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Insurance

In the competitive and highly regulated environment of the insurance industry, document management is the cost-effective solution used to remedy inefficient agency processes. Effective use of document management contributes to maximized agency profitability that surpasses simple ROI factors. Insurance professionals everywhere are discovering that their ability to manage agency information is a major determinant of success.

Agencies with an information overload use PaperWise to leverage their content to create new opportunities for profit and growth. The key savings and efficiencies PaperWise customers experience pave the way to achieving both long and short-term agency goals. No longer just a luxury designed for large conglomerates, document management is now accessible to small to mid-sized insurance agencies.

With policy underwriting, claims processing, customer data entry, actuarial and investment activities, invoice procedures, discount verification, money transfers, etc. to handle, sufficient organization is a requirement to avoiding slow operation and increased costs that will affect the bottom line. Document management provides a way to streamline and often automate day-to-day processes that can overwhelm an agency’s staff.

Sufficient space for storing old paper documents presents extra costs for storage and retrieval, resulting in lost time and money. Archiving physical data off site can result in days spent searching for a document that may not even be there. The average employee spends about 400 hours per year searching for paper documents. It is estimated that about 25 percent of those enterprise paper documents are misplaced, never to be relocated again. According to the Gartner Group, 86 percent of all invoices are still printed on paper. Lost documents not only impact billing cycles and response times, but in some cases result in government fines from auditors.

PaperWise specializes in channeling all of your inbound mail into processing workflows complete with audit checkpoints, exception handling and full management visibility. Many customers have doubled their transaction processing productivity after implementing the PaperWise document management and workflow products. Authorized users have instant access to customer records and can answer questions, fax, or email copies with just a few clicks. You can also provide customers with controlled Web access to specific documents, substantially reducing customer service workloads.

Document management is the solution to the modern insurance agency’s inefficiencies. With needs for information management continually growing, insurance agencies around the world are looking to the future by taking advantage of modern solutions like document management with PaperWise.