The Problem:
The Insurance industry, with many major products essentially operates
by collecting premiums today in exchange for paying claims
or benefits in the future. Demand is driven by demographics
and commercial transactions. The profitability of individual
companies depends largely on the ability to accurately estimate
the future claims or benefits they will have to pay. Large companies have big
economies of scale in administration and access to capital. Smaller companies
can compete successfully by specializing in particular products or industries.
 The revenue of insurance companies depends highly on
economic conditions. During economic slowdowns, fewer business
transactions occur that require new insurance, and investment
income can be sharply reduced if the stock market or interest
rates are lower.
Insurance companies are under continuous pressure to reduce
costs while improving quality and customer service. Developing
and maintaining a workflow process that leverages existing
technology within the industry with advanced document management
tools greatly enhances an insurance company’s ability
to achieve a competitive advantage and achieve its business
goals.
Solution:
Automating labor intensive, manual business processes revolving
around the creation and life cycle of paper and other related
information.
Digital Storage Solutions combines the best of breed capture
technology with leading edge document management and workflow
solutions. Our solutions provide organizations with unparalleled
automation, visibility and control of the workflow process, giving
companies the ability to realize significant benefits such as:
reduced accounts receivable cycles, streamlined efficiencies
including measurable savings in administrative costs and more
efficient information retrieval, leading to enhanced accountability
which optimizes corporate performance.
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- Reduced costs of claim processing
- Reduce cycle time associated with processing
new business
- Improved customer service
- Improved analysis and reporting capabilities
- Comply with Industry and Government regulations
- Create and secure an auditable business process
- Reduce document sorting and paper handling
- Process documents more accurately with increased
automation
- Provides multiple output streams to simultaneously
populate archival/retrieval systems and image-enabled
workflow
- Eliminate missing or lost files
- Reduce physical document storage costs
- Reduces or eliminates shipping/courier costs
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