Insurance Forms Management
As government regulation and consumer adoption of technology continue to increase, the insurance industry is challenged by a marketplace evolution that requires changes in both internal and external communication. Insurers no longer can afford to utilize the high cost of their IT staff to create and manage forms for new markets, change forms, or run legacy systems that limit personalization, collaboration and integration of forms.
Given the vast number of forms (e.g., policy applications, cancelations, declarations, quotes, beneficiary change) and compliancy requirements that serve as the lifeblood of an insurance company, insurers must be able to create, manage and process forms efficiently. At the same time, insurers must be able to store, protect and leverage the data collected in these forms.
To grow in today’s competitive market, insurers have to get policies on the books at a faster rate than ever before. This means stronger business processes with improved workflow and cycle time reduction.
Forrester Research says, “Enterprises today require flexible output solutions that empower business users, support multichannel output, personalize content, and provide rapid return on investment.” (The Forrester Wave™: Document Output for Customer Communications Management, Q2 2009)
The legacy systems designed for insurers many years ago were very robust, but are now expensive to maintain as it relates to the authoring, design, output, storage, retrieval of forms & documents. The legacy systems lack the speed and flexibility to respond to today’s insurance market. Operation of these systems requires heavy reliance on IT resources for form and document creation and management.
Imagine freeing IT resources to focus on key initiatives versus updating forms for new and revised products. Imagine sales agents spending less time personalizing and managing documents. Imagine increased customer touch points via the customers preferred communication channel.
With today’s technology, insurers have the opportunity to streamline or modernize their forms management system. This automation and integration, combined with new product and compliance/audit preparedness, is key to creating and maintaining growth. Insurers that take advantage of this opportunity significantly reduce operating expenses, bring new products to market faster, and improve overall business performance.
The Digital-CCP Solution
Digital-CCP (Collaboration & Communication Platform) is a web-based workflow software solution for creating, managing and processing forms. Digital-CCP is customized to help insurance companies gain efficiencies and reduce costs through internal and external information exchanges. Digital-CCP provides end-to-end real-time form/document composition, distribution, and publishing, including variable design, data mapping, content integration, multiple output formats, workflow and controlled editing of interactive forms and documents.
Digital-CCP enables insurers to manage business processes, forms, document templates and document content without the daily involvement of IT resources.
- Policy Administration
- Billing Notice
- Customer Bill Pay
- Print Optimization
- Customer Communication & Marketing Resource Management
- Information Technology & Testing Services
The OBRIEN/Solvedge collaborative client approach results in maximized return on investment opportunities. OBRIEN/Solvedge researches and understands the client’s claims and underwriting environment, provides a blueprint of how the process can be transformed into a return on investment, and implements a customized solution with quality.
The benefits of Digital-CCP go far beyond the expensive and slow task of managing how data moves from forms into business applications and content management and database systems.
- Streamlined forms creation and maintenance processes
- Single data entry and data sharing across systems
- Business user creation and control
- Central repository in on-line environment allowing for version control and audit trail
- Enhanced branding and marketing
- Consistent branding and messaging
- Shorter selling cycles and increased close rates with cross-selling and up-selling
- Improved internal communication
- Establish and implement rules over access, retention, modification of forms, including version control, authentication, routing, approval and distribution
- Faster new product introduction
- Improved customer and agent relationships
- Support multiple communication channels including web, email, PDF and fax
- Customized content
- Offer customer self-service
- Reduced exposure to regulatory and compliance issues
- Help the environment
- Reduce or in some cases eliminate the need to create and change paper copies
- Reduced IT and overall operating expenses
“The cost of our forms process was hindering our growth. It was time consuming and annoying. The OBRIEN/SolvEdge Digital-CCP solution is exactly what we needed to streamline our process and grow as a business.”
President, Large Insurance Company
For more information or a demonstration of Digital-CCP, contact Mike Mulcahy (630-483-6404 or firstname.lastname@example.org), vice president of business development, OBRIEN/SolvEdge.