While it seems like the use of digital documents is overtaking the business world, penetration is not as deep as some experts will have you believe. There are still a number of industries that rely on paperwork to handle daily operations.
A recent Property Casualty column looked at one of these sectors, the insurance industry. With a number of mortgage applications and appraisals to claim forms and third-party reports, paper is an important part of the marketplace and will be for years to come.
"Despite the fast-paced, technology-centered world in which we live, insurance is still a largely paper-based industry," the article reads. "While the use of tablets for data capture is on the rise, the use of paper by providers, partners, and customers is part of the lifeblood of almost any property & casualty insurance company."
However, just because many processes are still handled with paper, it does not mean businesses in the insurance sector should turn away from the latest innovation. Instead, there are ways that the company can still embrace the digital future and all the benefits that come with it.
The first step in the process is to implement a document scanning and management system. This will convert the stacks of paper files into a digital format that can be easily and quickly searched for by employees, instead of sifting through thousands of pages of paper. This also turns all of the information on the pages into data that can be analyzed and used to make smart business decisions.
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