Pitney Bowes, DocuConsulting Join to Modernize Insurance

Zacks

Pitney Bowes Inc.(PBI) recently collaborated with DocuConsulting - a professional services firm specializing in customer communications management. The two companies will jointly develop document generation solutions to enhance customer engagement in the insurance sector.

In order to live up to the expectations of customers, insurance companies are faced with increasing need to modernize their technologies. Amid fast evolving regulations and guidelines, these companies must revamp their core technology to enhance the engagement levels by providing customers instant access to their policies. To bridge this gap, a modern document generation platform that can create and deliver personalized documents was required.

In its efforts to meet this requirement, Pitney Bowes unveiled a novel program named Fast Path to Engagement. The integrated program is designed to allow the insurers to upgrade their technology by gradually replacing the legacy systems. The program will convert the legacy data and other critical contents to an updated format. The new format can then be utilized to enhance customer interaction and communication via the company’s EngageOne Communication Suite. The whole process is likely to be completed within this year.

DocuConsulting possesses expertise in migrating applications to a modernized platform. The company has experience in transferring important documents including policy production, correspondence, statements and claims documents among others. In this program, the company will be undertaking the crucial task of transferring the old and unsupported documents of the customers to the new platform. After this initial process, the program will focus on the remaining legacy systems while simultaneously extending the new migration utility tools to other solutions.

Pitney Bowes is making persistent efforts to create a niche for itself in the documentation domain. Prior to this, on Jun 9, the company formed a joint venture with Broadridge Financial Solutions, Inc. (BR) and launched Inlet - a modern technology platform for making the distribution of documents from companies to clients a smooth process.

The aforementioned platform will not only increase the efficiency and reduce documentation costs but will also lead to improved communications between policy holders and insurers, thereby enhancing customer experience.

Pitney Bowes currently holds a Zacks Rank #2 (Buy). Some other similarly ranked stocks in the sector include Canon Inc. (CAJ) and Advent Software, Inc. (ADVS) both having the same rank as Pitney Bowes.

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