The information explosion is real. Every day more customer data, new claims and detailed financial information enters your business. Not to mention emails, medical reports and transcripts. Managing it all safely and consistently is a never-ending challenge.
In the insurance industry, information is the life blood of the business. From agents in the field and underwriting to claims, legal and regulatory requirements, your ability to secure, monitor, access, and dispose of information all have an impact on your success.
Regulators are a natural part of the insurance business. If you operate in multiple geographies, hardly a day goes by when a regulator doesn’t assess your programme. Your ability to access your information can be the key to expediting reviews and navigating changing EU data protections laws, such as the General Data Protection Regulation (GDPR). Iron Mountain’s Information Maps allows insurers to locate information across the enterprise.
A Call for Modernization in the Financial Services and Insurance Industries
Our proven Inventory Governance solution helps analyze your acquired physical and electronic data so you can identify what records should be destroyed or retained. We can also help you target redundant applications so you're not running two disparate information programs after the merger. By mapping your program and applying consistent retention policies to enable defensible destruction, you can bring the acquired program up to speed quickly.
Many insurers store records in-house, either in a centralized or decentralized location (within lines of business), but this approach can add risk to your business. The decision to outsource elements of your records and information management program does not mean giving up control or timely access to your vital information.
Iron Mountain's leading Records Management solution provides insurers with a reliable, compliant, effective process for storing records in a secure vault location, controlling access to records, tracking records, and providing defensible destruction capabilities for records eligible for destruction.