Insurance companies are notoriously paper-intensive. Agencies must deal with mountains of paper in the form of contracts, policies, applications, claims forms, faxes, and more. These piles of information present an enormous area of clutter; and where there is clutter, there are hidden costs, a heightened chance of mistakes, and a greater likelihood of disappointed customers.
Document Management (DM) technology that was once available only to firms with an enterprise-sized budget is now being adopted by many small and mid-sized organizations. Once monolithic and complicated, many DM software solutions today are designed for and targeted at department-sized processes. As a result, DM has become more intuitive and user-friendly, no longer requires a staff of computer programmers to install, and is available at price points that won’t break your bank account.
There are many DM solutions to choose from. Each touts greater productivity and reduced document costs. But what makes a solution stand out? What are the benefits and risks that you should consider? How have other companies used DM to make a difference for their organization?
Costs, Customers, and Compliance
Regardless of what industry you currently operate in, you’re undoubtedly reliant on paper. But nowhere is the paper push more prevalent than in the insurance industry. Policy data, claims information, billing records, correspondence, applications, and many other key documents continue to be primarily paper-based in most organizations. These paper documents drive the key work processes of any insurance firm. What would happen if paper documents were to be suddenly eliminated from your organization? Which inefficiencies would be addressed? How much money would be saved?
Like any business, insurance companies must control costs in order to stay competitive. Competitive firms also strive to gain ever-greater efficiency in managing the vast amount of information that flows through their work processes. Agencies must also have quick and complete access to information in order to meet the needs of a diverse clientele and maintain or exceed customer expectations. Insurance firms must also minimize potential risk and loss associated with litigation and compliance. Recent regulations such as HIPAA, the Patriot Act, Graham-Leach-Bliley, and SEC 17a-3 and 17a-4 have imposed new requirements and controls over the access, storage, and retention of confidential documents and information.
What is Document Management?
Document management, as its name implies, is a software solution aimed at assisting organizations in managing documents. Capturing paper documents via a scanner, and storing a digital image in lieu of a paper copy can provide a more efficient means to retrieve, route, and store your key documents. This can be an important improvement if your firm struggles to manage the paper burden of your daily workflow.
While potentially eliminating the need for banks of file drawers or shelves of off-site storage, DM systems also provide advanced search capabilities and a level of security that is simply not possible using paper files. Searching and securing information is key for any size insurance firm, and, for organizations with existing databases and applications, DM systems help to better manage and integrate information across an entire enterprise.
Studies have shown that a typical office worker spends 30 percent of a workday just searching for documents, taking away from time available to actually make use of the information. Indeed, many industry analysts warn that organizations that fail to formulate some sort of DM strategy will find themselves at a serious disadvantage. By utilizing digital document storage and database-driven searches and queries, even the most humble agency can compete with the big boys in terms of maximizing their access to information and minimizing the cost to use and store critical documents.
Consider these questions: Have you ever struggled to find a document that you knew you had somewhere, needed it right now, but you could not find it? Do you have documents overflowing in your storeroom, scattered around people’s desks, or filed in an off-site location? Do you have access to an original contract, but can’t find the associated addendums?
The following focuses on a few of the players in the field and the benefits of their solutions.
ABBYY USA
ABBYY USA is an award-winning developer of document recognition, forms processing, and linguistic technologies. Their OCR (Optical Character Recognition) and form reader solutions can save you time and effort from having to re-type information that is locked in your paper backfile. For example, ABBYY ScanTo Office is an efficient scan conversion utility. The software scans paper and reproduces documents into editable and searchable Word or Excel files. From there it is easy to email or print your documents.
ScanTo Office is ideal for small and mid-sized insurance firms that need to quickly scan paper so they can edit and reuse the information. The software, as its name implies, integrates directly with any Microsoft Office program. The scan wizard leads you through the simple steps of scanning and conversion.
If you rely heavily on a bank of paper files, this convenient tool will help you quickly unlock and repurpose information from your paper backfile while retaining the original appearance. The conversion process maintains the look and feel of the paper original, even remembering tables, columns, and font sizes. For firms working with other countries, ScanTo Office supports 37 languages. Once you convert your paper documents it’s easy to send the results as email attachments.
