In the insurance business, regulations require companies to keep documents for at least six years, creating an office space challenge for insurers. New York-based Maya Assurance Co. discovered a need for an efficient document handling and storage system soon after it moved into its office space, and it has ended up reaping considerable savings from it, reports William Atkinson at CIOInsight.

Maya Assurance chose document management technology from Cabinet NG, which consolidates all data into a single system. The deployment turned out to be smooth, in part because the company did not change its existing processes or workflows, said K.J. Singh, vice president for Maya Assurance. Also, a claims adjuster was involved in selecting the technology, and he was the first one to put it to use.

Singh estimates that the company has reaped a savings of $1.8 million as a result of the technology. "There are no 'soft' costs in there," he said. "Every new file we open, the technology saves us $150 to $200 from the get-go, because we don't have to invest in storage space, filing supplies and staff time."

An added benefit is stress reduction among company employees. "Some of our people have 10 to 30 years of experience in this profession, and they continue to tell me how much more efficient and less stressful their jobs are these days," Singh said. "Especially when they are dealing with customer service, clients, and insurers."

For more:
- see William Atkinson's article at CIOInsight

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