Docutec strengthens its activities in the#insurance market

Xtract for Documents for electronic insurance files

From: Docutec AG

02.04.2007

Docutec AG is strengthening its activities in the insurance market in 2007. The continuing trend towards the “industrialization of the insurance market” makes this sector a strategically important market. The document recognition and incoming mail solution, Docutec Xtract for Documents, is a significant contribution towards the development of an “electronic mail room” and helps insurance companies optimize their processes. Docutec already has a proven track record of its competence in providing solutions for electronic incoming mail with large companies in different sectors (banking, human resources management) as well as international insurance companies such as the SNS REAAL Group (Utrecht, NL) and CZ Verzekeringen (Tilburg, NL).

Changing competitive conditions and increasing pressure on prices are forcing insurance companies to optimize their processes. Nowadays, electronic insurance files, integrated file and process management and active damage and complaint management are an important part of modern incoming mail and business process solutions. As a result, Docutec is seeing increasing interest from this sector in its Xtract for Documents solution for document recognition and the processing of incoming mail. This is because the automatic classification, indexing and data capture of different types of incoming mail from different sources is an important part of optimizing business processes. By automating the otherwise manual processes, the Docutec solution saves companies time and money and offers them an overall improvement in process and data quality.

A large number of companies in the financial, commercial, industrial and health care sectors have already recognized the benefits. Renowned international insurance companies and banks are also using the Docutec solution.

For example, the SNS REAAL Group based in Utrecht, one of the Netherlands’ largest insurance and banking groups, chose the Docutec Xtract for Documents solution for processing its company-wide incoming post. CZ Verzekeringen from Tilburg, one of the Netherlands’ largest medical health care providers, uses the Xtract system to process all of the invoices that it sends to its insured parties. In Germany, the job agency, Randstad, uses a Docutec solution for automatically classifying all incoming mail concerning personnel.

From a technological point of view, the new Docutec solution has a number of advantages for insurance companies: the new, intelligent combination of different recognition processes makes the Docutec Xtract software ideal for processing a mixed and heterogeneous selection of documents. This is particularly useful for insurance companies that have to deal with large numbers of unstructured documents as well as structured formulas. They also need to cope with mail from different senders such as the insured party, brokers and sales partners and branch offices. In addition, with the new “XClassify” classification software, Docutec Xtract now offers a new, convenient working environment. The solution enables customers’ tasks to be set up and optimized easily and quickly and to be expanded at any time when, for example, a new insurance product needs to be introduced or an organizational change is necessary.

“The insurance market in Germany, as in the rest of Europe, is in a state of upheaval. Companies urgently need solutions to make their value-added chain and processes more efficient”, declares Leo Vondenbusch, Member of the Board of Directors at Docutec AG. “Docutec offers the right solutions and know-how to help insurance companies optimize their processes. This year, we will significantly strengthen our activities in this market”.

About Docutec

Docutec AG, based in Aachen, Germany, provides products and solutions for the automatic recognition of, and information extraction from, documents. Docutec solutions assist companies in making lasting enhancements to critical business processes from the moment documents arrive in the in-tray up to processing the information they contain using a central EDP / ERP system. Concrete advantages, such as shorter processing times, lower work input levels and higher quality data and processes, all help companies to meet the high time and cost pressures of the market effectively and in a future-oriented manner, as well as to increase their overall competitiveness. Docutec has been providing successful, sophisticated applications and system solutions for renowned customers in the trade, industry, financial and insurance sectors from the start of its business activities in 1993 through to and beyond the management buyout at the end of 1997 which saw its establishment as an independent company. With its recognition solution, Xtract for Documents, Docutec AG has become the market leader in Germany, above all in the field of automated invoice processing. The team at Docutec AG currently comprises 35 members.