ECM solutions can benefit businesses, but lack of awareness

 

Monday, Apr 13,2009, 8:28:40 PM   Click:

Many insurers have a view on a system to capture, manage and store unstructured data that can facilitate the information work, help to address regulatory compliance and improve operational responsibility, a recent study has found.

The solution is to ignore content management company. ECM, according to Ara Trembly, founder of Insurance Tech Consultant, allows for the automation of several business processes.

"Unstructured data" includes voice messaging, printed documents, handwritten notes, video, the body of an e-mail, Web pages, etc.

The survey taken by enChoice located more than 50 percent of industry respondents did not have a system for ECM.

Mr. Trembly hosted a virtual roundtable on ECM, entitled "Economics and technology will change the subscription.

During the roundtable, Wally Bitaut, Executive Vice President, Software Division of enChoice, a specialist who implements ECM solution and manages the IBM ECM, ECM said companies may work better.

They can manage content and automate processes more efficiently, turn around information to customers and business partners more quickly, to guard against internal fraud, and have the information organized and ready in the case of a trial or for regulatory compliance, he explained.

Built on IBM ECM suite of products, enChoice provides KwikWork GMP 4Underwriting solution.

ECM, said Bitaut can help companies achieve savings through automation of processes, activities-based systems are eliminated paper.

In addition, he said, companies can take their full-time work force so that organizations can grow and increase revenue without a corresponding increase in employees.

The idea, Mr. Bitaut said in an interview with National Underwriter, is to arrive at a point on the "straight-through processing (STP)-for example, the displacement of a new business through the underwriting process as quickly as possible with little to no human interaction.

Straight-through processing allows a company to turn around quotes faster, and to obtain from the beginning till the end as quickly as possible, "said Bitaut.

For a new business application, "said Bitaut rule of business decisions can be developed around a new application form (electronic or otherwise) on the basis of certain parameters such as geographic location ( state) or other conditions warrant. This would allow the presentation to move in much of the application process, without any human intervention, saving time and resources.

Before the automation process can begin, although Mr. Bitaut said during the roundtable that the first step is to centralize ECM content silos paper in digital form on file sharing and elsewhere.

Once the information is centralized, the content can be activated, and automation processes can be started around it, "he explained.

Speaking to the implementation of ECM, a company, Jay Cavanna, chief architect solutions enChoice, said National Underwriter, a company can store all its information on a repository on the premises, the equipment lever. When information comes to the company, whether digital information or information that is scanned, it is then indexed so that it can be accessed easily.

As a specialist in the ECM, "said Cavanna, enChoice provides direction and informs the buyer to use and configure the system to meet the operational needs of the business.

For small businesses who do not have large departments in May, or who want to use the solution without saving the content and related equipment on the site, enChoice can host the entire solution.

Before the roundtable, enChoice conducted a survey of 653 agents, brokers, corporate executives of insurance, insurers, risk managers and others about their experiences with ECM.

Of the 490 respondents who answered a question about the work of handling current problems, 47.1 percent access to information cited from multiple systems. Compliance issues (33.9 percent), silos of information (30.4 percent) and a manual focus on the transformation of paper (35.3) were also popular responses. Respondents were asked to check all factors that apply.

Replying to a question regarding the type of return on investment (ROI) is the most important in justifying the investment in technologies such as ECM, 67.9 percent of respondents cited the transformation more with fewer people.

Forty-three point three percent of compliance has been said the most important justification. Another 46.9 percent of the responsibility, or who does what and when, which may protect against internal fraud. Accessibility and availability of the system was recorded by 40.2 per cent.

But despite respondents from these priorities and concerns, 51.3 percent of 651 respondents said they do not currently have a solution ECM. Another 29.5 percent said they did not know if they had such a solution.

Just 12.6 percent said they already leverage ECM within their underwriting department, and an additional 6.6 percent said they leverage ECM within the organization, but not within the subscription.

Mr. Bitaut said his goal is to raise awareness and to reflect on the business process automation to become more efficient and to get companies to understand that technology is a means to do so.

Bitaut but he noted that when the economy weakens, fraud and risk. Companies that have all content stored in a central repository to manage, secure and protect business assets against fraud, he noted.

In addition, when the content is on, companies can make "better decisions faster," said Bitaut, reduce risk and enable the company to do more with less hardware resources.

