Contentverse Allows Alliance Insurance to Meet Regulatory Compliance

With over forty years’ experience, Alliance Insurance is one of UAE’s leading providers of premium insurance services to individuals, corporations, and government bodies. Established in 1975, Alliance Insurance was founded on a commitment to excellence by providing unmatched customer service, security and reliability to the clients.

Alliance Insurance specializes in Life Insurance, General Insurance, Health Insurance, Motor Insurance, Personal Accident Insurance, Group Life Insurance, Home/Office Package Insurance, Travel Insurance, Marine Insurance, Aviation Insurance, Liability Insurance, and Jewelers Block Insurance.

Challenges

  • Physical storage, tracking, and management of documents are a tedious task.
  • Company processes hundreds, if not thousands, of physical paper documents each day, including client applications, policies, endorsements, declarations, cancellations and reinstatements, claims, and financials, thus generating huge volume of documents
  • Back-office insurance document management processes involved in claims management, underwriting, policy administration, application processing, insurance records management and accounting, often begin their lifecycle with paper-based processes that are time-consuming, and costly.
  • Without a centralized repository, employees don’t have access to latest versions or files and need a longer turnaround time to answer customers.
  • Cost of storage of documents is high, due to the real estate cost. The departments of the organization are spread across multiple floors.
  • While some documents can be shared with some users, some can’t be.

Implemented Departments – Finance, PRO, Legal & Real Estate, Human Resources, Administration, Group Life & PA, Non Motor Technical, Medical Department, Non Motor Department, PHS Department, Motor Department

Document Types – Payment Voucher, Journal Voucher, Petty Cash Voucher, Debit Notes, Credit Notes, Auditing Documents, Legal Documents, Employee Personal Files, Memos, Policy Document, Receipts, Life Policy Document

Average Number of Documents Processed & Stored – 3000 pages per day

Solution & Benefits

  • Implementation of Contentverse Document Management System allowed  Alliance Insurance to have a centralized document storage policy.
  • Search tools such as full text search, keyword search, date, name, and metadata search allowed employees to find documents quickly and improve their response turnaround time.
  • The Document management system allowed them to meet insurance regulatory compliance mandatory from national and regional supervisory authorities.
  • Our Document Management Solution is integrated with existing system database, thus reducing the data entry time, minimized errors and maximized efficiency.
  • Streamline and automate document retention Policies.

Why Contentverse Document Management System

Contentverse emerges as a viable solution for insurance industry because it fulfills needs specific to this industry and it is simple, flexible and affordable and has many salient attributes which really benefit insurance firms.

  • Familiar user interface
  • Supports 400+ file formats
  • Powerful scanning, indexing and searching features
  • One click email and print
  • Built in OCR and full text search
  • Custom workflow features
  • Highly secure. Control access at any level. 128 bit encryption
  • MS Office Integration & Outlook Hot Folder
  • Powerful annotation features
  • Version/ Revision feature
  • Check in/ Checkout feature
  • Notification & Alerts
  • Audit trail feature
  • Integration with the existing application
  • Database lookup feature
  • Records retention feature
  • Automated data capture using EasyIndex
  • Local services and support provided by reseller Cube Innovators Technologies LLC

Implemented across several of Alliance’s departments in Q4 of 2016, the solution centralized and secured document storage policy, integrated with insurance mission critical application to reduce data entry, minimized errors / maximized efficiency, streamlined and automated retention policies, and dramatically improved customer service with immediate access to documentation. Most importantly, Contentverse enabled them to meet insurance regulatory compliance, mandatory from national and regional supervisory authorities.

 

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