How the world s favourite reinsurance suite is about to get even better

Transcription

1 SICS With Document and Workflow Management

2 How the world s favourite reinsurance suite is about to get even better New and tougher compliance mandates Rising customer and producer service expectations Relentless demands for cost cutting These are the imperatives driving reinsurance today. They are also the reasons why many reinsurers are looking hard at their business processes, committed to meeting the challenge of change. Two questions are now critical in the quest for business fitness: how effective is document management, and how efficient is workload organisation? CSC is responding with a compelling and trusted solution designed to address both these key questions. We are enhancing our SICS software suite with Automated Work Distributor (AWD) the most complete document and workflow management system in financial services today. The growing demand to improve document and workflow management Some industry watchers claim reinsurers have lagged behind primary insurers in exploiting technology. Reinsurance contracts are complex, and operations are often relatively small scale, with less potential to deliver significant economies of scale and productivity improvements. Regulatory regimes, incorporating Sarbanes Oxley and local country requirements, demand much more sophisticated monitoring and reporting of risks and contracts Customers and producers expect a reduction in policy and correspondence cycle times, good looking paperwork, and online transaction convenience Cost efficiency and controls are increasingly important as determinants of the industry s winners and losers. More and more reinsurers are meeting these business demands across their organisations with document and workflow management technology, and they find it is making a significant difference. They are ensuring better compliance through more efficient and transparent processes. They are improving support to customers and producers with immediate and accurate work status information and more efficient multi-channel service. They are cutting costs by removing paper dependency, streamlining and automating processes, and increasing productivity and efficiency. CSC will help reinsurers achieve all these results through the SICS with AWD document and workflow management solution, using our deep and specialist knowledge of the industry to address core reinsurance business processes, such as placement, underwriting, technical accounting and claims management. New and exacting business demands on reinsurers are changing the reinsurance technology landscape fundamentally:

3 SICS with AWD - a perfect partnership AWD is a perfect partner for SICS. Like SICS, it has an unrivalled global reputation. Created by DST Systems, AWD is used by more than 340 financial services companies around the globe, with impressive results. According to the specialist research company, Celent: AWD has the largest insurance industry client base worldwide of all Business Process Management (BPM) vendors surveyed. CSC and DST have been strong global partners in supporting AWD for 15 years. AWD is CSC s recommended document and workflow management software solution, and some 90 of our customers have implemented it. AWD is also a key component in CSC s Business Process Outsourcing (BPO) operations significant, since we have the largest number of reported contracts in life, pensions and annuities BPO, and we are the leading provider in property and casualty insurance BPO for policy administration. In a unique package of capabilities in the reinsurance industry, SICS users will be able to leverage the benefits of this well proven AWD solution. They will be on course to achieve the kind of transparent process control and compliance so important in an age of ever changing regulation. They will be able to drive superior customer service, reduce exposure to disaster, and make major cuts in operating costs. In short, they will be equipped to create competitive advantage for today s and tomorrow s operating environment. The insurance industry benefits from CSC s and DST s long-standing alliance, which successfully marries insurance-specific expertise with BPM functionality Business Process Management Solution Vendors for Insurers, Celent

4 Document and workflow management with SICS Proven business benefits AWD performance is impressive. CSC s clients have achieved significant results; averaging 25% - 35% productivity improvement and 20% - 30% cost savings, for example. Here are the kinds of improvements that AWD can deliver: Compliance control and improvements Integrated document management technology Rapid access to documents for rapid dispersal to customers Multiple users can view the same document image at the same time, wherever they are parallel processing to speed document processing No more lost customer files Feature-rich document content viewer > Colour images > Sub documents > Support of additional file formats such as pdf > Thumbnails > Versioning > Annotations. Secure access to documents, providing information security Nothing lost or hidden in desks Accessible to home-workers and 3rd parties. Comprehensive audit trail Permanently recorded for every work item Who, What and When? Real-time activity event monitoring Browser-based Dashboard Immediately identifying work-in-progress bottlenecks. Business intelligence accurate and standardised measuring Service levels Productivity Quality Utilisation Efficiency. Superior customer service Coordination of all aspects of a piece of work, ensuring it is executed quickly, accurately and efficiently. Customers experience Faster end-to-end processing times, eliminating unnecessary steps which delay customer responses Immediate access to status of work in progress Ability to interact with work process through numerous channels (scanned documents, phone, fax, , SMS, internet etc.) Reduced errors in handling that cause customer frustration. Cost savings Direct costs Less paper Less training costs for staff Less office space and equipment Less storage space needed. Better staff planning through work distribution Better cross-utilisation of people for available work Most important work done first Supervisors do not need to actively distribute work. Elimination of paper processing tasks Photocopying Filing Paper distribution Work tracking Simplifying work processes Automatically generated letters. Performance measurement Activity based costing supports a focus on improving process efficiency and setting appropriate staffing levels. Instantaneous file access Eliminate call backs Eliminate file pulls Eliminate requests and search time.

5 Document and workflow management with SICS Find out more about SICS with AWD SICS is already used more than any other reinsurance solution. With AWD, the suite will be an indispensible tool for achieving success in the reinsurance industry of today and tomorrow. To find out more about this solution or discuss a particular need, please contact Francoise Dibben on +44 (0) (office), +44 (0) (mob) or fdibben@csc.com.

6 To find out more about our experience in your industry or discuss a particular need, EMEA-finance@csc.com Worldwide CSC Headquarters The Americas 3170 Fairview Park Drive Falls Church, Virginia United States Europe, Middle East, Africa Royal Pavilion Wellesley Road Aldershot, Hampshire GU11 1PZ United Kingdom +44(0) Australia 26 Talavera Road Macquarie Park, NSW 2113 Australia +61(0) Asia 139 Cecil Street #06-00 Cecil House Singapore Republic of Singapore About CSC The mission of CSC is to be a global leader in providing technology enabled business solutions and services. With the broadest range of capabilities, CSC offers clients the solutions they need to manage complexity, focus on core businesses, collaborate with partners and clients, and improve operations. CSC makes a special point of understanding its clients and provides experts with real-world experience to work with them. CSC is vendor-independent, delivering solutions that best meet each client s unique requirements. For more than 45 years, clients in industries and governments worldwide have trusted CSC with their business process and information systems outsourcing, systems integration and consulting needs. The company trades on the New York Stock Exchange under the symbol CSC. About DST International (DSTi) With 21 offices and over 1,600 professionals to support its growing client base, DST International provides a unique and comprehensive range of investment management and business process management software solutions and related services to 700 clients across 55 countries. Copyright 2009 CSC. All rights reserved. Printed in the UK. April All trademarks of third parties are hereby acknowledged and are the property of their respective owners.