NU Online News Service, April 10, 2:25 pm EDT

Many insurers have a view on a system to capture, manage and store unstructured data that can facilitate the information work, help to address regulatory compliance and improve operational responsibility, a recent study has found.

The solution is to ignore content management company. ECM, according to Ara Trembly, founder of Insurance Tech Consultant, allows for the automation of several business processes.

"Unstructured data" includes voice messaging, printed documents, handwritten notes, video, the body of an e-mail, Web pages, etc.

The survey taken by enChoice located more than 50 percent of industry respondents did not have a system for ECM.

Mr. Trembly hosted a virtual roundtable on ECM, entitled "Economics and technology will change the subscription.

During the roundtable, Wally Bitaut, Executive Vice President, Software Division of enChoice, a specialist who implements ECM solution and manages the IBM ECM, ECM said companies may work better.

They can manage content and automate processes more efficiently, turn around information to customers and business partners more quickly, to guard against internal fraud, and have the information organized and ready in the case of a trial or for regulatory compliance, he explained.

Built on IBM ECM suite of products, enChoice provides KwikWork GMP 4Underwriting solution.

ECM, said Bitaut can help companies achieve savings through automation of processes, activities-based systems are eliminated paper.

In addition, he said, companies can take their full-time work force so that organizations can grow and increase revenue without a corresponding increase in employees.

The idea, Mr. Bitaut said in an interview with National Underwriter, is to arrive at a point on the "straight-through processing (STP)-for example, the displacement of a new business through the underwriting process as quickly as possible with little to no human interaction.

Straight-through processing allows a company to turn around quotes faster, and to obtain from the beginning to the end as quickly as possible, "said Bitaut.

For a new business application, "said Bitaut rule of business decisions can be developed around a new application form (electronic or otherwise) on the basis of certain parameters such as geographic location ( state) or other conditions warrant. This would allow the presentation to move in much of the application process, without any human intervention, saving time and resources.

Before the automation process can begin, although Mr. Bitaut said during the roundtable that the first step is to centralize ECM content silos paper in digital form on file sharing and elsewhere.

Once the information is centralized, the content can be activated, and automation processes can be started around it, "he explained.

Speaking to the implementation of ECM, a company, Jay Cavanna, chief architect solutions enChoice, said National Underwriter, a company can store all its information on a repository on the premises, the equipment lever. When information comes to the company, whether digital information or information that is scanned, it is then indexed so that it can be accessed easily.

As a specialist in the ECM, "said Cavanna, enChoice provides direction and informs the buyer to use and configure the system to meet the operational needs of the business.

For small businesses who do not have large departments in May, or who want to use the solution without saving the content and related equipment on the site, enChoice can host the entire solution.

Before the roundtable, enChoice conducted a survey of 653 agents, brokers, corporate executives of insurance, insurers, risk managers and others about their experiences with ECM.

Of the 490 respondents who answered a question about the work of handling current problems, 47.1 percent access to information cited from multiple systems. Compliance issues (33.9 percent), silos of information (30.4 percent) and a manual focus on the transformation of paper (35.3) were also popular responses. Respondents were asked to check all factors that apply.

Replying to a question regarding the type of return on investment (ROI) is the most important in justifying the investment in technologies such as ECM, 67.9 percent of respondents cited the transformation more with fewer people.

Forty-three point three percent of compliance has been said the most important justification. Another 46.9 percent of the responsibility, or who does what and when, which may protect against internal fraud. Accessibility and availability of the system was recorded by 40.2 per cent.

But despite respondents from these priorities and concerns, 51.3 percent of 651 respondents said they do not currently have a solution ECM. Another 29.5 percent said they did not know if they had such a solution.

Just 12.6 percent said they already leverage ECM within their underwriting department, and an additional 6.6 percent said they leverage ECM within the organization, but not within the subscription.

Mr. Bitaut said his goal is to raise awareness and to reflect on the business process automation to become more efficient and to get companies to understand that technology is a means to do so.

Bitaut but he noted that when the economy weakens, fraud and risk. Companies that have all content stored in a central repository to manage, secure and protect business assets against fraud, he noted.

In addition, when the content is on, companies can make "better decisions faster," said Bitaut, reduce risk and enable the company to do more with less hardware resources.