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Analysis

Can data management technology help insurers reduce defense costs?

E-Discovery: Digitized files present an opportunity for insurers to get in front of pending legal actions, but the industry needs guidance regarding the collection and use of personal data.

By Gloria Camacho | Updated on March 30, 2018
the use of advanced data management tools has allowed insurers access to more efficient ways to electronically file and record their documentation. the use of advanced data management tools has allowed insurers access to more efficient ways to electronically file and record their documentation. (Photo: iStock)

In the 1990s, large insurers kept their pertinent record-keeping information in folders filed away in huge cabinets lined up at the end of the office.

In those days, insurers were able to destroy their documents — typically the law would allow for their destruction after a five to seven-year period.

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