Kofax has announced that one of North America's largest mutual life insurance companies has expanded its investment in Kofax Capture and added Kofax Transformation Modules to automate and speed the processing of insurance policies, applications and claims.
"Insurance organizations that strive to deliver superior customer and broker experiences need to be able to process information and transactions in near real-time," said Howard Dratler, Executive Vice President of Field Operations at Kofax. "Kofax helped this insurer transform its customer-facing processes by automatically capturing business-critical information from any communication channel anytime, and extracting and classifying that information for instant downstream processing. Automating the First Mile is the new normal for insurance companies. Manual processing no longer meets customer or broker expectations."
The sale included over $300,000 in software license revenue and over $65,000 in professional and other services. It closed during the fourth quarter of Kofax’s fiscal year ended June 30, 2014.
Kofax Capture provides industry leading scan-to-archive capabilities by scanning documents and forms to create digital images, extracting index data for retrieval purposes and delivering the images and associated data to a variety of repositories and applications.
Kofax Transformation Modules is a set of Kofax Capture add-ons that automate the classification and data extraction of different document types, transforming them into structured electronic information, ready for delivery into business systems and processes.