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Insurance Market Uses FileNet to Make Better Decisions Faster
FileNet Corporation, provider of Enterprise Content Management (ECM) solutions, announced its continued leadership in providing ECM solutions to the global insurance industry, enabling customers to address key areas such as streamlining core business processes and creating customer-centric business models to help these companies satisfy a variety of market requirements.
As a leading ECM provider in the industry, FileNet ECM solutions are installed at 9 of the top 10 US Property and Casualty insurance companies and at 20 of the top 25 US Life and Health insurance companies. In addition, FileNet ECM solutions are installed in all of the leading global insurance groups with installations throughout Europe, Asia and North America. Gartner Inc., a premier industry research and advisory firm, ranks FileNet first in market share at 29 percent for Content and Document Management Software New License Revenue, Financial Services, in 2003 (1).
"Insurance organizations are realizing that managing all types of content is vital to their future success," said Vincent Oliva, vice president and research director of Gartner Research. "Disparate types of content; paper mail, e-mail, fax, voice, e-mobile and even video is growing. An enterprise view of how that content is used in the myriad of business processes in an insurance organization is an important component of future success."
"The insurance industry has experienced a challenging business environment in recent years, requiring insurers to automate complex business processes such as underwriting, policy issuance and claims processing, and to demonstrate adherence to various regulatory requirements," said Martyn Christian, chief marketing officer for FileNet. "Our fully integrated ECM platform offers the insurance industry solutions for managing both content and business processes while also connecting these assets to applications and legacy systems within these companies."
FileNet continues to provide innovative ECM solutions to its insurance sector customers to help manage a variety of compliance issues including HIPAA, Sarbanes-Oxley, the USA PATRIOT Act, the Gramm-Leach-Bliley Act of 1999, and Basel II. In particular, FileNet's Compliance Framework is designed to help companies administer the lifecycle of critical documents, enforce processes for compliance, and respond to audits and inquiries. This framework helps companies address a wide range of current and future legislation and industry requirements while helping to reduce the total cost of compliance and corporate governance initiatives. At the heart of this framework is FileNet's innovative event-driven ECM architecture, which integrates content and processes designed to automatically identify and initiate a response to material events.
Another important component in compliance and recordkeeping is FileNet Records Manager, which allows insurance organizations to manage the lifecycle of critical records by securely capturing, declaring, classifying and disposing of both electronic and physical records. With FileNet Record Manager's revolutionary FileNet ZeroClick solution, a record becomes a digital object upon receipt or declaration, and cannot be altered or changed. As a digital object, records can also drive various business processes as defined by FileNet's Business Process Management capabilities, which helps support the entire lifecycle process of records within organizations. 21.09.2004, FileNet Corporation
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