Techrity Consulting

Insurance Industry Case Study

The client, a global financial services firm in the business of insuring bonds, knew that in order to compete in their market, they needed to access, manage, and use information more quickly and accurately.

Speed and control are the crucial keys to reducing total product cycle time, and accelerating responses to customers -- while simultaneously driving cost and inefficiency out of business processes.

This client was struggling with the cumbersome job of gathering, editing and collaborating on the plethora of documents required to process a bond policy. When an entity applies to the firm for bond insurance, the analyst handling the application collects the required documentation and information, and then builds a "package" or "book". During the application research process, information is gathered from various company databases worldwide, as well as outside sources. Documents may be edited or created from scratch, and many are circulated and thoroughly analyzed by different teams throughout the organization. Ultimately, the decision is made whether to accept or reject the application for insurance, based upon the material presented in the package.

With the numerous parties involved in compiling the information, it was difficult to keep the deal documents organized. The firm realized that in order to make well-informed decisions on their applicants within a reasonable timeframe, they needed a system that would allow them to manage the deal document package through the approval process.

Techrity's configuration and extension of Interwoven's WorkSite MP product allows financial services firms to achieve their objectives. By implementing a comprehensive deal document management system, individual analysts can leverage knowledge assets, and deal teams can collaborate effectively on opportunities.

WorkSite MP provides a central repository for all deal documents. One of its most powerful features is the "Collaborative Workspace". Users can set up designated areas within the central repository to hold all files related to a particular subject matter. For instance, the client has an area -- or Collaborative Workspace -- for each bond insurance applicant. All deal teams and individual analysts working on an application can access the Collaborative Workspace to add, search or contribute to documents. Standard WorkSite MP functionality enables multiple users to view the same document simultaneously. However, only one user at a time can edit a document. The system includes version control, tracking and audit trails, so it is visible who did what - and when.

Techrity configured integration between WorkSite MP and LDAP for identity and access management. System users have a Single Sign-On environment, and are assigned access to different features, files and Collaborative Workspaces, depending upon their roles within the company. The solution also integrates with other business applications, such as Microsoft Office, Lotus Notes, and various email systems. The integration allows for the automation of many processes, for example, saving directly from the business application (Word, PDF, Excel, Outlook) into the WorkSite MP central repository.

Techrity consultants, working closely with client staff, implemented the solution in just three months. Part of the initial implementation included the migration of legacy data and documents into the new repository. Since the client is doing a phased roll-out of the solution, some global locations are still using their legacy system -- an online, lightweight research database solution. In order to incorporate all offices immediately, Techrity built a "listener" within WorkSite MP, which periodically checks the online system for pertinent research. When the listener spots a new entry in the online system, it grabs it, and automatically updates the appropriate Collaborative Workspace.

Every file saved to the central repository, no matter the source, has metadata attached. In most cases, the metadata is auto-generated by WorkSite MP. Complete metadata is crucial to allowing for quick access to the right data and documentation. WorkSite MP includes standard searches, and Techrity implemented custom searches to suit the client's business model and data needs.