Introduction

A prominent player in the insurance industry, grappled with a document management system that was outdated and inefficient. Manual data entry, paper-based processes, and siloed document storage hindered productivity and increased processing times. To tackle these challenges and unlock operational excellence, implemented our FloHoard next-generation Document Management System (DMS) equipped with cutting-edge features.

Challenges

• Manual Data Entry Errors: Time-consuming manual document processing led to errors and inconsistencies in data capture.
• Paper Reliance: Physical documents slowed down processing times and increased storage costs.
• Siloed Information: Documents were scattered across departments, hindering collaboration and hindering information retrieval.
• Integration Issues:Existing core systems could not seamlessly integrate with the document management system, creating data silos.

Solutions

• Proprietary Optical Character Recognition (OCR): This intelligent technology accurately extracted text from scanned documents, eliminating manual data entry errors and automating data capture.
• AI-Powered Document Classification: Artificial intelligence automatically categorized documents based on content, streamlining document routing and retrieval.
• Workflow Automation: Predefined workflows were established for tasks like policy underwriting, claims processing, and customer onboarding, ensuring efficient document flow and minimizing manual intervention.
• Integration with Existing Core Systems: Seamless two-way integration with core systems like policy administration and claims management enabled real-time data exchange, eliminating data duplication and boosting accuracy.
• Data Ingestion Through Scanning and APIs: The system offered flexible data ingestion options, accepting scanned documents and seamlessly integrating with external applications through APIs
• Document Versioning: All document revisions were automatically tracked and accessible, providing a clear audit trail and facilitating regulatory compliance.
• Size Compression:The system efficiently compressed document sizes, reducing storage requirements and enhancing retrieval speed.
• Auditing:Comprehensive audit logs tracked all document activity, ensuring transparency and accountability within the organization.