KOFAX, INC.
IRVINE, CA

Kofax Accelerates Digital Transformation in the Insurance Industry Kofax Accelerates Digital Transformation in the Insurance Industry 50 Percent of Top U.S. Life Insurers Embrace Kofax TotalAgility to Enhance Customer Journeys – Kofax®, a leading provider of software to simplify and transform the First Mile™ of business, today announced that Kofax TotalAgility® By digitizing critical touchpoints—such as onboarding new policy holders, processing insurance claims and provisioning services—the TotalAgility platform helps accelerate customer journeys to a positive outcome, delivering a frictionless experience and increased loyalty. TotalAgility includes a fast-to-deploy set of capabilities, including omnichannel information capture, business process automation, robotic process automation, analytics, customer communications management and e-signatures. A leading property and casualty insurer in the U.S. initially partnered with Kofax to improve driver license information extraction through its native mobile applications. This insurer is now leveraging the unmatched capabilities of Kofax TotalAgility to digitally transform multiple use cases across the enterprise. A leader in insurance claims administration and tracking recognized the need to move from manual, paper-based tasks to a fully automated digital solution for customer onboarding and claims processing. The company selected TotalAgility based on its ability to enhance efficiency through automation, resulting in improved employee productivity and reduced operational costs. A top reinsurance broker is deploying TotalAgility to enable multi-channel information capture from any source, process automation for seamless customer onboarding and process intelligence for ongoing execution improvements. The company will further leverage TotalAgility in other areas as part of its ambitious digital transformation strategy. “When insurers focus solely on the front-office customer experience, they miss opportunities to improve the entire customer journey, reduce costs, improve compliance, and leapfrog the competition,” said Reynolds C. Bish, Chief Executive Officer of Kofax. “TotalAgility is a unified, scalable platform that digitizes end-to-end processes for greater overall efficiency and long-term policy holder satisfaction.” Spotcap Expedites Lending Decisions Using Kofax Kapow Robotic Process Automation Spotcap Expedites Lending Decisions Using Kofax Kapow Robotic Process Automation – Kofax®, a leading provider of software to simplify and transform the First Mile™ of business, today announced that Spotcap, a multinational provider of finance to small and medium-sized enterprises (SMEs), has implemented Kofax Kapow™  Robotic Process Automation (RPA) software to support its proprietary credit assessment algorithm. Kapow mimics human actions to automate a wide range of manual, repetitive tasks, helping Spotcap to provide flexible financing options to SMEs. Spotcap’s machine-learning credit models evaluate business and cash flow data alongside conventional credit and financial information—providing a holistic view of a company’s performance and creditworthiness. Kofax Kapow software robots help to facilitate the fast and automatic aggregation, extraction and transformation of data from a wealth of sources into actionable information for use by Spotcap’s credit assessment algorithm and credit experts. Spotcap’s investment in Kapow, which delivered a full return on investment in under a year, helps eliminate paperwork and manual processing. Business applicants simply enter basic personal and business information online in a highly intuitive process which can be completed in less than 15 minutes. Applications are reviewed within 24 hours and, once approved, SMEs have immediate access to funds. “For every loan application received, thousands of data points must be analyzed to make a decision about whether to offer a loan,” said Karl Sponholz, COO of Spotcap. “Unlike traditional lending processes, where credit decisions are based primarily on historical financials and credit scoring, we are tapping into Kapow smart automation software to quickly and easily access data from a large number of sources for in-depth insight.” “We’re also creating a collaborative environment for traditional lenders,” added Sponholz. “By tapping into our full-service lending platform, traditional players can offer more refined services, efficiently serving SMEs with competitive financial services and products.” “Kofax is helping Fintech leaders digitally transform their businesses to better serve customers,” said Reynolds C. Bish, Chief Executive Officer of Kofax. “In addition to increasing their competitive differentiation and advantage, these technology-focused leaders are poised to thrive by developing deeper and better engagement with customers across their entire lifecycle.” Kofax Kapow, the #OriginalBot, is RPA software that allows users to deploy smart robots to mimic human actions and automate a wide range of manual, repetitive tasks while driving continuous improvements. With hundreds of thousands of Kapow robots deployed at more than 550 enterprise customers, BPO providers and shared service organizations around the world, Kapow has enabled exceptional results by driving improved operational efficiency, more rapid customer responses, better compliance and material cost savings. “We’re only six weeks into the Year of the Robot and this recognition validates Kapow’s market leading capabilities and position,” said Reynolds C. Bish, Chief Executive Officer of Kofax. “Constellation’s comprehensive criteria and thorough research methodology confirm Kofax as an innovative leader in the RPA market.” “Boardrooms and their executive suites must be cognizant of the business extinction events and the exponential technologies that will transform their industries,” said R “Ray” Wang, Chairman and Founder at Constellation Research. “Each Constellation ShortList, researched and curated by our analysts, guides early adopters in identifying the right technologies to support new business models and improve engagement. Leaders now have a list of the top technology partners who can co-innovate and co-create with customers to thrive and dominate digital disruption.”