Claims handling company, Davies Managed Systems, which forms part of the £20 million turnover Davies Group, has dramatically improved its enterprise-wide efficiency and payment processing security by implementing an electronic cheque-printing solution from Version One (www.versionone.co.uk). Version One is the author of a range of document management and imaging solutions, including the electronic cheque-printing module, DbChequePrint, which makes the issuing of cheques secure, efficient and cost-effective.
Davies Managed Systems, which has been handling property and liability claims on behalf of insurance companies and underwriters since 1998, used to handwrite and manually process cheques. This involved each claim handler writing cheques from one of seventy cheque books (from a range of different client bank accounts). A remittance slip was typed up separately and stapled to the cheque ready for signing and posting, and then the payment was entered onto the claims management system and the cash flow spreadsheet.
“As you can imagine, the manual processing of 30,000 claims every year was extremely time-consuming, and with several steps built into the issuing of a single cheque, human error was sometimes a problem”, explains Vanessa Greatbatch, Davies Managed Systems’ Client Services Director. “As well as this, monitoring cheque books from up to seventy different bank accounts was a nightmare. There was the threat of an account running out of cheques and it going unnoticed until another cheque needed issuing. Having cheque books sitting on claims handlers’ desks was also a security issue we needed to address.”
Therefore, when Davies Managed Systems decided to upgrade its bespoke claims handling management system, it also looked at integrating an electronic cheque-printing solution into the system. After evaluating three different technologies, Version One’s DbChequePrint, was selected as its advanced functionality best suited Davies Managed Systems’ requirements.
Greatbatch says, “Since implementing DbChequePrint, payment processing is far more efficient, enabling us to pay claimants and suppliers swiftly. Now the claims handlers just enter the amount for payment onto the system and the cheques and remittances are printed automatically onto secure, blank stationery. The relevant client’s name and bank account details are printed directly onto the blank paper, eliminating the need for over seventy different types of cheque stationery – now we just have one! The printed cheques look far more professional and taking into account more efficient processes and reduction in resource, we estimate that we are saving over £80,000 per year.”
“Room for error has also been dramatically reduced and importantly, security has improved. Eliminating cheque books, using fraud-resistant stationery with secure cheque printers and having a range of authorisation checks built into the system, now removes any possibility of fraudulent activity and allows us to monitor transactions far more closely. Our audit results have also dramatically improved as a direct result of implementing Version One’s electronic cheque-printing solution.”
“Another key factor is that we now easily comply with the Financial Services Authority’s latest
legislation covering payment security. Had we still been handwriting cheques when the legislation was introduced in 2005, we would have struggled with compliance!”
Tony Bray, Director of Version One adds, “We are delighted that Davies Managed Systems is
enjoying the many benefits of implementing Version One’s DbChequePrint, including improved efficiency and time and cost savings. As security and compliance issues become of increasing importance in UK organisations, we have seen a dramatic increase in demand for our secure cheque-printing technology. Organisations just cannot afford to turn a blind eye to the very real threat of fraud!”
Notes to Editor
About Version One www.versionone.co.uk
Version One Ltd, a rapidly growing company established in 1989, is the author of a range of document management and imaging software solutions.
Version One’s software won a Green Apple environmental award 2005 and made the shortlist for Enterprise Software Package of the Year in the 2005 Accountancy Age Awards. The Company was also shortlisted for the Information Management Awards 2005 (IM2005). Version One is officially named as one of the fastest-growing technology companies (in the North and Midlands) in the 2005 ‘Deloitte Fast 50 Awards’ and was named one of the fastest growing-technology companies in Europe, Middle East and Africa (EMEA) in the 2004 ‘Deloitte European Technology Fast 500 Awards’.
Version One's leading document management system - DbArchive - automatically archives electronic copies of all outgoing and incoming business documents. The latest launch, DbCapture, uses advanced Artificial Intelligence and Optical Character Recognition (OCR) technologies to dramatically reduce manual data entry. Both solutions save dramatic amounts of time and money.
About Davies Managed Systems www.davies-managed.co.uk
Davies Managed Systems is part of the £20 million turnover Davies Group, which was founded in 1968 and has a network of offices throughout the UK. Davies Managed Systems, set up in 1998, is a limited liability company that represents the client management side of the operation. The company handles claims on behalf of insurance companies and underwriters that want to outsource their claims handling function.
Davies Managed Systems handled 28,000 claims last year and plans to handle 35,000 this year. The company works with niche businesses and prides itself on its skilled and personal approach.
Liz Ebbrell, Version One
+44 (0)1625 856500 or 07917 634705
Catherine Murphy, Version One
+44 (0)1625 856500 or 07771 746056
Tony Bray, Version One
+44 (0)1625 856500 or 07778 648082
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