Within the financial and insurance sector there can be vast quantities of documents including personal and sensitive information about persons and companies that need to be treated with respect and held in a safe and private manner. The legal requirement to back-up sensitive personal data is an important process that each company has to undertake and with that in mind as a company owner you should have in place a document scanning and storage management process that fits your business model and needs but also adheres to the legal framework and legislation relating to your industry.

Outsource Your Physical Document Storage

One of the biggest problems that any business encounters is the sheer weight of paper documentation. Within the financial and insurance sector this is even more apparent and it can cost a fair amount of a company’s budget to physically store paper documentation for a long period of time. There are time limits to the length of time certain documents and personal information can be kept, and having to manage that at your own business premises can be a difficult proposition to consider. By outsourcing the storage of documents that you are required by law to keep, and those you wish to keep, as well as trusting an outside document scanning and storage company to take care of your document destruction and scanning, such as confidential records, policies, legal, customer and any financial documentation will stand you in good stead.

Streamline Day-to-Day Operations

Another way in which a professional document scanning and management company can help the insurance and financial sector is by helping to reduce the cost of the claims process. It can do this by providing online forms and correspondence, retaining information through a safe and secure portal and sticking to electronic correspondence throughout the entire claims process. This implementation of an electronic database of all of your correspondence with customers allows your staff members to have instant access to the information they need at any given time. You don’t want there to be a delay at any stage during an insurance claim process, and as long as there are strong procedures in place to ensure staff only have access rights to the parts of the system that they need for a certain project, the rest of the online storage can be left safely alone.

Administration and Destruction of Documents

For the smooth running of the administration side of any company there has to be a stringent process in place to effectively deal with customer as well as staff documentation and processes. Employment records and documents that contain sensitive, personal information can only be kept for a certain period of time before they legally have to be destroyed. A solid document management system will have warning notes in place to let you know when it is time to destroy both the physical and digital copies of certain documentation you are storing. This can also count for documents you have chosen to keep, rather than those you have been legally obliged to store.