Union goes paperless through Blockchain

In cooperation with Fotopia Technologies, Union adopts a system that will improve service delivery, enhance productivity, save costs and contribute towards environment conservation

Union Insurance Company (Union) has joined hands with Fotopia Technologies to become one of the region’s first insurers to adopt a fully integrated paperless system using cloud computing to improve service delivery and cost savings, enhance productivity and contribute towards sustainable environment conservation. According Abdul Muttaleb M. Al Jaedi, Managing Director and CEO of Union Insurance, the adoption of a paperless system is part of the company’s mission to boost its efficiency in its day-to-day operations thus providing better services to its customers. “This new and scalable document management system fits perfectly with our quest to deliver exceptional and efficient customer-focused service. It will greatly enhance interdepartmental collaboration ensuring streamlined daily operations and significantly contribute towards a green environment by going paperless.” By integrating the new cloud Document Management System (DMS), Union will also provide another layer of security especially for transactions that require papers. A powerful search module allows for immediate retrieval of any documents from anywhere and anytime. The new paperless system, which has the capacity to scan over 50,000 documents per day, will enable the company to save on its operational costs by over 30% percent thereby significantly improving the ROI. “We are always keen to work with our partners closely in achieving their business goals” said Raef Eid, Fotopia’s CEO. “Our project with Union Insurance was one of the biggest document management projects in the industry and we are very proud of the results. We look forward to moving further and working with Union’s team on moving their documents to the block chain technology.” Blockchain entry Union now also enters the blockchain space with its new DMS by connecting, streamlining, and transforming all its internal processes into digital initiatives. According to Anshul Srivastav, CIO, Union Insurance, the company’s first initiative is the digitization of all documents and the linking of documents to smart contracts as it will give access to a secure and decentralized setup. “Blockchain will help Union unify and continuously improve time-critical processes such as claims, underwriting, and customer experience. This flagship initiative will also support and provide endless opportunities for us to improve data access to partners, customer, regulators, and authorities.”