Need of Document Generation and Management in Insurance
Document Generation needs in Insurance:
Document generation in Insurance Industries is very essential. In the Insurance industry once, company insured or bind a policy there are basic norms that need to follow for document generation. Sometimes companies are generating the documents and use it whenever needed but nowadays there storing the document in the document management system.
Business use of the document in Insurance Industry:
A document is a very broad term ranging from a single page letter to a multiple page report with tables, page numbering, and table of contents.
Documents may be plain black and white documents, like invoices or receipts, with lots of compact information. They may contain tables of data or photos. Or, they may be “artistic”, such as an insurance company including colorful graphics and pictures relevant to the customer.
Document Generation is suited to any document where part of the content is static and part is dynamic. Document Generation Software allows the user to create the “rules” used to generate a document. Documents could be: letters, contracts, statements, reports, proposals, quotes, orders or invoices.
For Insurance Industries, Documents are like –
- Declaration Package
- Agent Package
- Insured Package
Document’s format Type needed in the Insurance industry:
Many Different kinds of Format for documents are received from clients. So, Insurance Company has to capable enough to prepare the documents generated for any type of document to any type of format. It may be Paper-based or Electronic based.
However, PDF format is widely used as standard document generation for all Insurance companies.
Sometimes Insurance Companies expect to deal with a high amount of data. So, they should be capable enough to handle, Process and store these files.
Some companies still hesitate to invest in document generation process, but some companies are forced to do investments, as it became very essential needs for them.
Document Generation Process:
Document Generation is the process of automatically creating documents based on Business Rules.
Document Generation Software is useful when multiple documents need to be generated and each document contains a mixture of:
- Static content – the parts that remain the same in each document.
- Dynamic content – Contains Variable Data. content that is customized for the audience or recipient of the generated document.
Document Generation is sometimes referred to as Document Assembly or Document Automation.
The difference between Document Generation Software and Word Processing Software is that Word Processing Software is designed to be used by a single user to produce a single document, whereas Document Generation Software is an automated process that produces a document based on a set of rules.
There are two types of document generation process.
- Batch Request
- Transactional Request.
A batch request is where many types of similar documents are generated at one time.
A transactional request generates one document that is needed at a particular moment in time.
The request to generate the document may be started by a user that needs a standard company document which then has to be customized in some way.
Scheduled Requests are a subset of Transactional Requests. Some Document Generation Software has the ability to schedule when a document should be created and possibly who the document should be delivered to.
About document generation tool:
Template based Document Generation Software allows the user to specify the rules, layout, content, and formatting of the desired word document by building a template of the required document using some Software.
This type of Document Generation Software has their own custom editor for creating the templates and adding the placeholders.
Various tools are there in Market for document Generation:
- Calligo – This Template based Document Generation Software.
These are the well-known and richly featured editors that simple tasks like:
- Specifying Page Size and Page Orientation
- Creating Headers and Footers
- Adding Page Numbering and Table of Contents
- Creating Numbered and/or Bullet Lists
- Setting Font, Font-Size, Bold, Italic, Underline, Text Colour
- Inserting Tables and Images
- Design Code to print variable data.
The outcome is a suite of Document Generation Software items that we trust everyone finds are anything but difficult to-coordinate, simple to-utilize and will spare everyone ’s time while making or changing the substance and designing of produced documents.
Cincom is a very flexible tool to enable business users to interactively produce personalized document communications in real time.
This is a template based document generation tool.
Things can be done with the help of Cincom as below:
· Ongoing Data Integration – Incorporate continuous, client particular information from any source and any organize (counting XML, JDBC, level document and even centralized computer).
· Restrictive Logic – Sophisticated information-driven rationale inside report layouts, including administrative dialect, passage conditions, figuring’s furthermore, advertising messages.
· Dynamic Charting – Dynamically manufacture and place a huge number of outline composes (counting pie, bar, and line) anyplace in an archive with full “blank area” administration.
· Dynamic Image Insertion – Conditional logic driven by real-time data triggers the insertion of your unique graphic images (including logos, signatures).
· Dynamic Table Support – Use MS Word table functionality to insert tables (including nested tables)that can be dynamically resized with the inclusion/exclusion of elements and calculations.
HP Exstream report robotization programming is the demonstrated single stage arrangement utilized by industry-driving organizations around the world. Endeavors that utilization HP Exstream altogether diminishes record improvement and creation expenses and aggregate expense of proprietorship.
This tool has very rich functionalities as below:
· HP Exstream was intended for high-volume situations and can possibly spare you a huge number of dollars in postal also, paper costs. You can:
· Achieve most extreme proficiency with abilities, for example, planning information for postal sort, householding, application
· solidification, bar-coding, and inserter control. The majority of the assets required for the objective yield gadget are assembled
· progressively, including text styles, pictures, and overlays.
· Improve creation execution with HP Exstream’s capacity to yield complex variable archives as much as
· 10 times quicker than elective arrangements—as confirmed in client benchmark tests.
· Produce local yield for a wide range of print and electronic
Various tools are there in Market for Document Management:
- Imagewrite – ImageRight is a protection particular report administration and work process arrangements and was chosen the best IT seller for record arrangements in the 2006 U.S. Safety net provider Technology Survey. … The ImageRight report administration framework was structured particularly for the protection business and completely bolsters all protection lines.
- Pitney Bowes – Pitney Bows is a document management tool which Effectively improves your physical and advanced records to reinforce client connections. The Relay Hub, from the Pitney Bowes Commerce Cloud, gives you a solitary SaaS stage to oversee both your physical and advanced records.
- OpenText Exstream –
OpenText Exstream enables business clients to advance client commitment through the structure and conveyance of ultra-customized, predictable, consistent, interchanges—conveyed whenever, anyplace. The most recent discharge, variant 16.4, expands on the great consolidated “CCM Anywhere” stage discharged in April 2017 of Exstream and Communications Center (in the past StreamServe