costs in the process by organizing your information more efficiently.
And in todays world of stringent regulatory requirements, privacy legislation, Sarbanes/Oxley rules and increasing litigation, your RM program must also keep you compliant while reducing the risk and cost of litigation, without impacting your ability to deliver a high level of service to your internal and external customers.
Jeter Can Get You There
For any RM program to be effective, it has to be implemented and adopted throughout your entire organization. This has traditionally been one of the biggest RM challenges for the insurance industry. At Jeter, we understand that part of the problem is the difficulty in driving standardization of policies and practices. We will work with your people to bring consistency to your records management program. From there, we can facilitate the adoption of RM policies and practices at each level of the organization and across business units.
New Challenges for the Insurance Industry
In today’s business environment, the importance of privacy legislation, the need for compliance, increasing regulatory scrutiny, the frequency of litigation, the adoption of electronic records as well as storage constraints and escalating costs are just a few of the factors that have made good records management practices a must. This changing environment has presented new records management challenges for insurance institutions:
- Corporate-wide agreement on retention policies
- Standardization of RM Practices across operating groups
- Application of RM policies and practices to e-records
- Management of claims files
- Tiered-access to vital records
- Developing and integrating hybrid” filing systems to handle paper and electronic documents
- Ensuring compliance for securities and financial divisions
To meet these challenges, Jeter can help you:
- Guide the design and implementation of a unified records retention program that recognizes the compliance requirements of internal stakeholders while optimizing storage costs
- Manage the transition of e-records into the wider corporate records management program by modifying classification schemes and retention strategies for application in an electronic environment
- Develop strategies for managing customer records that ensure compliance, security and the simple long term maintenance of such records
- Take stock of legacy company records and integrate them into the corporate classification scheme
Get the Benefit of Jeter’s Experience
For 30 years we have been helping major North American insurance companies implement the right RM programs and manage their RM projects. We provide expert advice to ensure their records systems are compliant, efficient and cost effective. Jeter records management professionals will benchmark your document management practices against best in class systems. From electronic imaging and bar coding to implementing tiered access and storing claim files, Jeter will provide you with the best solution to manage greater file volumes more efficiently and in less space. Our solutions can even allow you to manage more records with fewer people. Whatever your records management issue, Jeter can help.
For more information on how Jeter records management services can help your company, call 1-800-321-8261 or complete our online response form.