"Document Avalanche" in Insurance Sector
Insurance is one of the most paper-intensive industries, generating volumes of documents that require constant modifications for business and regulatory needs. As the customer base of an insurance/reinsurance company increase, the document generation and archiving can become one of the bottleneck processes for the company.
In Insurance sector, the document automation can play a critical role in most of the stages like:
- Policy Definition (Product Development)
- Product Information forms (Distributed through different selling channels)
- Creation of rejection/acceptance letters
- Issuing actual policy contract to clients
- Generation of Claims communication document
The critical points for insurance documents are:
- As insurance involves contractual legalities; the documentation should be Correct, consistent and non-debatable
- The insurance document should extensively cover the coverage and exclusions in the policy documents
- The policy should be regulatory compliant for the region
- The issued policies should be easily accessible
One solution that is present to alleviate the documentation related paint points of insurance sector is Document automation & Assembly packages. Document automation refers to automated generation of documents that can be used to communicate with either internal/external clients or stakeholders. Modern day document automation tool provide myriad of features that help in:
- Increasing the productivity
- Generating consistent and correct documents using predefined templates resulting to higher quality products
- Support both forward looking and legacy integration frameworks
- Increasing the customer satisfaction by faster assistance during policy issuance, claims and support.
- Achieving faster times to market my optimizing and reusing the policy sections
As per a survey conducted by Celent in Late 2007, one of the products that lead in document automation in terms of client base, breadth & depth of functionality was Oracle Documaker Suite (formerly Skywire Documaker). Being in the document automation arena since 2000, the tool not only successfully expanded the customer base to over 1000 clients but also matured to support both modern and legacy systems.
Oracle Documaker supports (some of the features):
- Template based document design and generation
- Batch creation of policy documents
- Enhanced workflow of documents for collaborative approach
- Document archiving
- After being acquired by Oracle in 2008, Documaker also readily plugs in to Oracle based solutions/systems like Oracle Policy administrator, Oracle SoftRater and Oracle ERP COTS package.
On a closing note, the research and the need of the hour is to induct a competent document automation system into insurance companies' core network. This would give the required boost to insurance sector to meet the ever demanding needs of the customer. Oracle Documaker is one such product that can help the companies achieve it with ease.
Comments
Very true!!!...Documentation and paper work is very significant for efficient working and security.
In the Insurance sector, the policy documentation is essential since it gets easier for the insurer to monitor the policy exclusions, inclusions, the assured term and other policy provisions.
The Oracle Documaker has automated the documentation system and has made it easier for the Insurance Industry to reduce the policy production time to a great extent. It has reduced the manual compilation of policies and has enhanced the monitoring of policies with accuracy.
Oracle Documaker is surely a powerful tool for Insurance Sector.
Posted by: Ankita Jain | August 20, 2010 4:47 PM
Is a good compilation of the core issues being faced by the Insurance sector.Rohit has brought out a very pertinent point on the Insurance Sector challenges & the usefulness of the Oracle tools for that.
Great thought provoking article....
Posted by: Rajiv Bajaj | August 30, 2010 10:40 AM