In recent years we have seen the number of insurance providers increase substantially ranging from banks to specialist insurance services, these are all competing in a very crowded market, and insurance providers are working very hard to cut costs and make savings.
This is to ensure they are providing the best value for money insurance cover possible.
These facts were well known to a multinational Dutch insurance provider. After struggling with regular setbacks and the frustration of an inadequate system, the management team decided it was time for a change.
Facing tightened legislation and regulation problems, which lead to the rise of compliance issues when composing quotes and contracts- the main problem was that contracts were drawn up manually.
Due to the specialist nature of these quotes and contracts it meant that they had to employ a large number of specialized personnel- and this proved very costly. Drawing up contracts manually had another major problem in that mistakes were made on a regular basis, which meant that customers where over or under charged which was not in the interest of the business. The solution was that all documents had to be standardised in a way that it is easy to understand and update.
In order to proceed effectively we had to analyse the business and produce a standardised document system model, which was implemented and maintained using Aquima. Having all the complex documents such as contracts, rules and regulations standardised meant that the business was able to realise instant success.
Aquima's flexible software enabled the business to apply legislative changes immediately allowing for a more transparent process for all the parties concerned from the client to official regulators. The new system was incredibly efficient leading to fewer mistakes being made. The automation of the process meant that updates to all documents can be made in real time and from single point of entry ending the business heavy reliance on specialised insurance brokers saving time and money.
The standardising of documents and how they were recorded meant that company risk decreased significantly because the knowledge was no longer monopolised by a small number of the workforce. The information can be accessed by all employees with the authorisation now that it is recorded in Aquima.
Guest post for 21st December 2010
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