Insurance and Financial industries

Many Insurance and Financial Services are currently in recuperative mode. They are looking at ways to lower costs and improve risk management to avert exposure to future economic crises, while at the same time increase competitiveness. These service industries have long used IT to facilitate mega-applications such as forms automation and OCR, but now newer technologies present cost-effective opportunities for meeting regulatory compliance and improving productivity as well as customer service.

Electronic document management (EDM) is supporting Insurance and Financial Service companies as they reposition to compete in a more stable economic landscape.

Here’s how EDM reduces significant operational costs and risk for a range of Insurance companies and agencies; and Financial Service institutions such as banks, credit unions, investment firms, and lenders:

•  Easy integration with existing applications and legacy systems such as core loan origination, cash management, portfolio accounting, and customer service systems to streamline distribution and access to online documents and reports

•  Ensures compliance to Sarbanes-Oxley accounting regulations by automating the dissemination of custom specified data for accounting reports, also readily accessible for audits

•  Enacting comprehensive security access control by protecting documents with finely-tuned security rules and automatic back up at remote locations for disaster recovery.

Specific to Insurance Industry EDM:

•  Scanning, capture, and web-accessible indexed archiving of documents and reports related to claims and forms processing, and policy and risk management.