The need to lower costs and improve business processes is driving insurance organisations to demand more from their technology investments. Earlier, companies spent billions on technology without ever considering the implementation implications. Some companies are taking a new stance??if we can?t measure it, we don?t do it??and are evolving to a model that evaluates productivity, streamlines work processes and leverages investments, rather than spending on technology that goes unused.
In the paper-laden insurance business, workers spend up to 30% of their time looking for information in documents. It is a competitive advantage to make that time more productive and less costly. The paper trail continues to grow as industry regulations change the way employees conduct business. To become more productive and reduce overhead costs associated with copying, printing and filing, firms must bridge the gap between the paper and digital worlds?not to get rid of paper entirely, but to understand how to use, manage and store information.
Once the critical value of the document is understood, it is important to review the current workflow of the organisation. Insurance organisations of all sizes should consider the following:
* Are employees and producers spending valuable time authoring, editing and printing documents that become outdated within a few weeks?
* Can employees access the documents they need at the exact time they need them?
* Are obsolete documents taking up space in a warehouse or offices?
By understanding where knowledge exists and how it is transferred, the organisation can identify inefficiencies before implementing technology, ensuring a return on investment.
Although monitoring document content and managing document output is not typically part of an insurance agent?s job description, it is imperative that companies address these concerns to remain competitive. Evaluating an organisation?s business processes not only uncovers the data needed to reduce costs, it adds cultural analysis to improve the flow of information and in turn, increases productivity.
In addition to improving the current workflow, insurance firms can impact the bottomline by communicating effectively with customers. Since 90% of customer communication is through documents, their content and distribution is vital to the way the company wins and keeps customers.
Insurance firms must understand the technology options and implementation processes that are available before making an investment. Advances in office technology are bringing enterprise-level functionality and quality to small & mid-sized agencies. Multi-function devices that combine functions like copying, printing, scanning and faxing, are now offered at a price range to fit every budget. Using these devices will help organisations save on supply and maintenance costs, as well as reduce ?down times? associated with outdated equipment. Combining software programmes and XML tools with these devices enables faster routing and comprehension of information?significantly decreasing time spent on the policy application process.
Additionally, the ability to scan hardcopy documents to the desktop, store them and then share them with others offers a powerful solution to agents and employees who are used to searching in file cabinets for hours or even days for a specific document. By scanning and indexing critical files, insurance organisations not only improve productivity, they plan for disaster. In the insurance industry, having a back-up plan for retrieving information is a necessity, as regulations require more and more documentation.
Before implementing new technology to help manage the flow of information, insurance organisations should consider the impact on employees, as well as the bottomline. To ensure ROI, it is important to consider work habits and cultural norms that will be affected. Training sessions are a valuable tactic to ensure employees understand how new solutions will integrate with existing processes and technology. To guarantee new technology is truly impacting the bottomline, companies add managed services to allow for continual evaluation of the success of their operations. Employing a third party consultant to manage what workers don?t have time for?measuring the impact of document content, evaluating the number of documents being produced keeps down-time to a minimum.
Using people, documents and technology to their full potential saves money and improves productivity. Evaluating productivity and costs before making technology decisions, considering cultural implications and continually assessing the success of new technology will help determine the most effective ways to improve workflow within an insurance organisation.
?The writer is executive director, Xerox Global Services