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Organization: Finansbank Operational challenge...
In 2004, for the first time, the Management of...
Industry: Financial services Objective: ...
Slow paper-dependent processes often hinder an insurer's ability to provide better customer service and compete in today's market. For insurers, the speed at which they quote a new policy, answer a policyholder's inquiry or process a claim can make or break their success. Although speed is a necessary component in business processes, insurance companies shouldn't sacrifice it for accuracy.
To address this concerns, Takaful Malaysia Berhad (Takaful Malaysia, the first takaful operator in Malaysia), deployed Hyland Software's enterprise content management solution (ECM), OnBase, streamlining underwriting and claims processes across its 40 sales and servicing outlets. New business is written sooner and claims are resolved faster without sacrificing data integrity.
"Speed and accuracy are the binding forces driving business at insurance carriers. Because OnBase seamlessly integrates with existing systems -- from policy administration to claims management systems -- employees are able to access data to streamline processes across all departments," said Ed McQuiston, Hyland's strategic alliances and insurance solutions manager.
Consistent procedures now surround every process at Takaful Malaysia because electronic workflows collect and route data in underwriting new business and processing claims. The entire process has become automated, and more importantly, tracked. Managers now have an instant view into the current business state -- how many applications are currently being processed, how many claims have been approved or rejected and how many are in the queue. OnBase workflow gives insurers better insight and more time to react to changes in their business and the market.
"We no longer have to worry about inconsistent processes or missing documents taking up time," said Dato' Mohamed Hassan Kamil, group managing director of Takaful Malaysia. "The standardization helps us stay true to our mission of achieving operational excellence through technology-driven innovation and becoming the preferred choice for insurance."