How can my company become more efficient at managing increasing volumes of content enterprise-wide? It's a topic I discuss frequently with insurers (and have highlighted in previous Oracle Insurance blogs) - and has become increasingly more important to the industry.
The October digital issue of Insurance and Technology explores the continued explosion of content and its ongoing impact on how carriers do business internally within their own organizations as well as externally with their distribution channels, partners, and insureds.
The need to more effectively manage content and be better positioned to adapt to shifting market dynamics and regulatory compliance requirements is top of mind for insurers when rationalizing their enterprise document automation and content management capabilities. This is particularly true as they strive to meet evolving consumer preferences and demands, including improved interactive, real-time communication and servicing capabilities across multiple channels.
"Never have insurers had to communicate via so many diverse channels with such speed, and seldom have they been under such pressure to accomplish these tasks efficiently," notes Insurance and Technology Executive Editor Anthony O'Donnell in the issue's cover story on page seven.
Seizing the Power of Enterprise Document Automation
My Oracle Insurance colleague James "Jim" Mullarney notes in the article that "the automation of content creation offers insurers the best chance to keep up with an exponential expansion of content resulting from both the changing definition of the document and the proliferation of communication channels. 'The notion of documents has been changing from locked-down PDF to living, breathing organisms adapted to a range of communications platforms.'"
He explains that "more than 80 percent of the content created within the enterprise today is unstructured", with that number "projected to grow at rates ranging from 60 percent to 200 percent."
Mullarney adds that insurers not only need to address the challenges associated with managing large volumes of content. They also need to address the impact of "changing customer expectations on their ability to filter and package external content. 'Many insurers are trying to allow customers to choose the channels for various kinds of communication, and this can get very onerous to manage...Publishing eight or 10 types of communication becomes very difficult unless you have a single (enterprise document automation or Customer Communications Management) system to manage it.'"
Three Tips for Achieving "Document Intelligence"
He goes on to explain in the "Industry Voice" column on page 14 of this month's digital issue how insurers can maximize the value of their content by running content creation - or document automation - like a manufacturing business.
Insurers require the ability to measure and improve efficiency, productivity and impact of their document creation and production by leveraging "a combination of BI (business intelligence), next-generation automation, and content management." In an environment of rapid regulatory change where compliance may come down to changing or removing policy clauses this type of "document intelligence," can dramatically reduce time and cost associated with making changes.
To achieve this goal insurers require improved:
Visibility - The ability to mine content, enabled through smart archiving, and analyze in real time thousands of forms, identify key content and understand when and how it is used. Analytic capabilities integrated into a document automation platform can help identify opportunities to reduce costs, optimize resources and accelerate production. Ideally these tools empower business users to create and run reports without little or no IT intervention.
Automation - A flexible, end-to-end enterprise document automation platform that optimizes the production and delivery of high volumes of individualized documents through multiple channels - and that can scale support new channels and content streams.
Control - A single point of management via dashboards for greater visibility into the entire document enterprise. Insurers can troubleshoot problems to avoid delays in document production and make changes to better utilize resources or address changing business priorities at the push of a button.
Want to learn more?
Click here read to both articles in this month's digital issue of Insurance and Technology or go directly to Business Intelligence Brings Potential for Managing Content Enterprise-Wide.
Helen Pitts is senior product marketing manager for Oracle Insurance's life and annuities and enterprise document automation solutions.