New Document Management Procedure Helps Insurance Company Reorganize AP and Claims

The Illinois Mine Subsidence Insurance Fund (IMSIF) has provided subsidence insurance coverage to property owners with properties over abandoned coal mines since 1970. The fund processes around $30 million in premiums each year from different insurance companies and relied on a paper document management procedure for decades to maintain its records.

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This amounted to a massive accumulation of paper and filing cabinets over the years, all to store documents that were time consuming to track down and impossible to collaborate on remotely. That’s why IMSIF got in touch with Impact to create a digital solution that would address these manual challenges.

The challenges with paper-based filing processes go far beyond the costs of storing paper documents and time spent searching through archives. The efforts to logistically coordinate having the right documents at the right time, and granting access to sensitive materials only to people who should actually have it are immense. Losing a document that’s necessary to have on file for a client or compliance regulation is not a matter of if, but when. The same is true for security breaches.

That’s why Impact’s Digital Innovation team recognizes that digital document management and workflow automation are actually a matter of organizing more than just documents—the core of these solutions is all about business process optimization. Updated operational organization translates into a better customer experience, greater employee satisfaction and also benefits the bottom line.

Access this case study for an example of how a digital document management solution can save your organization time and money, develop more consistent and reliable operations to support your core competencies, and keep your employees focused on high-payoff activities that inspire them.