Background Overview
Taiping Life Insurance is a leading insurer for life and general insurance, with 37 branch offices. A subsidiary of China Taiping Insurance Group Co. Ltd, the company entered the Fortune Global 500 list for the first time in 2018, with its ranking improving ever since. The company was processing a high volume of paper documents such as claims forms, policy documents, and invoices, and was finding it increasingly difficult to manage the documents efficiently. They recognized the need to implement a document management solution to streamline their processes and reduce their paper-based processes.
Challenges
The nature of work in insurance industry is such that one would find them self immersed in mammoth-sized paper and digital records, which need a lot of sorting and sifting before one finds the information that is needed.
Ad-hoc document management policy can lead to inefficiency, document control problems, lack of good customer service and more serious consequences in near future. Let’s take an example of a mid-sized insurance agency that did not adopt document management system. This agency had stored paper documents in a safe vault, which could be accessed only by a few authorized personnel. If a junior relationship executive wanted some information, he had to rely on authorized relationship manager to fetch him that information. Policy statements and certain documents were scanned but the staff had no clue how to access the digital documents. If a customer called with a query, he would be asked to wait for a few hours to a day before they could return with the required information. Even then, the staff was not well equipped to answer all enquiries. Result: Customer did not renew his policy and went to the competitor.
Solution
In 2022, The client chose Quantic Solutions’ A.I powered Document Management Solution running on 3 core engines – intelligent workflow automation, intelligent document capture (IDC), and robotic process automation (RPA) along with the enterprise mobility framework.
Results
The implementation of the document management solution resulted in the following benefits for the insurance company:
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