Why Insurers Tend to Stay with Legacy Document Management Solutions
By Ken Burns, Senior Market Intelligence Analyst, Hyland Software
Insurance is a document-driven enterprise. Few industries rival it in the amount of paper handled, and how much that paper impacts personal productivity, process efficiency, regulatory compliance and customer service.
It shouldn’t surprise anyone, therefore, that insurance carriers were among the early adopters of ECM technology. According to Gartner, a leading IT research and advisory firm, more than 50 percent of Tier 1 and 2 insurers in the P&C and Life sectors have invested in ECM software to manage and archive their documents.
What does seem surprising – given the importance of documents to core processes such as policy administration, claims administration and underwriting – is how many carriers are reluctant to upgrade or replace legacy ECM systems they purchased nearly a decade ago. Read on for the full story.