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Archive for July, 2011

Record Management Solutions: Combining Process Automation and AP, Part 4

Tuesday, July 26th, 2011

This series of blog posts provides an overview of how a Phoenix-based insurance company implemented a record management solution that improved productivity, customer service, disaster recovery, and process integrity while holding the line on labor and other costs. In this blog post we will discuss how the record management solution improved the happiness of the insurance company’s customers and employees.

Happy Customers, Happy Employees

Prior to the implementation, the insurance company’s VP of UW estimated that many of the calls to the call center required someone to pull a file from the file room and call a policy holder back. Now, nearly every call can be answered immediately because customer service representatives have immediate access to nearly all documents right from their desktops. More efficient handling of UW and Claims also supports the insurance company’s reputation for professionalism and trustworthiness, which is evidenced by its 98% retention rate.

The insurance company reports that their employees have been happy with the system from the outset. Each department handled its own training with assistance from IT, and the transition was smooth due to the record management solution’s ease of use.

This high quality record management solution is ideally suited to business processes specific to insurance, but an initial solution can be enhanced to increase operational efficiency and reduce costs across an organization. In addition to increasing the number of documents scanned and expanding the solution to include risk management, the insurance company is working with the approved record management solution provider to develop solutions for the Sales, Marketing, and Human Resources departments. As a result, the insurance company will be able to continue to offer its policyholders the highest quality coverage and best possible customer service at the lowest actuarially sound cost.

For more information about record management solutions, continue to visit our blog or contact OSAM Document Solutions, Inc.

Record Management Solutions: Combining Process Automation and AP, Part 3

Friday, July 22nd, 2011

This series of blog posts provides an overview of how a Phoenix-based insurance company implemented a record management solution that improved productivity, customer service, disaster recovery, and process integrity while holding the line on labor and other costs. In this blog post we will discuss how the record management solution allowed the insurance company to reduce delays and errors associated with having to manually handle governance, risk and compliance.

Governance, Risk and Compliance Benefits

The insurance company’s paperless systems reduce the potential for delays and errors associated with having to manually handle all of these processes. Documents are entered into the record management solution on the day they are received, and administrators can track their progress and history while a file is being worked on or after it has been archived.

Strict security settings can also be applied to documents, preventing unauthorized users from viewing them. For instance, the insurance company’s VP of IT notes that AP documents, which are not relevant to the majority of users, have been tightly restricted. Even if a user has access to a document, s/he may be restricted from modifying, printing or e-mailing it.

Conversely, the record management solution has made documents more accessible to independent, state regulatory and insurance auditors. The insurance company has eliminated the disruption associated with having to assign personnel to gather documents for an audit by providing auditors with temporary access to the solution’s repository. Disaster recovery initiatives are also supported by the ability to back up files nightly and store the media off-site.

For more information about record management solutions, continue to visit our blog or contact OSAM Document Solutions, Inc.

Document Management Solutions: Combining Process Automation and AP, Part 2

Tuesday, July 19th, 2011

This series of blog posts provides an overview of how a Phoenix-based insurance company implemented a document management solution that improved productivity, customer service, disaster recovery, and process integrity while holding the line on labor and other costs. In this blog post we will discuss how the insurance company used document management solutions to decrease cycle times, primarily due to reducing the amount of time spent trying to track down and/or distribute files.

Immediate Access to Any File

While it’s critical for all insurance companies to adequately assess risks during the underwriting process, a mutual insurance company like the company discussed in this article is keenly aware of the potential impact one policyholder’s action can have on everyone. Thus, the paper-laden Underwriting Department (UW) was a logical first place to start as it is the beginning of the process. UW began scanning documents and implementing the document management solution’s Workflow in the spring of 2004. In addition to scanning incoming documents, the insurance company also scanned 26 years of existing UW documents, many of which presented pre-sorting challenges, in about 8 months.

The insurance company’s UW staff scans the mail daily. Capture software is used to capture specific values from standard documents (such as a policy number from an application). Indexing is also facilitated by drop down menus and the automatic population of keywords using data from insurance processing software based on the file number.

Based on the type of document (e.g., new/renewal application, correspondence), territory and other factors, the scanned images are routed to processors working with the insurance processing software. Using dual screens to view the insurance processing software and the document management solution image simultaneously, information from the image can be entered into the insurance processing software. The images are then routed through the workflow process. Workflow collects the supporting documents as well as providing E-Forms with checklists. After review and approval, the documents are sent to an Assistant UW for policy issuance.

Similarly, the Claims Department scans its documents at the departmental mailroom. Based on the file number that already exists in the insurance process software, indexing information is downloaded for those documents. A claim representative uses the document management solution to manage documents associated with the claim.

Workflow is also used to manage the multiple approval processes involved in Accounts Payable (AP). Scanned documents are indexed using the document management solution’s AutoFill capability to pull indexing information from the insurance company’s accounting system. Accounting routes the invoice to a department where two levels of approval are required and the account code is assigned. When it is returned, Accounting posts it to the Accounting system.

These automated workflows decrease cycle times, primarily due to reducing the amount of time spent trying to track down and/or distribute files. Because of the increase in productivity realized by using the document management solution, the insurance company’s employee count has remained steady for the past several years, despite the significant annual growth in the number of insureds.

For more information about document management solutions, continue to visit our blog or contact OSAM Document Solutions, Inc.

Document Management Solutions: Combining Process Automation and AP

Friday, July 15th, 2011

Over the past 30 years, a Phoenix-based insurance company has grown to be one of the strongest medical professional liability carriers in the nation because of its commitment to its policyholders. As a mutual insurance company, its obligation to policyholders includes not only providing the best possible coverage and service but also running its business efficiently to keep operating costs low and favorable impact rates. A document management solution made possible by enterprise content management (ECM) software provides capabilities such as document imaging and automated workflow, which have improved productivity, customer service, disaster recovery, and process integrity while holding the line on labor and other costs.

