A 2024 ICTA nomination
Toronto, ON (Jan. 22, 2024) – TD Insurance, in partnership with Symcor, conceptualized, built and launched Policy Assist Central in August 2023 to digitize the delivery of insurance industry-regulated communications, reduce costs associated with printing & postage, help streamline insurance policy processes, and contribute to reducing the insurance industry’s environmental footprint.
Federal and provincial regulations require insurance companies to communicate all policy changes to lenders such as banks and auto finance & leasing companies. These communications, commonly referred to as Additional Interest letters, are typically sent via mail and incur substantial costs for printing and postage. TD Insurance alone sends millions of these types of letters to third party Additional Interests every year!
When TD Insurance’s policy book of record generates an Additional Interest letter, the letter and corresponding metadata are digitally and securely transmitted to Symcor. Symcor then automatically ingests the data into Policy Assist Central, a secure web portal, for subscribing lenders to access, view, and download. For TD Insurance letters addressed to recipients that have not yet subscribed to Policy Assist Central, Symcor prints and mails these letters on behalf of TD Insurance. The letter delivery process is both automated and seamless, regardless of delivery channel.
Subscribing lenders can access Policy Assist Central completely free of charge! All that is required to gain access is for the lender to provide consent to receive Additional Interest letters electronically.
Business Benefit
As a result of digitizing these communications, both TD INSURANCE (and other insurers who sign-up to use Policy Assist Central) will benefit from reduced print & postage costs, and a lower environmental footprint by way of significantly reduced paper consumption and mailing requirements. The cost TD Insurance incurs to digitally send Additional Interest letters through Policy Assist Central is less than half the cost of printing and mailing these letters. Over the next 5 years, TD Insurance is expected to digitally transmit millions of letters, which will reduce the volume of paper consumed by over 20 million pages! This equates to over 1400 trees worth of paper saved, not to mention the environmental costs associated with delivering physical letters.
About TD Insurance
TD Insurance is part of the TD Bank Group, one of Canada’s largest financial services organizations. We work in two sectors: general insurance and life and health insurance. We are the largest direct-response home and auto insurance group and one of the top three personal home and auto insurance groups in Canada. We’re also the national leader in critical illness insurance and a pioneer in affinity marketing, where we work jointly with groups to market insurance to their members. For more information, please visit www.td.com.
About Symcor
Symcor is one of Canada’s largest providers of business and payment processing services. Symcor supports multiple industry verticals including financial services, insurance, retail and telecommunications. At Symcor, helping our clients through their digital transformation is at the core of everything we do. Symcor has the Business-to-Industry (B2I) intelligence and expertise to accelerate change and the track record to execute it. For more information, please visit www.symcor.ca.
SOURCE: TD Insurance
Tags: digital document solution, Digital Innovation, digitization, document management, ICTA nomination, Symcor, TD, Transformation
