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Insurance: Simplyfying information collection and distribution

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We streamline your new business process, resulting in lower costs, shorter cycle time and a better experience for your agents, brokers and customers.

Our Track Record in the Insurance industry
Fuji Xerox Singapore (FXS) is one of the leaders in providing end-to-end document printing and management solutions for the insurance industry. We manage and print in excess of 100 million pages annually for more than 60 direct insurers, agents and brokers in Singapore.

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Insurance: Simplyfying information collection and distribution

  1. 1. New Business Insurance Solution (newBIS) We streamline your new business process, resulting in lower costs, shorter cycle time and a better experience for your agents, brokers and customers.
  2. 2. Industry Solution Overview Industry Challenge Despite advances in document management technologies, the insurance industry continues to be flooded with paper documents. Our research shows that Fuji Xerox customers in the insurance industry generate an average of 1,600,000 pages per company annually – one of the highest amongst all industries. While the industry is progressing towards less paper- intensive workflows, the majority of internal and external communications still reside within paper documents. Critical documents such as application forms, policy certificates and statements contribute to this significant volume, which form the lifeblood of communication in the claims, underwriting and marketing departments. Around the globe and increasingly in Singapore, the market share of traditional insurers has been challenged in recent years by a variety of forces – from internet disintermediation to aggressive marketing by new entrants, financial services deregulation, compliance pressures, competition from other investment vehicles, and, of course, customer empowerment. To meet these challenges, insurers today seek to understand their customers better and facilitate the exchange of information with agents and brokers to derive added value for customers. To boost profitability and growth, insurers need to align their product strategies, such as cross-selling products to their customers. A Complete Solution Key contributors to the large number of pages generated are paper documents supporting the new business process. To improve the management of marketing materials, the Collateral Management module provides a convenient online web store that allows agents to order brochures, application forms or any other marketing collateral from any location at anytime. In addition, Collateral Management performs print inventory management, reducing overprinting. Agents kick off the new business process by submitting policy application documents such as Application Forms, Proposals, Financial Plans and other supporting documents. The Digitisation and Archival modules provide insurers with the capability to scan and manage these documents electronically for future reference by internal departments, agents or even customers. Policy application documents can also be distributed electronically to underwriters for faster approval, with a system audit trail. Upon the underwriter’s approval, the entire set of Policy Documents such as Policy Certificates and supporting Policy Information is captured and transformed by the Printing and Output modules into high quality and professional looking documents. The Output module reduces the time needed to print supporting Policy Information by pre-sorting and collating the information with Policy Certificates. Final Policy Certificates and Information are automatically delivered via different channels (Internet, Email or Print) either as printed or electronic documents. As a market leader in providing managed services to the Financial Services and Insurance industry, newBIS also offers three key outsourced services to improve the new business application process of the insurer. “The New Business Insurance (newBIS) is an important piece of the document management strategy that helps insurers streamline their new business operations and optimize the 1,600,000 pages per company generated annually.” Our Track Record in the Insurance industry Fuji Xerox Singapore (FXS) is one of the leaders in providing end-to-end document printing and management solutions for the insurance industry. We manage and print in excess of 100 million pages annually for more than 60 direct insurers, agents and brokers in Singapore. Copyright © 2011, Strategy & Innovation Office, Fuji Xerox Singapore, All rights reserved.
  3. 3. “newBIS leads to a streamlined new business process, resulting in faster turnaround times for applications as well as improving productivity.” Printing Services and Scanning Services provide experienced onsite or offsite printing and scanning services to help insurers expedite the new business application process in a timely, accurate and cost effective manner. Document Design Services helps insurers design new business documents with improved intelligence, accountability and readability to facilitate the application process. Customer Benefits newBIS improves the process cycle time for new applications and delivers a better document experience throughout the new business proves, from collaterals requisition by agents, to policy certificate distribution to agents and customers.The ordering and distribution of marketing collaterals to agency or brokers are streamlined for improved efficiency and turnaround time with newBIS. newBIS also reduces operational cost through better management of paper wastage. newBIS simplifies manual tasks such as the sorting and physical distribution of application documents, as well as the collating, enveloping and courier of policy documents. In fact, the latter can be completely eliminated using an electronic means of delivery such as email or the internet. newBIS leads to a streamlined new business process, resulting in faster turnaround times for applications as well as improving productivity. newBIS transforms the insurer into a lean service provider, lowering operation costs as well as improving agency satisfaction, and ultimately customer satisfaction. Improve Agency Satisfaction Improve Process Cycle Time Improve Document Experience Internet Policy Certificate Application Form Policy Information Supporting Document New Business Insurance Solution (newBIS) newBIS Collateral Management newBIS Digitisation newBIS Archival newIS Output newBIS Printing newBIS Scanning Services newBIS Printing Services newBIS Document Design Services Financial Plans Marketing Collaterals Proposal Reduce Operational Cost Improve Customer Satisfaction AGENTS / BROKERS INSURER CUSTOMERS Email Print Copyright © 2011, Strategy & Innovation Office, Fuji Xerox Singapore, All rights reserved.
  4. 4. © 2011 Fuji Xerox Co., Ltd. All rights reserved. Xerox® and the sphere of connectivity design are registered trademarks of Xerox Corporation in the U.S. and/or other countries. Printed on FSC Certified paper. For information, call or visit us at Fuji Xerox Singapore Pte Ltd 80 Anson Road, #01-01 Fuji Xerox Towers Singapore 079907 Tel: 6766 8888 h t t p: // w w w. f uj i xe r ox . c o m . s g August 2011 About the Strategy & Innovation Office (SIO) The Strategy & Innovation Office is the research, innovation and strategy advisory arm of Fuji Xerox Singapore. We are better known as “Content Lifecycle Specialists” and we focus on document –intensive business processes and practices that deliver high impact business outcomes. Our offerings include innovative industry-specific solutions and document-related advisory services to our clients. We create competitive advantage for you to meet your document challenges by improving your knowledge workforce support, customer service, customer communication and even corporate governance. For any enquiries, email: sio.enquiry@sgp.fujixerox.com or contact an SIO representative at (65) 6761 6387. Due to its channel distribution relationship, our client also faced other issues such as missing documents and accountability problems brought about by multiple document handovers. There were also opportunities of improvement in our client’s operations, where document scanning is currently performed at the tail end of the process. Case Study Background Our client is one of the most established and reputable life insurers in Singapore with over two million policies in-force. Their commitment and pursuit of excellence has earned them numerous accolades and recognition over the years Challenges Fuji Xerox Singapore (FXS) was approached to review the paper wastage incurred in our client’s environment from application forms and collaterals going obsolete. Besides the material costs incurred, it was discovered that there was also substantial administrative effort required to distribute documents to agents. The storage of these documents was also consuming unproductive office space, a cost issue aggravated by skyrocketing office rental rates in Singapore. “paper wastage incurred in our client’s environment from application forms and collaterals going obsolete” Solution Fuji Xerox Singapore (FXS) proposed an end-to-end solution that addressed our client’s document challenges. On top of optimizing their collateral printouts to reduce wastage, we also laid the foundation for the move towards digital print – giving our client the flexibility to improve and personalize their collaterals for greater document effectiveness. Our solution also provided the scalability and extensibility to streamline the document handover processes through digitization at source, together with our outsourced print services, it greatly improved process efficiency. Benefits newBIS helped our client reduced the time taken to process applications and prepare policy documents for distribution. We reduced the new business process cycle time by more than 50% for standard applications. Our solution improved operational productivity by reducing the manual and laborious tasks of sorting and distributing, on average, half a million sheets of documents every month. “we also laid the foundation for the move towards digital print”

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