Managed File Transfer (MFT) software is rapidly emerging as one of the most effective file transfer strategies for enterprises today. It enables organizations to not only protect sensitive data, but also ensures compliance, improved reliability and helps increase IT productivity.
The agility of the insurance industry in the last few years can mainly be attributed to the ability to meet or exceed customer needs while providing a provisional safety net for their customers. While many companies have found the economic downturn hard to handle, insurance companies have taken it in their stride, but to ensure that they are serving their clients as effectively as possible, it’s important that they consider Managed File Transfer (MFT) for all of their information distribution needs.
Strength in Agility
MFT can provide crucial interface support for companies that have to stay ahead of both disasters and fraud – insurance is built on the worst of all circumstances – being able to rebuild when things go wrong – but what if the things going wrong are within the company? Without solid workflow support it can be difficult for any company to respond to the needs of its consumers, and harder yet to trace fraud patterns – with MFT, insurance companies are armed against everything from compliance problems to fraud hotspot detection – giving their customers a better service while protecting their own investments.
MFT can also bridge the gap between decentralization; workers out in the field, within call centres and in geographically diverse locations can communicate freely, and allow the rapid settlement of legitimate claims. While fraud is rare the speed of processing can also allow for proof to be gathered rapidly and ensuring that these claims are prosecuted to the fullest extent of the law.
Meeting the Challenge of New Markets
Agility for current customers is an important element of insurance success, but being able to match and support emerging markets is the true measure of how MFT can help insurance teams, whether they are subcontracted, or agents that regularly work for the company. Compliance is easily met with the workflow support built into the basics of the MFT system of choice. This compliance is essential in a community based on rebuilding lives, and allows companies to adequately track where events are occurring, allowing them to deploy and update their internal statistics and remain competitive, without losing their edge.
This is especially true when premiums need to change based on local risk. These local risk elements such as localized flooding can change the premiums within post codes, and blanket changes that pass these on to customers not affected will generate resentment and possibly drive them to your competitors.
MFT can allow your company to deploy pricing that is truly based on the needs and conditions of the area, while designing the support structures or information distribution that may need to be put in place to support your clients in their worst case scenarios.
Do you work in Insurance and need more information about how Managed File Transfer can benefit your organisation?
HANDD Business Solutions are independent specialists providing Secure Managed File Transfer and Data Security solutions to a wide range of organisations operating across all industry sectors. HANDD provide file transfer solutions from leading MFT software vendors including Messageway, IPWSITCH File Transfer, South River Technologies, GlobalSCAPE, Linoma and BOOLE Server.
For further information about secure managed file transfer and data exchanges please visit http://www.handd.co.uk or call HANDD Business Solutions on +44 (0) 845 643 4063.
About the Author
Anthony Hodges has more than 15 years of experience in Consulting, IT, Security and Communications. Prior to co-founding HANDD Business Solutions in 2006, Anthony held senior sales positions with BT Global, SCC and Siemens. He has been responsible for developing the sales strategy and driving the success of two start-up businesses and led major sales projects with SMITHS Group, HSBC, and Staples.
HANDD Business Solutions are consultants that enable organisations to increase the visibility and control of information exchange internally and externally. HANDD works with businesses of all sizes across a broad range of industries including; banks and financial institutions, media and publishing houses, aviation and automotive, as well as central and local government.
Anthony has written a number of White Papers addressing the challenges of Managed File Transfer (MFT), and the compliance and security issues centred on the electronic transfer of data.