Ensuring e-business success
A new information capture system is key to a European insurance company’s plan to grow aggressively while containing costs.
The UK Skandia Group part of Skandia Insurance Co. of Sweden, is using the solution to transform business information--now stranded in hard-copy documents--into digital content, then deliver that content into Skandia’s e-business systems and workflow processes.
Skandia officials say they selected the InputAccel information capture system from ActionPoint because it’s flexible enough to handle changing business needs and has the potential to double volumes processed. The system is also compatible with Skandia’s existing technical infrastructure and can be expanded to provide new forms of customer interaction capabilities in the future.
Says Mike Evans, Skandia’s Customer Services director, “We’re seeing phenomenal growth right now, but we also need to control operating expenses while delivering ever-improving customer service. This technology lets us streamline our operations and improve the efficiency of our people and e-business processes. As a result, we can raise the standard of service and competitive offerings we provide our customers and distribution network.”
According to Julie Moore, Research & Development manager at Skandia, the company expects initial 12-month cost savings of $426,000 to grow exponentially due to future productivity gains. And more time-efficient processing will enable Skandia to push at least 50% more work through the system, she says, with the same operating hours and human resources.
“The application of best-business processes and technology are fundamental to Skandia’s continuing growth and success,” Moore adds.
As the largest insurance group in Sweden, Skandia has assets of more than $14.2 billion and provides life, pensions and investment products through independent financials advisers in the United Kingdom and intermediaries in the European Union and overseas market.