Insurance companies are no strangers to paperwork. This has been a challenging task for any company. Thankfully, technology has evolved in leaps and bounds over the past decades. There’s now an easy way to keep documents secure while maintaining efficient workflows.
Enter online faxing for insurance companies. It’s faster than traditional faxing. With enhanced security protocols, companies remain compliant with industry standards and state regulations.
This article will review how insurance companies can benefit from digital tools like online faxing for your workflow needs. We also provide examples of documents that you can fax immediately.
Advantages of Online Fax in the Insurance Industry
Online faxing offers numerous advantages to the insurance industry. Here are the five major ones.
1. Increased efficiency
Insurance companies can quickly exchange critical documents without delays. These include customer applications or claim forms. It can significantly reduce manual paperwork and processing times.
This can lead to faster decisions because the documents can be quickly and easily viewed, sent, and approved. You avoid having to send physical paperwork back and forth.
2. Improved security
Online fax systems provide a secure way for sensitive documents related to policies or claims to be exchanged between insurers, brokers, reinsurers, and clients. It also reduces any risk of data breaches due to lost or stolen data.
You can reduce the risk of data breaches by taking advantage of end-to-end encryption and digital signature features. This helps ensure compliance with industry regulations. It also protects the data from unauthorized access.
3. Cost savings
Online faxing eliminates the need for physical fax machines, which require costly maintenance and supplies. It’s costly because the machines need to be regularly repaired or replaced, and the cost of paper and toner for them can add up over time.
Additionally, online faxing eliminates the need for manual document processing and storage, reducing costs. When you transition from paper to electronic system, you even reduce your carbon footprint.
4. Improved collaboration
With online fax systems in place, insurers can easily collaborate with external stakeholders such as brokers or third-party companies, on policy and claim information.
They can do this by quickly and securely sharing documents in real time. This helps reduce the time it takes to finalize and approve documents or claims, resulting in improved customer service.
5. Easy accessibility
Most online faxing solutions provide access to documents from anywhere via smartphone, tablet, or computer. If sales agents need to expedite an application, they don’t have to go back to the office to process it. Instead, they can fax the form right away and endorse it to authorized personnel to speed up the process.
In addition, most online faxing supports email to fax feature. This means that you can access faxes from your inbox or fax from email. Just attach the document that you would normally do when sending an email. The transmissions are encrypted, so your data are safe.
Challenges and Considerations of Digital Adoption in the Insurance Industry
The insurance industry is rapidly embracing digital technologies to increase efficiency. However, with every new technology comes certain challenges and considerations. You need them as well for successful digital adoption.
1. Compatibility with existing frameworks
It’s important to consider the existing policies, processes, and technologies in your company. This can be one of the roadblocks in transitioning to online fax solutions. You should ensure that your current frameworks are sufficiently adapted to embrace the changes that new digital services require.
Online systems can potentially leave a business vulnerable to cyber-attacks and malicious activities. It’s suitable for companies within the insurance industry to have robust security protocols in place. Low-end faxing solutions may not have strong security and encryption methods like premium services.
A further consideration is compliance. Any online faxing systems you use must follow all relevant laws, regulations, and standards which apply within the sector. In addition, data management and storage can also hinder insurance companies from trusting online faxing providers if they are not transparent with the terms of service.
Examples of Government Documents for Online Faxing
How can online faxing make document processing a lot easier? Here are some of the examples you can fax online.
1. Policy applications
Government documents such as policy applications can be sent quickly and securely via an online fax service, allowing insurance agents to process requests more efficiently.
Online fax services also eliminate the need for paper documents, speeding up processing times and reducing costs associated with printing and filing.
2. Claim forms
Similarly, you can transmit claim forms via an online fax service instead of by traditional methods such as mail or courier. This allows insurance professionals to respond to customer inquiries promptly.
This is especially important when dealing with emergency claims or urgent situations requiring quick attention. Additionally, online faxing helps maintain an accurate record of communication between the insurer and the claimant for future reference.
3. Medical records
Online fax services help streamline the transmission of medical records from doctor’s offices to insurance companies. It saves time and reduces paperwork errors while ensuring patient privacy is maintained throughout the process.
By leveraging secure digital transmissions instead of relying on physical copies, insurers have the assurance that confidential data pertaining to their customers will remain safe during transit.
4. Proof of insurance
Insurers may request proof of insurance from their clients to determine coverage eligibility or current policy status. Instead of waiting for physical copies to arrive via post or courier, clients can send proof instantly by faxing them through an online service provider.
This makes it faster and easier for insurers to get this documentation quickly and securely.
5. Billing statements
Sending billing statements electronically through an online fax service eliminates delays caused by traditional postal mail. This still enables customers to receive accurate information promptly – making it simpler than ever for insurers.
This provides prompt payment notifications without sacrificing security or accuracy. Additionally, because most online services offer customizable templates for generating invoices, it’s easy for users to create documents exactly how they need them without manually writing each statement from scratch.
Integration With Existing Insurance Software and Systems
Integrating existing insurance software and systems with online fax services isn’t that complicated. iFax provides a way to bridge the gap between traditional and digital processes through API (Application Programming Interface).
Rather than using two different applications, you can integrate iFax and your existing app, like a CRM system with APIs. This allows automation of data exchange between apps. Here’s what iFax can do for insurance companies
- Send and receive faxes from anywhere using your smartphone, tablet, or computer.
- Create a contact list for fax broadcasting and customer segmentation.
- Access data fax analytics for monitoring of inbound and outbound faxes.
- Receive real time fax notifications via mobile app and email to stay on top of all incoming documents.
- Connect iFax to more than 5,000 apps via Zapier integration.
- Schedule faxes so recipients can receive documents in their local time zones.
- Let policy owners attach electronic signatures via Fill app.
- Fax by batch or blast the invoices to policy owners.
Thanks to iFax’s API, businesses can now streamline their workflows. Insurance companies can now leverage this technology without spending a fortune on development costs. You can still get all the value offered by integrated fax solutions.
Want to take your faxing experience to the next level? Request a demo and see iFax in action.