State College, PA - Optical Image Technology (OIT) and client Panhandle Farmers Mutual Insurance Company of West Virginia are collectively one of three national finalists for the 2010 AIIM Carl E. Nelson Best Practices Award in the small company category. The award recognizes excellence in the field of enterprise content management (ECM) technology, showcasing projects that have achieved a strong return on investment. The "best practices" designation denotes processes that are quantifiable, adaptable, and repeatable.
One of the first insurers in the region to transition from paper to electronic files and processing, Panhandle implemented OIT's DocFinity® document and content management software for front-end scanning and secure electronic file access. Ultimately, Panhandle's DocFinity integration with their web-based policy administration system, company portal, website, and more eliminated paper-based processing and enabled secure remote access for agents and customers.
The results speak for themselves: surplus has grown 646%; investments have increased by 72%; assets increased by 59%; the expense ratio decreased from 49.3% to 28.4%; postal expenses decreased from $35,000 to $5,000 annually; sales increased by 30% without adding staff; and policyholder surplus has tripled, from $709,735 to $2,111,695.
AIIM Professional Members will choose the winning companies, which will be announced by AIIM President John Mancini at the Annual Awards Celebration on April 20 in Philadelphia during April 20 – 22 AIIM Expo and Conference.
"Implementing DocFinity ECM and integrating it with our policy administration system has enabled us to gain control over paper, improve document security, increase efficiency, and grow cost-effectively. It's also created an ecologically sustainable business model that has enabled Panhandle to operate as a model for other mutual insurers. Productivity has increased, service has improved, and we believe it gives us a greater competitive edge in the marketplace. With our strong technology in place, we are able to continually expand our vision for improvement and consistently meet or exceed our goals." – Art Meadows, President/CEO, Panhandle Farmers Mutual Insurance Company
"Our hats are off to Art Meadows and the Panhandle team. They recognized and took advantage of the opportunity for business and service gains by implementing DocFinity technology and integrating it with other key systems. Their well-managed application of technology became a catalyst to refine and improve processes and service offerings. Meaningful integration has put them well on the road to maximizing productivity, drastically improving customer service by automating processes, eliminating inefficiencies and costs tied to paper processes and storage, and enabling them to handle more business without the need to increase staff or operating costs." – Ron Prichard, President, Optical Image Technology
About Optical Image Technology, Inc.
Optical Image Technology's software makes information manageable and companies more profitable. Since 1986, OIT and its DocFinity® suite of workflow and document imaging, document management, and BPM software have helped businesses solve their document management and business processing challenges. OIT offers robust, flexible products including document management, imaging, and workflow. Organizations see an ROI and improved productivity with DocFinity.
SOURCE: Optical Image Technology, Inc.