Pacific Life is the largest domestic
life and health insurer in California, ranking among the 20 largest life
insurance companies in the U.S. It provides life and health insurance, group
employee benefits, individual annuities, and offers various investment produts
and services to individuals, buesinesses and pension plans.
As Pacific Life became increasingly
successful, it began to see costs rising in its policy processing costs. The
company needed to figure out a way to maintain cost-effective client services.
The problem was that the cost that was associated with processing and
maintaining its large volume of paper documents rose drastically due to mislaid
and lost files, processing delays and routing and tracking costs. The mostly
cost to store and maintain company files was more than $50,000, and even with a
sophisticated file tracking system, it took employees more than a day to
retrieve a file to respond to an inquiry.
FileNet helped Pacific Life
electronically organize, store and access its documents while quickly and easily
delivering document images directly to employees at their desktops. It also
improved efficiencies in handling the complete cylce of a life insurance policy
from a new business application to policy servicing and the payment of
claims.
Now Pacific Life's client services
department has more than 200 online employees working with the software. the
company estimates that the new software has saved it $600,000 annually through
the elimination of paper files.