Licensed in Colorado, New Mexico, and Utah; the insurance company is the market leader for medical liability insurance in Arizona, providing coverage for individual physicians, groups and medical facilities. With an A (Excellent) rating from A.M. Best, the insurance company’s number of insureds and premium volumes have consistently grown over the past 5 years.

Working with a consultant, the insurance company began evaluating ECM solutions that offered ease of use and maintenance, workflow and versioning. After careful consideration and extensive input from the user community, the insurance company chose a document management solution from an authorized solution provider based in Phoenix.

For more information about document management solutions, continue to visit our blog or contact OSAM Document Solutions, Inc.

Record Imaging Solutions Upgrade Speeds Post Closing, Part 4

Tuesday, July 12th, 2011

This series of blog posts provides an overview of how a Las Vegas mortgage company implemented document imaging solutions to eliminate a growing backlog of files in the Post Closing Department all while reducing costs and improving the company’s bottom line. In this blog post we will continue to discuss the benefits of quality record imaging solutions.

The record imaging solution costs less than a year’s subscription with the hosted solution provider and allows for greater peace of mind. Additionally, the record imaging solution’s ability to support state and industry compliance initiatives is one of the long-term benefits of the electronic repository because it gives the mortgage lender the ability to quickly retrieve documents and view their history. Instead of pulling files in response to auditor requests, a date range can simply be entered in the software’s retrieval screen to instantly access documents. Auditors can also be provided secure browser-based access to documents via the Web Client.

The rapid appreciation of home values in Nevada has increased the stakes for mortgage lenders. Like thousands of other organizations, this mortgage lender has increased its odds of streamlining operations, reducing costs, and sharing information with employees, partners, and customers by implementing a quality record imaging solution.

For more information about record imaging solutions, continue to visit our blog or contact OSAM Document Solutions, Inc.

Record Imaging Solutions Upgrade Speeds Post Closing, Part 3

Friday, July 8th, 2011

This series of blog posts provides an overview of how a Las Vegas mortgage company implemented document imaging solutions to eliminate a growing backlog of files in the Post Closing Department all while reducing costs and improving the company’s bottom line. In this blog post we will focus on how the document imaging solution improved the mortgage company’s bottom line.

One of the weaknesses of the previous system was slow retrieval. The new record imaging solution provides sub-second retrieval based on keywords and imposes security settings based on user roles. In addition to Post Closing, the mortgage lender has also made these scanned images available to employees in the Secondary Marketing Department, which buys sizable financial commitments. These individuals can research documents by commitment numbers, see which loans have been scanned, and run reports. In the future, the record imaging solution may also be used to manage documents associated with other business processes such as Accounts Payable, Accounts Receivable and Human Resources.

The CIO says interest payment savings in the first year are conservatively estimated at $25,000; and the net savings in the first year will probably total $68,700. Anticipated savings during the second year are expected to reach $161,000.

For more information about record imaging solutions, continue to visit our blog or contact OSAM Document Solutions, Inc.

Document Imaging Solutions Upgrade Speeds Post Closing, Part 2

Tuesday, July 5th, 2011

This series of blog posts provides an overview of how a Las Vegas mortgage company implemented document imaging solutions to eliminate a growing backlog of files in the Post Closing Department all while reducing costs and improving the company’s bottom line.

Eliminated Backlog Within a Month, Reduced Staffing Requirements

The document imaging solution was implemented by an authorized document management solution provider and replaced an existing hosted application that supported the upload of images to an online archive. Low-end document scanners were replaced with two Canon U.S.A. DR-9080 document scanners, which are used to scan about 400-500 loan packages a month. Each of these files has about 250-350 pages. Individual document types are separated by bar-coded separator sheets, which are read using recognition technology. Once scanned, employees simply enter the loan number, and the document imaging solution automatically populates additional keyword values from text files generated regularly by the mortgage lender’s LOS.

The entire backlog was gone in a month. Since the elimination of the backlog, the mortgage lender has been able to maintain operations without replacing an employee who resigned and another who accepted a different position. By reducing staff from seven to five employees, the company saves an estimated $90,000 a year in wages, overtime and other benefits. Because many of the documents can now be sent electronically, the company also reduced shipping costs by $17,000 in the first year.

For more information about document imaging solutions, continue to visit our blog or contact OSAM Document Solutions, Inc.

Document Imaging Solutions Upgrade Speeds Post Closing

Friday, July 1st, 2011

When a mortgage company in Las Vegas hired a new CIO, one of his first mandates was to find a way to eliminate a growing backlog of files in the Post Closing Department. Despite having a hosted document imaging solution, the department’s seven employees found it impossible to keep up with the growing volume of documents associated with about $1.1 billion in loans per year. Since the mortgage lender sells its mortgages to investors, the growing stacks of documents represented unrecognized income and lost interest.

After evaluating about 20 ECM providers, the mortgage lender chose an updated document imaging solution that combines integrated document management, business process management and records management in a single web-enabled application.

Another compelling feature of the document imaging solution was eMortgage Delivery, which allows mortgage lenders to create customized loan packages and index information required by investors. The document imaging solution also offers a script that supports the electronic transfer of the loan documents for the mortgage lender’s largest investor, Countrywide Loans. The script automates the process for gathering all of the documents Countrywide requires (and none of those it doesn’t) and presents them in the investor’s preferred order.

For more information about document imaging solutions, continue to visit our blog or contact OSAM Document Solutions, Inc.