Hyland: Aiding the Big Fat Insurance Transformation
The insurance space has always been open to adopting the latest technologies. In spite of this, the sector continues to be document-dependant, requiring a significant amount of manual processing. The sector has large scope in automation, yet digitisation does not come easy for a domain which has a large universe of users--be it third party administrators, brokerages or corporate clients among others. Amidst the melee, some innovators who specialise in one portion of the insurance business are threatening large insurers’ business, profits, and margins.
The management at Hyland Software believes the sector is set to undergo the most profound transformation it has ever seen. “Insurance faces the most profound change it has ever seen in its century's-old history. Today’s transformation, occurring at an alarming speed, is beyond a simple technology refresh. Innovation is challenging the entire traditional insurance model,” says Ruth Fisk, Global Director Insurance at Hyland Software.
The software company offers a sophisticated solution for CIOs, who are looking to revolutionise their businesses to meet digital-age demands. Its flagship product is enterprise information management software called OnBase. The solution offers integrated document management, business process management, and records management in a single application.
The differentiator of the solution is its ability to integrate easily, and aid integration which can also include bi-directional information sharing process between systems to automate processes. The solution can integrate with core platform providers (Guidewire, DuckCreek, MSGLife, CSC, Sapiens, LifePro, and Accenture ALIP, etc.) and with common business applications (SalesForce, SAP, PeopleSoft, JD Edwards, Great Plains, Oracle Financials and more). The capability allows large companies with legacy burdens to switch into the digital mode, effortlessly. OnBase enables information sharing across the large array of business applications irrespective of technology. It surfaces contextual content within an app and presents the right information at the right place and right time.
In a sector where companies are struggling to build competitive advantage with many challengers, the solution can be revolutionary. “An insurance customer who uses OnBase can increase productivity by a minimum of 20-35 percent. They can leverage the solution to increase revenue and capacity without added headcount. Mitsui Sumitomo was able to enhance its capacity by 400 percent with the same headcount, just six weeks after deploying OnBase,” informs Fisk.
ShareBase, hosted on Hyland cloud, is a secure document sharing application. The application was built for corporate use across sectors where IT departments will be able to maintain custody of data shared while establishing user trails. Both the solutions are offered to insurance companies which are looking to collaborate with agents and customers seamlessly. “An insurance company that uses OnBase Workflow to automate its business process can leverage ShareBase to create seamless interaction with external parties. ShareBase sync server in the enterprise network pulls documents down from the cloud and stores them on the OnBase system, in a secure manner and doesn’t introduce new security risks to the network,” says Fisk.
With its in-depth knowledge of the needs of the industry and its requirements, Hyland continues to invest in technologies within the OnBase platform. Its latest offering is OnBase Reinsurance Marketplace, a tool to effectively manage facultative reinsurance. The company which has its pulse on the market hopes to bring in more solutions to the industry before they [insurers] recognise the need for it.