Johannesburg, 17 Feb 2004
Most insurance companies still work with islands of information and have not yet mastered the enterprise-wide management of all of the content that comes through their doors on paper, and via fax, e-mail, telephone and the Internet. Even if the company has determined how to manage the information on its disparate, legacy systems, much of the processing thereof is subject to human intervention and interpretation.
"The secret to success," declares Ovations managing director Rainer Gaier, "is effectively managing all of the information and optimising complex processes that cross departments and system platforms to enable the company`s employees to make better decisions faster."
"Besides struggling with mountains of paper, the insurance industry also faces efficiency challenges," he says. "It is not unusual for a simple policy endorsement to take weeks to be processed, largely owing to non-integrated legacy systems. Additionally, a variety of external market challenges is also forcing insurance companies to more closely evaluate existing business processes and systems. In today`s slow-moving economy they are compelled to streamline their organisations, contain costs and focus on operational productivity. New entrants into the insurance business are all competing for the same customer. These competitors, as well as seemingly endless company consolidations, are producing a market where differentiation is difficult and customers are looking for low-cost products, supported by outstanding service."
Gaier points out that one of the few things that differentiates companies from their competitors, who are providing the same generic financial products and services with lower and lower prices, is quality customer service. "To achieve this, business processes must be automated, integrated and transformed across the enterprise, providing instant access to information to the right person at the right time. Enterprise Content Management (ECM) solutions enable the management of the various kinds of content within an insurance company, the processes that involves the content, and the connectivity to systems and users both within and outside the company that are necessary to make it all work. With the uniquely powerful combination of content, process and connectivity, ECM solutions help companies achieve their strategic business objectives."
FileNet`s ECM suite of products, FileNet P8, is an integrated enterprise architecture for managing content, business processes and connectivity to help insurance companies develop solutions for more responsive decision-making at every level of the organisation. FileNet P8 leverages existing applications, filling in the holes and tying disparate systems together.
"With FileNet P8, a company can solve extensive business process management (BPM) issues in the claims department and use the same technology to solve workflow or BPM issues in another department," says Gaier. "Because FileNet`s P8 suites are tightly integrated, yet completely independent, companies can select only those products that meet their current business requirements. They can buy ECM solutions for certain departments initially, and as budgets permit, implement the applications at an enterprise level. Also, the suite design eases the deployment for the enterprise."
"The insurance carrier that can effectively access all of its information, automate and streamline its business processes and provide the full-spectrum of connectivity is the company that will secure a competitive advantage in the marketplace," Gaier concludes.
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