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The Kofax Solution and its Impact on Insurance
1.
Impact Insurance How Carriers
are Leveraging Customer Driven Processes to Drive Revenue Growth, Profitability and Compliance
2.
2 of 16INDEX Copyright©2012,Kofax,Inc.Allrightsreserved. CONTACT Index Impact:
Insurance.................................................................... 3 Key Insurance Challenges....................................................... 4 The Kofax Solution.................................................................. 5 Customer Engagement........................................................... 7 Operational Efficiency............................................................. 9 Regulatory Compliance..........................................................11 Conclusion.............................................................................. 13 Valued Customers................................................................. 14 Contact................................................................................... 16
3.
3 of 16INDEX Copyright©2012,Kofax,Inc.Allrightsreserved. CONTACT Impact:
Insurance Deliver Maximum Impact Insurers in every market are seeking new formulas for success. The goal:To deliver maximum impact on those critical aspects of the business that drive growth, profitability, and customer loyalty. Customer Engagement Energize and enrich customer relationships with world-class responsiveness, transparency and proactive communications. Drive customer satisfaction by arming agents and reps with authoritative, real-time information. Operational Efficiency Cut overhead by turning document management and information workflow into a fast, accurate, touch-less process from start to finish. Make faster, better decisions with instant access to data and documents from anywhere in your enterprise. Regulatory Compliance Secure your critical documents and information with a unified content system that minimizes human touch-points and the risk of data breaches. Ensure compliance with built-in workflows and secure, efficient archiving solutions. And stay current with fast-changing regulations with flexible solutions that are easily updated. Today’s insurance CIO faces the demand to support growth and profitability, increase focus on the customer, and develop new data capabilities to support regulatory demands and other business imperatives. “ “ David Hollander, Ernst & Young October, 2012
4.
4 of 16INDEX Copyright©2012,Kofax,Inc.Allrightsreserved. CONTACT Key
Insurance Challenges An Evolving Landscape Insurers are facing an array of tough new pressures. Many are dealing with a radically changing marketplace driven by intense competition, an empowered consumer and massive regulatory mandates. An Unpredictable Market Many businesses — and insurers in particular — are grappling with unprecedented global catastrophes and economic volatilities that have rocked their bottom lines. A Perfect Storm A radically changing workforce combined with a newly empowered, tech-savvy consumer whose loyalty is no longer assured is creating a perfect storm of market forces – one that challenges insurers’ profitability, growth, and brand loyalty like the industry has never experienced before. Global Catastrophes Changing Workforce Economic Uncertainty Regulatory Compliance Technology Consumerization Profitability 6Increase Revenue Reduce Expenses Maintain Compliance PROFITABILITY
5.
5 of 16INDEX Copyright©2012,Kofax,Inc.Allrightsreserved. CONTACT The
Kofax Solution Move Confidently into the Future The good news is there are abundant opportunities for insurers to seize a competitive advantage by embracing smart, innovative strategies.That’s why more and more insurers are adopting enterprise capture technologies from Kofax to move confidently into the future. Accelerate Your Information Management Kofax empower carriers to manage information with unprecedented speed and accuracy – and harness it in new ways to drive growth and profitability. With Kofax Capture Enabled Business Process Management, insurers are seizing the initiative by delivering outstanding customer service, ultra-efficient claims processing, creating greater business insight and total regulatory compliance. Leverage the Power of Mobile and Web Portal The Kofax difference starts with capturing documents at the Point of Origin™ -- and then extracting and classifying information with error-minimizing technologies. And now with Kofax Mobile Capture, you can use smartphones and tablets to capture documents anywhere your customers and agents roam.
6.
6 of 16INDEX Copyright©2012,Kofax,Inc.Allrightsreserved. CONTACT Kofax
Capture Enabled Solution A Powerful Capture Integrated BPM Solution With Kofax’s Capture Enabled BPM, organizations can automatically capture, classify, extract and validate information through a touchless process – and then insert the right information into their business processes, applications, and content repositories. Kofax’s best-in-class platform manages every type of document, including paper forms and records, faxes, emails, texts, Web downloads, and more. Energize and Enrich Customer Relationships by merging information from every channel and proactively communicating with customers, patients, and partners. Drive Customer Satisfaction by arming you agents and customer service reps with authoritative, real-time information on any customer query. Reduce Typical Application Processing Attract New Business with world-class responsiveness – from onboarding to inquiries to claims processing enabling faster response to new business opportunities.
7.
7 of 16INDEX Copyright©2012,Kofax,Inc.Allrightsreserved. CONTACT Impact:
Customer Lifecycle NEW BUSINESS & Underwriting CLAIMS Management CUSTOMER Service THROUGH BETTER CLIENT ENGAGEMENTSACROSS THE ENTIRE CUSTOMER LIFECYCLE accuracy speed responsiveness transparency security IS UNIQUELY POSITIONED TO HELP INSURANCE CARRIERS DRIVE REVENUE GROWTH KOFAX
8.
