Insurance  Insurance

Streamline the processing of insurance-related documents enabling your insurance processing operations to be more efficient, accurate and cost-effective. Digitial accessibility allows for records to be found at every branch every time, reducing the time spent entering in claim forms and applications manually.

Problem

When disaster strikes, insurance companies must react swiftly and provide assistance to individuals and businesses when they are most vulnerable.  Intelligent Capture & Exchange solutions help them access records quickly and pay claims promptly, pleasing policyholders and providing a key differentiator over companies still mired in a world of paper.

Insurance companies have a wide variety of special requirements:

  • Compliance with regulations issued by each state’s Department of Insurance
  • URTT compliance
  • NAIC uniform product coding
  • Long-term storage of records that may not be accessed for decades until a claim is filed
  • Conversion of deteriorating paper records
 

Solution

 

Kofax and its partners have created a wide variety of solutions for insurance companies, enabling:

  • A commercial property insurer to shorten claim processing time from 5 days to 12 hours, and achieve a complete ROI in 9 months
  • A supplemental insurance provider to process an unexpectedly swift ramp of 7,000 claims a week
  • A life insurance firm to convert 25m paper documents, some over 50 years old, to digital images
  • An auto insurance firm to incorporate before-and-after color photos of customers’ cars into digital policy claim records
  • A travel insurance firm to scan and index 25,000 documents each month
  • A workers’ compensation insurer to eliminate paper entirely from its claims processing system