The ability to re-produce an electronic replica of your paper original that can be edited while maintaining the original look and feel is a compelling reason for small and mid-sized organizations to consider ScanTo Office. You will never have to re-type or re-format a document again.
DocFinity
Since 1986, the DocFinity Suite from Optical Image Technology, Inc. has provided proven DM solutions to organizations of varying sizes within a multitude of industries. With years of features built into the DocFinity Suite, your organization is likely to find functionality that will address your unique needs.
DocFinity Imaging is a Windows-based system that stores scanned documents in electronic filing folders on optical disks, CD-ROM, and DVD. This handy facility puts documents and information in the hands of agents, customers, and regulators with ease. Documents are entered into the system in batches that are similar to stacks of paper that you would usually hand file. There is no limit to the number of pages that can be scanned and there is no limit to the number of batches that can be created. The system can store and index any type of file, for example, a few insurance clients record conversations with their customers, then store, search, and retrieve the conversations as audio files.
A full range of scanners is supported. If you do not have a duplex scanner, but need to scan double-sided documents, DocFinity can simulate duplex batch scanning using a single-sided scanner. A number of storage options are available as well. Scan directly to optical or magnetic disk, DVD, tape, CD-ROM, WORM, re-writable drives, and jukeboxes.
Another helpful feature is Power Indexing, which increases the speed in which new documents can be indexed into the system. There is no need to switch from window to window to edit metadata or key words. The VCR-style buttons provide a quick method of navigating pages within a batch. You can locate key documents, add annotations, then easily fax, print, or email directly from the DocFinity program.
EMC
Documentum ApplicationXtender (AX5) by EMC is a solution that allows organizations to quickly automate paper-based processes. If you and your staff spend most of your time looking for, working with, and depending on documents to get your job done, Documentum may be just the answer to manage your key documents, files, reports, and other business-critical information.
In a nutshell, Documentum collects all types of business information—statements, account records, invoices, claim files—and makes them part of a centralized information storehouse. The aim of the software is to make organizing and storing information easy and without the need for extensive programming or IT expertise. Users can access documents from a desktop PC or Web browser without any specialized technical knowledge.
Fast implementation and ease of administration makes Documentum another compelling solution for firms looking for out-of-the-box functionality. The software allows customers to configure the document repository without programming. Users can quickly scan, store, search, and share documents. This allows organizations to automate paper-based processes, improve customer service, increase productivity, and streamline key work processes.
EMC is an information industry leader and their umbrella covers many best-in-class solutions. Business owners may find comfort in their proven technology and support. Dave DeWalt, president of EMC Documentum states, "ApplicationXtender is used by more than 5,300 customers worldwide, and EMC is making significant investments to ensure that our customers continue to be successful."
InSystems
InSystems provides document solutions for the insurance and financial services industries. For organizations that need to increase the productivity of their customer service representatives and field agents, an InSystems implementation may be a strategic direction you should investigate.
Does productivity suffer because of the effort and time required to manage standardized correspondence? Many organizations rely on standard word processors that lack the highly specialized capabilities required by correspondence-intensive organizations. As a result, maintaining templates, monitoring compliance to standardized text, and policing corporate graphics is an administrative nightmare.
InSystems Correspondence is a Web-based application that automates and accelerates the process of creating and managing professional correspondence, and delivers it via print-and-mail, fax, and email. The benefits address not only the inefficiencies of a manual process, but ensure that your correspondence is always accurate, consistent, professional, and timely.
For example, you can establish an online library of approved, centrally administered, correspondence content. This includes letters, paragraphs, graphics, and attachments. You can then select the appropriate pre-defined letter, build a letter using approved content, or create a free-form letter online from scratch. If your call center agents or customer service representatives create personalized letters or packages in response to an inquiry, claim, complaint, or request from a customer, you may find valuable process efficiencies via InSystems.
