Technology in Insurance

IBC-Quebec Leverages Document Technology to Serve Members Better

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2016 ICTA Nomination.   Technology by Xpertdoc Technologies Inc.

Prior to using the Xpertdoc Content Auditor, the Insurance Bureau of Canada (IBC-Quebec) was faced with the daunting task of manually editing, reviewing and approving hundreds of text fragments within their policy documents. Moreover, this task had to be repeated constantly to comply with ever-changing industry regulations and standards. Each time regulatory changes were issued or standard wordings were updated, the dedicated personnel at IBC-Quebec had to go through a long manual process of (1) gathering all policy documents that needed to be changed from their voluminous library; (2) finding the relevant paragraphs and applying the changes (hopefully without error); (3) sending the documents for review; (4) applying corrections when necessary; (5) sending back again for review and final approval. Lengthy delays and expensive costs resulted were a normal part of the process.

IBC-Quebec knew things had to change, so they began looking into a tool to help. They implemented the Xpertdoc Content Auditor first in 2009, and licensed a renewed version in 2013. The tool immediately proved to be invaluable, helping the insurer save precious time and money while ensuring compliance and quality by automating the entire document auditing process. Its technologies allow users to compare wording in the paragraphs of a single policy document or across a set of documents. Users track with accuracy which documents and which fragments need to be updated with the required content changes; the risk of error is reduced as the users are shown exactly where the edits need to be done. Once these changes are applied, pre-configured workflows for review and approval are triggered. For more precision in change management, the triggering can happen as soon as a pre-identified section of a document has been modified from its previous version. The appropriate users are automatically informed through the insurer's channel of choice (whether that is email, internal portal, etc.). They can then easily track changes and ensure of the quality of the documents without delay.

Additionally, authorized users gain control on content changes by precisely monitoring them. These monitoring activities are supported by statistic reports and analysis that are based on pre-determined document information, such as original author, name of the last editor, date and time of the last modification, etc. For example, the responsible authorities can monitor all policy documents that had been edited by a specific author, or within a certain timeframe. The Xpertdoc Content Auditor ensures precision in content changes and document management – if a mistake occurs, the authorities are immediately aware and know exactly where to make the correction. It also brings rapid compliance of the entire document library with industry regulations and standard wordings, enabling IBC-Quebec to deliver high quality documents to their members.

Benefits

IBC-Quebec has realized benefits in three main areas:

  • Efficiency gains: In the insurance industry, high volumes of content changes to policy documents are typically handled with a manual process. By automating the auditing process and providing powerful technologies for accurate change tracking, review and approval workflows, and document monitoring and management, the Xpertdoc Content Auditor brings to IBC-Quebec efficiency gains in excess of 80%. What used to take days is now achieved in minutes with the tool.
  • Maximized investment: An out-of-the box component, the tool is quick to implement, so there is no interruption of service or costly delays. However, it is flexible enough to be customized to specific business needs, making it a good fit for both small and large organizations. IBC-Quebec realized an ROI in just a few short months.
  • Business modernization: The Xpertdoc Content Auditor is a modern application that leverages the latest automated technologies and workflows to future-proof the insurer's technology ecosystem for growth.

About Insurance Bureau of Canada

Insurance Bureau of Canada (IBC) is the national industry association representing Canada's private home, auto and business insurers. Its member companies make up 90% of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.

For more information, visit IBC online at www.ibc.ca.

SOURCE: Insurance Bureau of Canada


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