CLEVELAND – April 10, 2012 – Slow paper-dependent processes often hinder an insurer’s ability to provide better customer service and compete in today’s market. For insurers, the speed at which they quote a new policy, answer a policyholder’s inquiry or process a claim can make or break their success. Although speed is a necessary component in business processes, insurance companies shouldn’t sacrifice it for accuracy. Syarikat Takaful Malaysia Berhad, (Takaful Malaysia), the first Takaful operator in Malaysia, has successfully deployed Hyland Software’s enterprise content management solution (ECM), OnBase, streamlining underwriting and claims processes across its 40 sales and servicing outlets. New business is written sooner and claims are resolved faster without sacrificing data integrity.
“Speed and accuracy are the binding forces driving business at insurance carriers. Because OnBase seamlessly integrates with existing systems - from policy administration to claims management systems - employees are able to access data to streamline processes across all departments,” said Ed McQuiston, Hyland’s strategic alliances and insurance solutions manager.
Consistent procedures now surround every process at Takaful Malaysia because electronic workflows collect and route data in underwriting new business and processing claims. The entire process has become automated, and more importantly, tracked. Managers now have an instant view into the current business state - how many applications are currently being processed, how many claims have been approved or rejected and how many are in the queue. OnBase workflow gives insurers better insight and more time to react to changes in their business and the market.
“We no longer have to worry about inconsistent processes or missing documents taking up time,” said Dato’ Mohamed Hassan Kamil, group managing director of Takaful Malaysia. “The standardization helps us stay true to our mission of achieving operational excellence through technology-driven innovation and becoming the preferred choice for insurance.”
For more information about enterprise content management solutions for the insurance industry visit Hyland.com/Insurance.
About the Hyland Software solution, OnBase
For more than 20 years, Hyland Software has been dedicated to meeting organizations’ needs for document and process management with OnBase, an enterprise content management (ECM) solution suite. As OnBase has evolved through consistent product innovation, it remains focused on automating business processes that depend on documents, content and people to operate more effectively.
OnBase streamlines processes and increases organizational efficiencies for insurers, including life, health and property and casualty insurance companies, as well as managed general agents and third party administrators. Seamless integrations with policy administration, core administration and claims management systems speed processing times across the entire insurance lifecycle from underwriting to policy services to claims, which increases customer service. Using OnBase, insurers are able to increase profitability through accurate and consistent underwriting decisions while decreasing response times and costs associated with claims. For more information about Hyland Software’s solutions for the insurance industry, please visit Hyland.com/Insurance.