Getting records management right has never been more important
for the insurance industry. Changes in client privacy legislation,
increased litigation, industry consolidation and the need
for compliance have made the need for good records management
practices paramount. But the traditional challenge of standardizing
policies and practices is still there, a fact further complicated
by a hyper-competitive business environment where resources
for records management are scarce.
So what do you do? It’s simple: get an RM program that is
right for your organization and roll it out across the enterprise.
The right records management program guarantees the security
and accessibility of your paper and electronic documents,
saving you space and labor costs in the process by organizing
your information more efficiently.
And in today’s world of stringent regulatory requirements,
privacy legislation, Sarbanes/Oxley rules and increasing
litigation, your RM program must also keep you compliant
while reducing the risk and cost of litigation, without impacting
your ability to deliver a high level of service to your internal
and external customers.
For any RM program to be effective, it has to be implemented
and adopted throughout your entire organization. This has
traditionally been one of the biggest RM challenges for
the insurance industry. At TAB, we understand that part
of the problem is the difficulty in driving standardization
of policies and practices. We will work with your people
to bring consistency to your records management program.
From there, we can facilitate the adoption of RM policies
and practices at each level of the organization and across
business units.
We've helped countless organizations implement first class
RM systems, and you can read a case study detailing our approach
here.
In today's business environment, the importance of privacy
legislation, the need for compliance, increasing regulatory
scrutiny, the frequency of litigation, the adoption of
electronic records as well as storage constraints and escalating
costs are just a few of the factors that have made good
records management practices a must. This changing environment
has presented new records management challenges for insurance
institutions:
-
Corporate-wide agreement on retention policies
- Standardization of RM Practices across operating groups
- Application of RM policies and practices to e-records
- Management of claims files
- Tiered-access to vital records
- Developing and integrating “hybrid" filing systems
to handle paper and electronic documents
- Ensuring compliance for securities and financial divisions
- Guide the design and implementation of a unified records
retention program that recognizes the compliance requirements
of internal stakeholders while optimizing storage costs
- Manage the transition of e-records into the wider corporate
records management program by modifying classification schemes
and retention strategies for application in an electronic
environment
- Develop strategies for managing customer records that ensure
compliance, security and the simple long term maintenance
of such records
- Take stock of legacy company records and integrate them
into the corporate classification scheme
For 50 years we have been helping major North American insurance
companies implement the right RM programs and manage their
RM projects. We provide expert advice to ensure their records
systems are compliant, efficient and cost effective. TAB
records management professionals will benchmark your document
management practices against best in class systems. From
electronic imaging and bar coding to implementing tiered
access and storing claim files, TAB will provide you with
the best solution to manage greater file volumes more efficiently
and in less space. Our solutions can even allow you to
manage more records with fewer people. Whatever your records
management issue, TAB can help.
Space Planning in Records management, Doing More With Less
Best Practices in Mergers and Acquisitions
File Merge and Conversion at Manitoba Finance
Outsourcing the Production of Colour-Coded Files at a Major
Financial Institution
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