Document management at Sahara Life Insurance
Life insurance revolves around documents that must be checked
and verified. Sahara Life Insurance (SLI) deployed a document management system
to expidite this process even before the insurer signed up its first customer.
Balaram Sarma, Chief Operating Officer of SLI informs, Paper validation
for every transaction is time consuming. Proposals from a potential insurance
applicant need to be verified and underwritten before a policy is presented.
Sometimes, there is also the need for additional documents adding to the time
taken. The traditional process took 15 to 20 days for each application. SLI,
being new in this segment could not afford to take this much time for processing.
SLI wanted everything in place before it launched its operations.
To speed up the validation process it decided to send only the information to
its primary location at Lucknow. We realised that sending a scanned copy
to the primary location would help save time, recalls Sarma. Additional
documents and secondary papers would be sent later by post. However, the primary
papers still had to be sent according to the law.
The company also wanted a process by which it would be possible
to record every incoming paper form received from a policyholder. The requirements
were clearthe vendor had to be able to provide the right solution and
do so in a short period of time. He remarks that Newgen Software Technologies,
the chosen vendor, wanted to prove itself in the software arena, while SLI wanted
to prove itself in the insurance sector.
The vendor provided SLI with a solution in three parts: OmniCapture for scanning
documents, OmniDocs for document management, and OmniFlow to manage automated
workflow which helped SLI reduce the processing time.
According to Sarma, OmniCapture has helped them scan documents
with less human intervention and fewer errors. On the other hand, OmniDocs has
been useful for archival, helping them preserve important documents such as
policies and claims granted. Finally, OmniFlow has acted as the spine of all
information that comes into the organisation through policyholders.
- The company intends to integrate AsiaLife
with the system after April 2007.
- It is getting a good response to the system
which has been fine-tuned to meet its current requirements.
IT comes first
While most organisations start operations and then look to
upgrade their infrastructure, Sahara Life Insurance decided to take a different
route. Sarma explains that the company commenced operations in October 2004,
but the IT implementation began around July 2004. There were no phases to the
implementation. The idea was to ensure that there was a system in place
which would automate document validation and workflow throughout the organisation.
The only problem for them was that the users were new and they had a mental
block related to dealing with information on a computer rather than paper. However,
this block was soon cleared, and today the users at SLI are largely satisfied.
The time needed to complete paperwork has dropped to three days. Sarma furhter
disclosed that the next move is to align a software called AsiaLife with existing
enterprise wide applications.