Smart PDFs Can Make Insurance Companies More Profitable

We work with organizations from just about every industry imaginable. And, based on those relationships, I can say that all organizations, from the private to the public sector and everything in between, will benefit by transitioning to smart PDFs. With that being said, there is one that might see the most joy from this new PDF era – the insurance industry.

Working in the insurance industry can be tough and the challenges are just getting worse – there’s simply too much documentation, coming from too many sources. To make matters worse, the industry is dealing with an ever increasing array of security threats, from hackers to disgruntled employees, and more. But smart PDFs have the potential to transform the way insurance companies manage documents. For example, the technology can:

• Eliminate paper documents;
• Avoid lost documents;
• Share documents across an organization intuitively;
• Empower recipients to view documents on desktop and mobile devices;
• Grant or revoke access to confidential documents remotely;
• Archive documents efficiently and for as long as needed.

In fact, we recently worked with one of the largest insurance companies in the world in transitioning to smart PDFs. This insurance company has 130,000 employees, 15,000 branch offices and over 700,000 sales agents. Unfortunately, due to its rich history of acquisitions, it has over 200 disparate IT systems; many of them custom-built, and with limited retained technical support or upgrade paths. Faced with these challenges, the company identified five things that were crucial for continued success:

• Manage documents better;
• Enhance employee performance;
• Increase customer satisfaction;
• Reduce risk of fraudulent claims;
• Meet regulatory requirements easier.

Foxit was able to help this insurance organization by deploying smart PDFs as an overlay across all its disparate systems. It doesn’t matter what device is used to read the document, or what IT infrastructure was used to send it – the document’s inherent intelligence makes it agnostic. Although it will take more time to gather meaningful data, the company is already experiencing some great early results; including response times improved by up to 59% (in some cases from 7-8 hours, to 15-20 minutes) and an increase in customer satisfaction by 20%.

smart PDFs extend the traditional benefits of PDFs to insurance organizations by offering new levels of accountability, collaboration, and productivity to the creation, sharing, and tracking of documents. There has never been a better time for insurance professionals to transition to smart PDFs.

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