Rapid growth was causing paper problems for Trisura Guarantee Insurance Company, one of Canada’s fastest-growing specialty commercial insurance carriers. PSIsafe document management software was there to help, saving the firm floorspace, hours of time… and a whole lot of money.
Devotion to superior service and innovative solutions helped Canada’s Trisura Guarantee Insurance Company grow to nearly $100 million in premiums in just eight years. But that much business created a significant amount of paperwork, from documentation, endorsements and application forms to correspondence with end customers and brokers.
In the early days, Trisura was capable of handling all that on paper. But as the company grew, paper started to become a major problem. There had to be a better way. And fortunately for Trisura, there was.
Making the Switch to Document Management
A decade ago, Trisura managers were getting their first inklings that an efficient, electronic document management solution was necessary. But despite some inefficiency in retrieval and day-to-day use, the firm’s staff of 40 was still able to keep up with their document demands. Barely.
A few years later, Trisura finally hit the tipping point. Filing cabinets containing seemingly endless manila folders and tabbed binders took up an excessive amount of floorspace – to say nothing of the paper files piled on every underwriter’s desk. Keeping up with demands centered around policy renewal and maturation was borderline impossible. Simply finding the right paperwork took up an inordinate amount of staff time – negatively affecting productivity and hampering growth. And all that wasted storage space wasn’t cheap, either. It was clearly time for an electronic document management system.
After a head-to-head evaluation of a number of solutions, Trisura found only one that met all of their needs: PSIsafe.
Deploying PSIsafe Software
As a specialty business, Trisura had a number of specific usage and integration requirements for the document management system. With the help of a Toronto-based PSIGEN authorized dealer, they were able to meet them all – and significantly improve business processes at the same time.
For instance, the insurer deployed PSIsafe’s Synchronizer Module to automatically create a folder in PSIsafe when a new account is created in the policy administration system, a core part of the insurance business. This one seemingly minor feature has saved Trisura staffers countless hours of time, significantly reduced duplicate data entry and helped ensure accurate information in a business where accuracy means everything.
Finding New Efficiencies with PSIsafe
Today, more than two years after implementing PSIsafe, Trisura is reaping the benefits each and every day. Every corporate risk underwriter has the solution open and running throughout their work day, giving them instant access to policy information that used to be contained in a large filing room. A typical workflow, for instance, involves an underwriter pulling up account information at renewal time, reviewing financials, corresponding with a broker, issuing a new quote and refiling updated information. Using paper, this process alone contained hours of non-value-added work. Today with PSIsafe, that number is essentially zero.
As a specialty business, Trisura had a number of specific usage and integration requirements for the document management system. With the help of a Toronto-based PSIGEN Authorized Dealer, they were able to meet them all – and significantly improve business processes at the same time.
In the accounts payable department, invoices are digitized, then processed utilizing PSIGEN’s robust workflow capabilities – from intake through approval, then to payables and back to signing officers, who are required to give final review before signing checks. Once again, PSIsafe has significantly cut back on wasted time and effort throughout this process.
The claims management department enjoys similar efficiency, with the added bonus of a custom-built solution allowing access to PSIsafe from within Trisura’s claim system. This is especially important, since a single piece of missing information can mean the difference between a smooth claim and one requiring many hours of extra work.
“With PSIsafe, all of our information, enterprise-wide, is secure and easily accessible, all in one place,” said Dragan Popovic, Trisura’s Vice President, Information Systems. ‘That’s very different from paper-based environments, or Windows shared environments. In those, documents can be stored in various methods, and may not be easy to retrieve. That’s not the case at all with PSIsafe.
“No matter what we need, information is at our fingertips and users are very happy.”