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ReadSoft to Help Insurance Companies Accelerate Claims Process, Reducing Time from First Notice of Loss to Settlement by 35%

Document Automation specialist reduces processing time from 15 to 5 days

Milton Keynes, 31st March 2010 - ReadSoft, a leading global provider of software solutions for Document Automation, is helping the UK's insurance industry improve efficiencies and streamline working processes. By using ReadSoft's CLASSIFY AND INDEX solution insurance companies can accelerate the claims process, overall reducing the time from first notice of loss to settlement by 35%.

Traditionally, insurance companies have manually captured and filed all documentation relating to each claim, keying in by hand information from claims forms, supporting evidence and compound documents. This is a time consuming and labour-intensive process, often resulting in duplication as well as increasing the likelihood of human error.

With ReadSoft's CLASSIFY AND INDEX, all insurance documents, regardless of format or structure, are scanned and imported into existing claims management systems. The software then "reads" the material, interpreting and extracting crucial data such as name, address and policy number. Workflows then route documents to the right person within the organisation for processing, and trigger automated actions based on the document's content or request.

CLASSIFY AND INDEX has been proven to reduce processing time from 15 days to 5 and has the following benefits for UK insurance companies:
- Reduces pressure on the reserve capital fund
- Improves the customer claims experience to encourage loyalty and repeat custom
- Limits the time customers must pay higher premiums while claims are being processed

ReadSoft is helping many insurance companies globally to streamline and improve their claims processing. Companies such as (UK), AMF (France), AFA (Sweden), Allianz Seguros, S.A. (Spain) and Combined Insurance (Australia) have benefited from CLASSIFY AND INDEX.

For more information on ReadSoft or CLASSIFY AND INDEX please contact Emilie Barlow on +44 (0)1908 688033 or [email protected]

- Ends -

For additional information, please contact:

ReadSoft UK
Sarah Courbet, UK Marketing Manager, ReadSoft
Phone: +44 1908 688018
[email protected]

Sarah-Anne Bray, Wildfire PR
Phone: +44 208 339 4420
[email protected]

About ReadSoft
Established in 1991, ReadSoft was first to bring free form technology for invoice processing to market and first to achieve certifications to ERP systems such as SAP and Oracle. ReadSoft has become the global technology leader, with operations in 15 countries, partners in an additional 70, and thousands of customers on a global basis. ReadSoft is proud to have the largest and most innovative development department in the industry, with professional services to assist customers and partners on a global basis. ReadSoft's vision is to free businesses everywhere from manual document handling. For more information about ReadSoft, please visit www.readsoft.com.

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