Lloyds puts paper trails online
Insurance market Lloyds of London is to install a document management system to move paper-based administration online and shave...
The software, from content management supplier iManage, will be used by Lloyds' members services unit, which does the back-office administration for the insurance market's 16,000 underwriting members.
All of the unit's back-office functions will move from a predominantly manual administrative system to electronically-automated set-up channelled through a Web server.
Currently, for instance, documents relating to the sale or transfer of members' share certificates are processed manually and then microfilmed - a task that uses more than 5,000 man-hours a year.
Despite the reputation of the financial services industry as a heavy investor in Web technology many business processes remain paper-based. "The [iManage] software will reduce costs and improve customer service," said Jonathan Lowe, departmental manager at the unit with responsibility for rolling out the new software.
"A large part of what our staff do is deal with customer queries. It was a case of saying to the customer, 'Hold on while we phone you back,'as everything is filed manually," he added.
With the new system customer agents will log on to a section of the Lloyds' Web site and submit details online. The system is due to be in place by May 2003.
The software will also make it easier for the unit to monitor whether it hits its own performance targets, Lowe added.
Lloyds already uses iManage software at another subsidiary of the corporation.
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