Case Study – Life Insurance
Life Insurance Organization
Automating Document Production to Reduce Development Time by 90%
Headquartered in the Northeastern United States, the company offers life insurance and related financial products (e.g., annuities) to individuals and groups. The company is part of a global, growth-oriented, diversified financial services organization with more than 31,000 employees serving more than 10 million clients. The parent organization is a Fortune 100 company that had $335 million in net income in 2004.
The document generation process was long and involved. Compliance first created a document in Microsoft® Word, and forwarded it to a Business Analyst, who communicated any rules and changes to IT for implementation. Depending on the amount of changes required, the document could go back and forth several times. The inefficiency of this method consumed significant time and resources.
Time was a key business problem; it could take an entire year to produce an annuity contract. Annuity contracts change constantly, and to remain competitive, companies selling the contracts must be increasingly responsive to the marketplace.
The organization will be using Document Sciences' dynamic content publishing solution for its contracts and policies, and is planning specifically to use xPression® xRevise for its group contracts and prospectuses. The technology will first be used to generate documents in print and PDF formats, with future plans to archive PDF versions of the documents.
The company selected xPression over competitive offerings, mainly because xPression better met the company's cost and technology requirements. The company found several of xPression's attributes attractive; the solution was compatible with its J2EE architecture and provided the much sought-after functionality and time-to-market improvements. Additionally, Document Sciences' delivered an interactive, customized and helpful demonstration, which showcased xPression's many different applications.
Ahead of schedule and below budget, the initial implementation phase was a tremendous success, allowing the company to roll the product out to 20 more states than originally planned.
The company is expecting xPression to reduce its document development costs and increase its sales due to a more competitive, quicker time-to-market. A 90 percent reduction in document development time is anticipated as a result of the conversion.
The company has been so happy with the results of the xPression implementation that they are anxiously awaiting new releases of xPression and other Document Sciences products.