Document Processing as a Service in the Insurance Industry: A Case Study

In the following article, I share a case study I wrote in 2017 based on real customers I sold and supported throughout the deployment of their contracted services.

THE CHALLENGE

An insurance agency sells a variety of insurance products and policies from several different carriers/providers. When a policy is sold, all supporting documentation must be stored to meet industry regulations and retention, as well as to provide services and cross-sell clients with additional insurance products. The insurance packets are large, many of the agency’s clients carry more than one kind of policy (term life, auto, etc), and information within each packet is extremely sensitive and highly regulated (social security numbers, financials, and health information).

Business at the agency is booming and as a result, they are struggling with large volumes of paper documentation taking up valuable office real estate. The staff can’t keep up with the workload of scanning and categorizing the documents on top of selling new policies and servicing their existing clients. Additionally, the time it takes staff to find the documents they need is creating an administrative backlog and delaying customer service response time when policyholders call in. The owner researched CRM and ECM solutions extensively but he found that every solution was too expensive, too complicated, or not applicable to their industry-specific needs.

THE SOLUTION

DEXDOX Pro provides the agency with a solution to automatically index and store all policy documentation with 99% accuracy of indexing, relieving their labor burden. The secure and compliant DEXDOX Pro Cloud Portal meets the agency’s need for secure storage and quick, simple retrieval based on intuitive search criteria such as “client” and “policy type”.

THE BENEFITS

The agency immediately and drastically reduced time spent searching for documents, which has significantly improved response time to client needs and freed up staff to focus on selling activities. Additionally, the staff is now able to manage their client information to easily identify gaps in coverage and cross-sell additional policies to existing clients, generating more revenue and providing better value to their client base. As the agency continues to eliminate backlogged paper, costly office real estate will be freed up for additional employees and better client-facing amenities.?

Why am I writing about Document Processing?

Back in 2017, I was hand-picked to assist a Dex Imaging acquisition (Sagamore - rebranded as DEXDOX) with sales adoption across the company footprint. The founder was on an earn-out and wanted me to join his 2-man band to educate the Dex Imaging sales force (300 sales reps across 36 branches) about his products and services.

During my time on his team, I led the DEXDOX sales process, built and delivered sales demos, pricing and proposal strategy, product marketing, sales rep education across 36 branches (including major markets Nashville, Memphis, Baltimore, Miami, Orlando, Tampa, Raleigh, and Charlotte), developed case studies and literature to support sales enablement, and served as the liaison between the customer and our technical member. As the team grew, I led training for additional specialized DEXDOX reps in outlying markets. By the time I departed the company, our team more than doubled in size from just the 3 of us to include 7 full-time employees.

This was one of my first forays into the start-up world and sparked my interest in diving deeper. In many ways, this role was a turning point that led my career to where I am today.