Christoffel Klimbie, Sales Director, Aia Software said, âWhilst the London Insurance Market is taking steps towards achieving Market Reform, it is clear from our experience that many companies have not given document production processes enough attention and as a result may unwittingly be leaving themselves open to compliance issues arising from inconsistent business documents. With the Financial Services Authority (FSA) handing out larger fines and the threat of custodial sentences for company directors, it is time the key but unglamorous area of producing, maintaining and managing business critical documents is moved onto the boardroom agenda.â
Whilst other financial markets such as the payments industry has long had projects in place to improve straight through processing (STP), the London Insurance Market is struggling to introduce greater levels of automation that todayâs competitive market requires. This situation has to change if London wishes to retain its position as the worldâs premier location to place business.
Technology has a vital role to play in empowering business users to better manage and control documents which frees up IT time to concentrate on supporting the core business. This win-win situation ensures that there is a more effective separation of responsibilities between IT and business users, which in turn lowers the total on-going costs of document production. Insurers also benefit from increased flexibility, business agility and greater contract certainty.
Klimbie concluded, âAll parties in the London Insurance Market need to work more closely together to ensure document production is an enabler and not an obstacle to Market Reform. The latest document composition products have been designed to drive out inefficiency, integrate with electronic messaging gateways to improve business processes and increase the speed with which core business processes can be performed. It enables greater compliance, reduced costs and increased customer service levels. With recent analyst research showing that return on investment can be achieved in less than 12 months it makes sense for the industry to speed up the adoption of document composition technology.â