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Insuring low business costs
Technology Category
- Application Infrastructure & Middleware - Data Exchange & Integration
Applicable Functions
- Business Operation
- Sales & Marketing
Use Cases
- Remote Asset Management
Services
- System Integration
The Challenge
Smart Choice® was overwhelmed with the task of inputting commission statements from each carrier into their accounting system to produce the commission checks, as well as the reports and statements showing the commission split for each of the many carriers and agents. This paper intensive process required a team of four to five data entry employees, who were also required to fold and stuff statements into envelopes for approximately one week in order to meet their contractual deadline of issuing these statements and checks by the fifteenth of each month. The company knew they needed to automate this workflow – especially as their company continued to grow.
About The Customer
Smart Choice® is a network of over 3,400 independent insurance agents and 80 insurance carriers. The company provides independent agents with product training, and sales and marketing support, as well as access to toprated insurance carriers that offer personal, commercial, life and health insurance policies. Smart Choice® is licensed in over 41 states and employs a commission split, rather than an upfront fee, which allows their agents the option to offer more insurance products to their customers without committing to a set premium quota for each carrier.
The Solution
After evaluating several solutions, Smart Choice® selected DocuWare because of its security features, the ability to integrate with their existing software, and the integrity and attitude of the vendor. The layout of commission statements changes frequently which prompted the ADP to implement a barcode-based solution. Insurance carriers send one statement to Smart Choice®, which may be up to 500 pages in length. At the top of each page is the agency name and code for the commission information found on that page. For this reason, a sequential barcode sticker is placed on the bottom right corner of each page. The statement is then scanned and the information is extracted into an Excel spreadsheet. Using the agency code pulled from the statement as a match code, Smart Choice is able to pull their own 3-digit Smart Choice® agent code and other additional information into the spreadsheet. At this point, the scanned statement pages are moved to DocuWare and the information in the spreadsheet is used to index each page of the statement.
Operational Impact
Quantitative Benefit
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