8 of 16INDEX Copyright©2012,Kofax,Inc.Allrightsreserved. CONTACT Impact:
Customer Engagement The Power of Customer Experience A modest improvement in customer experience at a $10 billion insurance carrier will increase customer loyalty and boost revenue by approximately $298 million and just a 1% increase in customer retention increased annual premiums by $1 million. Source: Forrester Research, February 17, 2010 Maximize the Customer Experience While products and pricing still matter, what increasingly attracts and keeps customers are their personal experiences with insurers at key points in the relationship. Kofax is helping carriers jump ahead of the curve with solutions specifically engineered to enhance the customer experience. Develop a Long-Term Relationship Our solutions build customer satisfaction and loyalty with greater claims-process speed and transparency. We improve customer interactions by equipping agents with all the documents and evidence they need to answer queries with authority. A Relationship ofTrust We help insurers build trust and loyalty by reaching out to policyholders with automated notifications and providing convenient, online access to claims and policy information. CHALLENGES responsiveCUSTOMER SERVICE greaterCUSTOMER SATISFACTION growingCONSUMER EMPOWERMENT switchingCARRIERS IS EASY tech-savvy& INFORMED CONSUMER RESULTS lowerATTRITION RATES
9.
9 of 16INDEX Copyright©2012,Kofax,Inc.Allrightsreserved. CONTACT Impact:
Customer Engagement Ecclesiastical Insurance Group Ecclesiastical is a specialist insurance and financial services company specialising in charity insurance , education insurance , heritage insurance and care insurance alongside a range of other insurance and financial services products. “75% of our users believe [capture and BPM] help them provide a more consistent level of service to customers.” David Green, Program Manager, Ecclesiastical SITUATIONTHE COMPANY EXCEEDED ITS CAPACITY TO MEET CUSTOMER EXPECTATIONSAND ADAPT TO THE INDUSTRIES RAPIDLY CHANGING BUSINESS MODEL New entrants and a soft market puts pressure on rates & margins SOLUTION RESULTS quick & intuitive USERS RAPIDLY EMBRACED THE SYSTEM Reduction in Task Allocation Time 5x Kofax Capture™ — New Business/Underwriting Reduced costly & inefficient manually intensive processes by 60%providing significant capacity for growth
10.
10 of 16INDEX Copyright©2012,Kofax,Inc.Allrightsreserved. CONTACT Impact:
Operational Efficiency Powering Efficiency A major North American insurer more than doubled the productivity of its claims processing staff with Kofax capture enabled BPM and a major U.S.-based insurer says that deploying Kofax document-automation technologies will enable it to sustain its rapid expansion into China. Next-Generation Enterprise Capture and BPMTechnology As insurers address sweeping industry wide changes, they are turning their focus toward re-engineering the enterprise to achieve new cost efficiencies in claims processing workflow and other core business functions.That’s why more insurers are taking a closer look at next-generation enterprise capture technologies specifically designed to speed workflow processing, improve accuracy, and cut costs. Accurate & Better Decisions Faster With Kofax, insurers are dramatically cutting overhead by turning document management into an accurate, touch-less process from start to finish. They are seizing more business opportunities by giving agents and sales teams the right information at the right time. And they are making faster, better decisions. CHALLENGES automatedINDEXING & ROUTING reducedMANUAL PROCESSING increasedACCURACY slowRESPONSE TIME costlyPROCESSING ERRORS agingWORKFORCE RESULTS fasterPROCESSING improvedCOMPLIANCE MANAGEMENT increasingVOLUMES higherLABOR COSTS
11.
11 of 16INDEX Copyright©2012,Kofax,Inc.Allrightsreserved. CONTACT Impact:
Operational Efficiency Allianz Insurance & Asset Management The Allianz Group is one of the leading integrated financial services providers world- wide. With 142,000 employees worldwide, the company serves over 78 million customers in more than 70 countries. “The results speak for themselves: faster and more transparent processes, lower costs, satisfied suppliers, and an always up-to-date view of the company’s cash-flow situation.” Sven Rossbach, CEO & COO Allianz Business Services SITUATIONTHE COMPANY RECEIVES OVER 100K DOCS PER MONTH 50k CLAIMS 60k EMAILSWITH COVERAGE OF UP TO 8LANGUAGES Manual processing of documents weakened competive position SOLUTION RESULTS increased productivity IN THE BUSINESS OVERALL Achieved Higher Validation Rates Kofax Capture™ — Customer Service — Digital Mailroom Reduced processing time from 4 DAYS 6to just a few hours
12.
