Driving Digital Transformation: How Comprehensive Document Management Streamlines a Financial Services Company's Operations

Challenge

A leading financial services holding company faced major operational hurdles due to manual, hardcopy-based document management and communication systems, hindering easy access to critical policyholder data. The organization lacked the ability to provide digital delivery options for customer correspondence and billing notices, threatening their competitiveness in the industry and the capability to provide a digitally enabled customer experience. Additionally, handling large volumes of physical records and mail led to logistical inefficiencies within the enterprise. The organization tapped Canon to develop a roadmap for change and enable their digital transformation.

Solution

Canon Business Process Services implemented a comprehensive strategy to address these challenges, focusing on digital transformation and streamlined operations. The solution encompassed several key services:

1. Print and Electronic Document Distribution: Canon facilitated the transition from paper-based to digital communications, providing the company with a centralized Customer Communication Management system. This system allowed for the efficient distribution of documents electronically, significantly reducing reliance on physical print.
2. Document Capture, Retrieval and Archive Conversion: By digitizing their document archive, Canon enabled quick and easy retrieval of information. This conversion not only improved access but also ensured the security of sensitive data. Between 50,000 and 60,000 images are captured weekly including claims, invoices, complaint intake, PHS, new business and more. The documents are retrieved through paper files, microfiche, roll film and storage requests.
3. Inbound and Outbound Mailroom Services: Canon optimized both inbound and outbound mail processes, integrating them with digital workflows to enhance speed and accuracy in communications. Canon opens, counts, and sorts between 17,000-18,000 pieces of inbound mail weekly.
4. Records Warehouse Management: By leveraging advanced records management solutions, Canon improved the organization and retrieval of physical documents, allowing them to save both time and space in managing their records.
5. File Management and Mailroom Services: Canon streamlined the handling of files and mail, ensuring efficient processing and delivery that aligned with their operational requirements. Canon mails out all correspondence mail (policies, premium notices, EOB’s, and checks) to the company’s policyholders.

Results

The implementation of these services resulted in significant improvements across operations:

• Increased Efficiency: The shift to digital document management and communication reduced processing times and eliminated many manual tasks, leading to faster service delivery.
• Cost Savings: Through reduced reliance on physical documents and improved mail services, the company achieved substantial cost reductions in both material and operational expenses.
• Improved Customer Satisfaction: The digital transformation enabled them to offer timely and efficient services to their customers, enhancing overall satisfaction and loyalty.
• Enhanced Data Security and Compliance: With secure digital archiving and retrieval systems in place, the company ensured compliance with regulatory requirements and improved data protection.

Conclusion

The partnership with Canon Business Process Services marked a pivotal shift for the financial services holding company, transitioning them from manual, hardcopy document processes to a streamlined, digital-first approach. This strategic transformation addressed significant operational hurdles, enabling the company to enhance their communication systems and improve access to critical policyholder data. By developing a comprehensive roadmap for digital change, Canon positioned the company to better compete in the industry and deliver a superior, digitally enabled customer experience. This alignment with digital transformation trends not only solved their immediate challenges but also set the stage for future growth and innovation.