Kofax
Ascent Capture by Kofax allows users to quickly, flexibly, and efficiently scan documents with automated indexing, automatic form identification, and accurate OCR and ICR (Image Character Recognition). What this means is that Ascent cannot only scan your paper documents, but it can also read and extract the text and handwriting as well.
Small and mid-sized agencies can certainly benefit from the product in its base configuration. Ascent is flexible enough to capture both documents and data on the fly while scanning at high speed. An image enhancement plug-in provides accurate image cleanup, and the automated indexing and data extraction feature will blast through stacks of mixed documents with a high level of accuracy.
If you have more than one office within your agency, you may want to consider Ascent Capture’s optional Internet server. This system will allow you to scan documents at remote sites, transmit the resulting images and data to your central location via the Internet, and release them automatically for immediate retrieval. Also included is a built-in PDF generator that allows you to easily and quickly publish paper-based content to the Web.
It is important to remember, however, that Kofax is fundamentally a capture tool. Once you capture your document images and/or data, that information must be saved somewhere. Ascent makes it easy to save your documents into all the leading DM programs. For example, Ascent works seamlessly with Documentum AX5 and the fast, simple integration ensures you will be up and running quickly.
Laserfiche
Laserfiche document imaging software turns existing PCs into robust search and retrieval databases that can be scaled from the single user to the large corporate network. Designed to solve problems in the real world, Laserfiche products work together in a modular set of capture, distribution, process management, and document integration tools.
Laserfiche builds on the advantages of paper documents rather than abandoning paper altogether. Documents are scanned page for page, and a high-resolution image is retained online. Files can still be printed, exchanged, stored, and retrieved, but the bottom line for small to mid-sized organizations is that Laserfiche will help you retain the flexibility and portability of your paper documents, while adding the enormous benefit of digital document storage.
One way you can find value with Laserfiche is by making use of your investment in digital copiers and multifunction printers (MFP). For example, an MFP scans documents and stores
the images in a file folder you specify. Laserfiche automatically looks for your documents in that file folder and an automated schedule moves them to the Laserfiche repository. From there, configurable filters organize documents into folders based on filename, document type, or any combination of attributes you set.
Finally, Laserfiche provides another useful capability with advanced OCR technology. This guarantees the future readability of your documents despite evolving technology and unlocks the contents of your archives by allowing full-text searches. Consider this feature next time you’re shuffling through retention boxes hoping to find a missing file.
OnBase
Imagine DM software that electronically captures, stores, and manages literally every document generated or received by your company—including paper, reports, application files, emails, and Web content. The potential for OnBase to handle everything you need to do with your documents—retrieve, revise, annotate, distribute, or post to a Web site—is nearly endless. Ultimately, you will be able to share the full spectrum of your company’s information with whoever needs it, whenever they need it.
Small to mid-sized organizations can easily justify OnBase from the savings that result from eliminating paper storage and microfilm archives. Ensuring that your employees never spend another minute locating, copying, or faxing physical files creates additional savings. And you can hone an edge against your competition by the innovation that arises from better-informed professionals and the deeper relationships that are forged with better-served customers and partners.
Access to information is a key benefit of OnBase. The software offers several methods of document retrieval. For example, you can search by keyword, by document type, or dig deeper via a robust full-text search engine. The custom query feature allows you to create custom templates for specific, frequently conducted searches, and OnBase’s award-winning cross-referencing feature enables users to double-click on an open document and automatically retrieve any related documents.
More than a simply a repository for archived documents, OnBase can improve the way organizations perform critical business tasks. For example, OnBase Workflow is a helpful module that routes documents according to pre-defined rules. Workflow is entirely point-and-click configurable, so even the non-programmers among us have the ability to design beneficial workflow solutions. Another plug-in, OnBase Image Statements, creates compound statements by taking primary documents (e.g. invoices) and matching them to supporting or secondary documents (e.g. signed receipts).
Smead Software
Smead has a history of managing business records for the past 98 years. The company’s key strengths lie in helping businesses organize their paper filing environment. Smead continues to be a filing leader by providing organizations the ability to manage both paper and electronic records with Smeadlink Express Electronic Recordkeeping. The product was designed to assist companies in managing their electronic files, making them secure and accessible to authorized users.