12 of 16INDEX Copyright©2012,Kofax,Inc.Allrightsreserved. CONTACT Impact:
Regulatory Compliance Improved Compliance Kofax Transformation Modules provide a controlled IT-based framework for gathering sensitive customer data as soon as it enters an organization and delivering it quickly into a secure repository. Powerful data validation capabilities ensure that the data is correct and that content retention and security policies can be applied more reliably. Regulations and Consumer Protections Compliance has emerged as a critical business imperative for insurers. Whether it’s the maze of U.S. legislation known as Healthcare Reform, the E.U.’s Solvency II initiative or other regional set of requirements insurers are seeking ways to turn the burden of regulations and consumer protections into a competitive advantage. Meet Requirements and Minimize Risk With Kofax, healthcare and other insurers are meeting compliance requirements and minimizing risk with touchless information workflows and securing critical documents with a unified, fully protected content system. Cost-Saving Solution Studies show that insurers can reduce errors by 80% or more by automatically extracting, classifying and validating claims using Kofax enterprise capture solutions. Carriers are also protecting against fraud, double payments and lost documents with seamless information transfer between business applications. CHALLENGES reducedHUMAN TOUCH POINTS automatedARCHIVING everchangingREGULATIONS regional timely RESULTS adaptability REQUIREMENTS AUDIT RESPONSE TO CHANGING REGULATIONS
13.
13 of 16INDEX Copyright©2012,Kofax,Inc.Allrightsreserved. CONTACT Impact:
Regulatory Compliance Aviva Aviva is a multinational insurance company headquartered in London. It is the sixth largest insurance company in the world measured by net premium income and has around 43 million customers across 21 countries. “There hasn’t been a single case of confidentiality breaches. We are cutting this risk substantially.” Hema Jayaseelan, Document Management, Manager. SITUATION RAPID GROWTHOF CLIENT BASE AND PRODUCT PORTFOLIO VOLUME PUT CUSTOMER SERVICE LEVELS AT RISK Company faced growing burden of insurance and financial regulations SOLUTION RESULTS Singapore EvidenceAct AWARDED CERTIFICATION Cost Reduction 8x Kofax Capture™ — Customer Service — Digital Mailroom Better customer service through improved SPEEDaccuracy, security and responsiveness
14.
14 of 16INDEX Copyright©2012,Kofax,Inc.Allrightsreserved. CONTACT Conclusion:
The Way Forward New Strategies for a New Marketplace In a marketplace defined by choosier customers, tougher regulations, and profit pressures, insurance companies are concentrating their investments in strategies designed to transform the customer experience, streamline compliance programs, and boost the bottom line. Meeting the Challenges Ahead With its best-in-class enterprise capture solutions, Kofax enables insurers to meet the challenges ahead with touch-less information flows that drive world-class customer service, reduce cost and risk, increase sales efficiency, and consistently meet regulatory mandates. Putting Kofax Solutions to Work The proof of our value is in the success of customers. As shown in the following pages, many of the world’s most successful and faster growing insurance companies rely on Kofax to take on the future with confidence.
15.
15 of 16INDEX Copyright©2012,Kofax,Inc.Allrightsreserved. CONTACT Our
Valued Customers of the TOP 12 P&C INSURERS1 7 7 of the WORLD’S 10 LARGEST INSURERS2 of the TOP 21 LIFE INSURERS1 11
16.
16 of 16INDEX Copyright©2012,Kofax,Inc.Allrightsreserved. CONTACT Contact UNITED
STATES Kofax, Inc. Headquarters: 15211 Laguna Canyon Road Irvine, CA 92618-3146 General inquiries: +1 949 783 1000 UNITED KINGDOM Kofax UK Ltd. 1 Cedarwood Chineham Business Park Basingstoke, Hampshire RG24 8WD General inquiries: + 44 (0) 870 777 3767 1. Customer Experience Index 2010: Insurance Providers, Forrester Research, February 17, 2010 2. American Customer Satisfaction Index, quoted in “Insurance Providers: Improving Customer Retention through the Contact Center” white paper by Jacada, 2008 3. Insurance Technology - CRM in Global Insurance, Datamonitor, 2008; quoted in “Insurance Providers: Improving Customer Retention through the Contact Center” by Jacada, 2008 4. A study by the Wharton School cited in Eight Strategies for First Rate Customer Service, Cisco Innovators, www.cisco.com, January 2008 5. “Enabling Seamless Service Across the Enterprise,” Doug Smith, VP Globalization, Service & Administration, Unum, IASA Executive Education Roundtable Series, May, 2011 6. Financial Services Customer Experience Survey, Maritz, 2008. (quoted in “Insurance Providers: Improving Customer Retention through the Contact Center” by Jacada, 2008) 1 Ranked by market cap. AM Best June, 2011 2 Ranked by non-banking assets, AM Best Jan, 2012
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