Kofax to Improve Claims Processing for General Insurance and Asset Management Provider
November 19, 2014
By Peter Bernstein
Senior Editor
Improving the business processes associated with mission critical insurance interactions is at the top of most insurers’ lists regardless of where they are located around the world. An example of the universality of the need to improve such processes through software automation, which not only improves business process efficiency but also reduces costs while improving the customer experience, is a recent announcement from business process automation specialists Irvine, CA (News - Alert)-based Kofax.
The company revealed that a leading provider of general insurance and asset management solutions in Asia Pacific has invested more than $700,000 for Kofax TotalAgility®, Kofax Mobile Capture™ Platform, Kofax Web Capture™, Kofax Kapow™ and Kofax Altosoft Insight™ with the goals of minimizing manual processing of claim documents, increasing productivity and reducing costs.
Kofax is a company with a long history of innovations in the document management field. The solution selected by the customer is designed to streamline the claims process by intelligently enabling multichannel sorting, classifying and routing by workflow so the company can better handle both electronic and paper claim submissions and the capture of trailing documents. As Kofax notes, it was selected as part of the customer’s initiative to transform processes associated with more than 300,000 documents annually.
For those not familiar with the Kofax portfolio a brief description is in order.
Kofax TotalAgility: A unified smart process application development and deployment platform that includes multichannel capture, business process and case management, data integration, advanced analytics and mobility in a single platform.
Kofax Mobile Capture Platform: Enables creation of dynamic mobile apps that integrate capture and process management capabilities to streamline information intensive customer interactions and extend self-service capabilities.
Kofax Web Capture: A comprehensive toolkit that "scan and image enables" Web applications. It enables organizations to extend information capture beyond firewalls to customer facing portals.
The Kofax Kapow integration and automation platform: For acquiring, enhancing, and delivering information to enterprise applications. This information that was previously unattainable, unusable, or costly to integrate can now be used to drive productivity and add insight into the decision-making.
Kofax Altosoft Insight™: A tool which features rapid, no-coding development of near real-time reporting and dashboard applications. It provides real-time, extremely low latency process and data analytics, visualization and ETL (extract, transform, load) capabilities for data and process analytics.
"Insurance claims processing can be extremely labor intensive, error prone and fraught with latency," commented Howard Dratler, Executive Vice President of Field Operations at Kofax. "The Kofax solution automates the claims process, enabling insurers to achieve higher levels of straight through processing and provide a higher level of service to their customers."
The sale closed in the first quarter of Kofax's fiscal year 2015 and included approximately $373,000 in software license revenue and $328,500 in professional services and maintenance.
As noted, process automation has become a critical part of insurance companies looking to increase their operational excellence in a cost-effective manner while also improving the customer experience. As all of us who interact with insurance companies know, that first mile of dealing with the claims process is not just a challenge for us, but also for the people who manage it. This is why automated solutions for claims processing are at or near the top of insurance company IT transformations.
Edited by Maurice Nagle
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