Smead has found that document imaging is not always the answer to reducing paper files and organizing documents. In many SMBs, paper works just fine, as long as they can find important documents when they are needed. As a result, Smeadlink Express Electronic Recordkeeping was created and is uniquely positioned to assist many SMB organizations by managing both paper and electronic records.
"Industry experts now admit that most organizations deal in a mixture of both paper and electronic business records, and that for many types of organizations, paper is not going away anytime soon. For this reason, Smeadlink is designed to manage both paper, as well as electronic records," states Howard Loos, senior software product manager of Smead. He continues, "In today’s environment, document management is serving a new role, one which manages the control of paper and electronic documents through structured work processes, to ensure documents are complete, approvals are completed, and documents are compliant with due dates."
Smeadlink Electronic Recordkeeping comes with a full array of components including Document Imaging, Desktop File Management, and Email Management. The Workflow module allows users to route documents through a series of approval processes or processing steps. Deficiency tracking and compliance reporting are also included with Workflow, ensuring that all documents for a specific project are complete and on time. IAccess offers remote access via the Internet. IPublish gives the ability to publish a document to CD, for distribution. COLD/ERM is another component that is optional.
A solution from Smead can begin at a list price of $20,000 and can be expanded up to a more robust $200,000 + solution, depending of functional requirements and the number of user seats. The company’s goal was to offer an out-of-the-box solution for a reasonable price, while providing the ability to uniquely configure it to meet each customer’s requirements.
Softheon
With embedded image cleanup processing, OCR, bar code recognition, and remote scanning capabilities, CaptureDesk6 is a feature-rich product that any small to mid-sized firm should consider. Softheon has created a document capture solution that is easy to install, configure, and operate. It can be up and running in hours, without the need for days or weeks of expensive installation and customization. With image and index data output compatible with all industry standards, the CaptureDesk6 may be just the right fit for firms who want to quickly integrate digital DM into their existing technology infrastructure.
CaptureDesk6 provides a simple, menu-driven interface that directs the handling procedures for each document type. Every document is scanned and validated with consistency and accuracy. Settings such as page size, single-sided or double-sided, and image type (TIFF, JPG, etc.) can be customized for each document.
Automated routing of your documents is driven by industry-standard barcode technology that will identify and deliver documents to their post-scanning destination. Barcodes can be included on separator sheets inserted into batches of documents, or you can include custom codes on outgoing forms that your customers need to sign and return. This feature alone can save significant time and effort when your forms come back for processing.
Another nice feature of CaptureDesk6 is remote scanning. This can cut the time required to process claims, for example, and eliminate the slow and costly shipping of documents from remote offices to a central site for scanning. Since CaptureDesk6 is compatible with any ISIS- or TWAIN scanner, you can utilize your existing hardware and get your operations up to speed quickly.
Westbrook Technologies
Westbrook is not as well known as many of its industry competitors, but their core product, Fortis is a powerful DM software solution that electronically captures, stores, and organizes documents. It’s ease of use, uncomplicated technical requirements, and intuitive database structure make Fortis a strong fit. Fortis allows you to capture documents from any source, such as scanned copies and faxes, as well as electronic files like Microsoft Word and Excel. At the time of capture, Fortis can automatically read your documents and extract important bits of information—like customer name, account number, or date, for example—and retain that information in index fields of metadata. This metadata enables immediate queries and reliable access to critical information right when it’s needed. Once retrieved, you can share documents via the Internet, email, fax, CD, or printed copy.
Fortis is built upon standard client/server technology and ODBC architecture. For the non-technical, that means off-the-shelf computers and servers will do the job. Fortis supports three back-end database engines: Microsoft Embedded SQL Server, Microsoft SQL Server, and Oracle.
Westbrook offers a complementary software suite that integrates with Fortis to provide a variety of options that may be useful as your organization grows and your staff become more comfortable with digital documents. These options include Microsoft Office integration, automated approval and workflow, CD publishing, and Web-enabled importing, viewing, and editing.
