Financial Institution and Insurance Toolkit for the Digital Age

May 12, 2017

3 minute read

Most annual board reports for financial institutions and insurance companies indicate that strategic initiatives across the organization have placed the customer experience and digital transformation on their short list of top priorities. In order to accomplish this companies must innovate. Here is a great example from RBC where they articulate their goals and budgetary focus.

How are other organizations in the field of finance addressing these priorities?

Here are three main ways, and examples of how innovative companies are taking control of their unstructured content:

  1. Client Quotations and Onboarding- CAPTURE
    • Q: How are companies making contact with potential customers and capturing information in order to intelligently process it and create a record? Paper v. Digital- Many of our customers tell us it’s about 50/50 but most of them are trying to move towards a digital based business. However, digital content isn’t necessarily easy content (think about all of those emails, scans, etc. that are flowing into your organization and the current process you use to ingest.) They know that organizations with the quickest response rate are the most likely to get the business.

    • Use Case: A large US insurance customer needed to speed up their policy ingestion process so they could double or triple their policy intake. With their existing infrastructure they were barely able to keep up with existing volume. In addition, they identified the need to digitize the customer experience as well as automate and consolidate manual processes in order to support growth objectives. With the implementation of a robust data extraction solution, the company has achieved numerous goals, including automating the intake phase in their policy process, gaining insight into their customer base, improving the customer experience and facilitating short and long term content preservation.
  2. Claims Processing- EXTRACTION
    • Q: How are they processing claim and dispute forms and intelligently extracting information? When customers are looking to improve operational efficiency they often discover two predominant issues:
      • 1 – The cost of manual data and review is prohibitive
      • 2 – This cost prohibitive workflow is in large part due to a low OCR accuracy rate. Are you currently using OCR to make post-scan content searchable? If so, how are the accuracy rates? Is unnecessary manual work required to bring the process up to accuracy targets?
    • Use Case: One customer saves 30 seconds of processing time per doc. Bottom line: $6M in annual savings and operational efficiency has been realized with the implementation of the digital mailroom. This customer needed to create a solution that integrated with OpenText and SharePoint that could also handle messages from multiple Exchange mail boxes (approx. 10-12k per mailbox per day).  They needed the solution to scale up as needed and reduce manual labor. Using Adlib they can now handle an enterprise volume of email messages daily with ease and proficiency scaling to large volumes and integrating with repositories. See more of the story here!

    • Q: How are our customers enabling employees to easily locate customer records in order to respond accurately and quickly? How does your organization merge legacy data with new captured content? Is it centralized? Is there a process? Do you have trouble identifying what you’ve got in your legacy system? What is the format of your long term record archive?

    • Use Case: Yet another Insurance company leveraged Adlib’s PDF Enterprise solution to consolidate and extract valuable IP from incoming email. With 4,500 pages per week to process, they needed to store email data in a searchable, centralized repository. However, their existing solution didn’t capture all of the valuable IP contained in an email. The Adlib solution renders all emails to high fidelity PDF which allows the insurance agents to be able to search on all information, giving them complete access to all information on premise and in the field. As a result, the company has been able to decommission their previous solution and can now handle increasing volumes of claims information faster and with more accuracy.

All of these success stories start with capture, then have downstream benefits as the companies integrate document transformation services as part of their workflows. Content coaching is a great way to engage and identify where your company can innovate, gain insights and improve processes. Contact us today if you have any questions or need help implementing these workflows for your enterprise. 

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