Boosting productivity ... and morale
To reallocate staff to more productive pursuits and to reduce storage costs, the Member Services Unit (MSU) of Lloyd's of London will deploy software from iManage. The MSU conducts back-office administration for the insurance company's 16,000 underwriters, and expects to save more than $775,000 in operating costs within five years through iManage WorkSite.
According to a recent news release, the software will enable more effective business processes and allow the unit to easily access and collaborate on administrative processes. For example, documents relating to the sale or transfer of share certificates have been processed by hand and then microfilmed, at a cost of 5,600 staff hours per year. With the new system, all documentation is submitted electronically via a Web server to automate the process, enabling a majority of staff time to be used for other activities.
The MSU decision follows the rollout of WorkSite at Lloyd's Members' Agency Service (LMAS), a registered members agent and subsidiary company of the corporation. LMAS is said to have saved 7% of its annual administrative costs using WorkSite, and a similar ROI is expect at MSU.
Explains Jonathan Lowe, managing director at LMAS, "iManage has not only achieved out-and-out cost savings for LMAS, but has also delivered significant unforeseen benefits as well. The new system has boosted morale by freeing up staff to focus on providing accurate and instant service to our members—rather than getting bogged down in uninspiring administration work."
In-Flow, an iManage partner, is supporting MSU with the implementation. In-Flow works with companies to deploy business flow systems that help reduce costs by automating repetitive administrative tasks