The risk adjusted ROI on technology investments in document management, workflow automation and collaboration in a typical mid-size organization with a global spread is 108%, with a payback period of less than 12 months, not counting the productivity benefits.
Globally, the Banking, Financial Services and Insurance (BFSI) vertical remains to be one of the most tightly regulated business verticals. Every transaction in the Insurance domain, for instance, typically begins with a manual process where extensive documentation plays a central role. Storing and retrieving client facing documentation becomes a key starting point in the insurance domain.
Three aspects form the three pillars around which the insurance industry works:
- Document management
- Workflow/ collaboration, and
- Client/partner interface
Claims processing workflow involves multiple levels of approvals, and an extensive extent of collaboration between different functional areas. Claims processing also needs to incorporate process controls, checks and balances.
The nature and quality of interaction between the customer and insurance provider is very critical. Are customers informed well ahead for renewals? Are customers able to contact the insurance service provider with ease? Are they able to view the status of their claims online?
If your business involves channel partners, are you able to share timely information on solutions? Are your partners able to exchange documents with you online?
It takes a technology solution provider with insurance domain expertise to choose the right technology platform for each of these areas.
Document management is a multi-specialty domain. Starting from capturing electronic copies of documents to document information integration and analytics, the capabilities of document management solutions is extensive.
Workflow management is the key to ensuring that stakeholders in an organization work together to achieve organizational goals.
The key to choosing a robust document management and workflow management solutions are its suitability to the insurance domain.
Your software solutions partner need to specialize in configuring and setting up electronic repositories of documents, their retrieval during claims processing, and disposal at appropriate times, amongst the many important functionalities. Also you need to focus on document information integration, analytics, digital signature verification, and related aspects. In this case we recommend Kofax document management solutions.
It is important to have the following questions answered before choosing the workflow management solution. Is your business servicing a niche insurance segment, characterized by a very specific claims processing workflow? Do you want to incorporate controls on who authorizes disbursement of claims? Want to incorporate email notifications to stakeholders at every stage of claims processing? Here, if you are looking at the above features/functionalities, then Nintex workflow management solutions will suit you best.
It is not just about the development or just rolling out a platform. What matters is – how well it suits your industry, your business model, and your objectives. The success of your implementation will rely largely on your software solution provider’s credentials in this domain, and their ability to identify and bring out the best fit solution that your company needs, to meet your goals.
About Vishwak
Vishwak Solutions is a pioneer in developing robust software solutions for insurance, retail, and travel services domains. We believe in making best use of technology to deliver business solutions that are robust, scalable, and cost effective, with quicker time to market.
Our team has deep expertise in designing, developing, and implementing solutions, using the latest technologies. Vishwak differentiates itself by choosing the most appropriate solution platform, based on business requirements. Vishwak adopts a technology-platform agnostic approach to building the solution roadmap for clients.
We are a Gold Certified Microsoft Partner in devices and deployment, mobility, collaboration and content, and application development.
Vishwak is headquartered in Seattle, with global delivery units located in Los Angeles and Chennai, India.