One of our US-based clients is a global underwriter for commercial lines insurance, underwriting large commercial risks including property liability insurance, environmental insurance and underwriting risk for oil tankers and aircraft. Their document requirements are comprehensive and large-scale. The documents generated to satisfy all the legal requirements in such a profession generally run to several hundred pages with large amounts of variable data being acquired directly from their policy issue system. These documents are frequently amended to the clients' changing requirements, while at renewal time the policies must also accurately reflect regulatory changes and incorporate newer versions of the policy templates.
This company uses ActiveDocs to create the policy document that is delivered to the end user, and when we were first introduced to their business, they had 7,000 different document templates to meet their various requirements.
ActiveDocs generated an automated solution for this organization, where the information that constitutes the policy is sourced from the company's own database, with the ActiveDocs solution 'interrogating' their database for the relevant information. The number of templates has been reduced dramatically, as has the time taken to accurately generate, finalize and deliver the documents to the clients on a large-scale basis.
This UK organization underwrites risk for companies like Lloyds of London, generating large amounts of complicated documentation that forms a risk contract for their clients. A labor-intensive and time-consuming area of industry - it can often take as long as nine months between an insurance policy being generated and the risk actually being issued, they were investing hundreds of man-hours in delivering and amending their contracts. By utilizing ActiveDocs software to automate the generation of the contracts, the company has managed to take three months out of the process, streamlining their operation and substantially reducing the amount of labor required to execute the various tasks involved in policy creation.