Open Text for Insurance

The Insurance industry, which includes Property and Casualty (P&C) and life insurance companies, reinsurance companies, and agents and brokers, has recently experienced some sweeping changes in a short period of time. While many of the products in the industry have emanated as a result of events, catastrophes, and evolving business and personal financial needs, this industry can no longer tolerate operating in hindsight. It must be prepared to reinvent itself and to respond to international financial volatility, risk, regulation, and emerging free-market economies. It also must be prepared to weather the onslaught of litigation and regulation, such as HIPAA, the Patriot Act, and Graham-Leach-Bliley, that has resulted from such industry debacles as misconduct over broker compensation, improper reinsurance accounting practices, and insolvency.

Enterprise Content Management (ECM) solutions enable insurance and reinsurance companies, agents, and brokers to foster a business-driven, customer-centric, knowledge-sharing culture that facilitates information flow throughout the insurance value chain in a compliant manner. Our ECM insurance solutions have been prepared to reflect the need to reduce risk, avoid regulatory action, and increase revenue. They also enable insurance entities to respond quickly and develop solutions that address new risks, changing demographics, new opportunities, and global competition.

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