We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
80,259 News Articles

Pensions specialist James Hay deploys document sorting system

Four out of five mails automatically routed

Self-invested personal pensions (SIPPs) specialist James Hay Partnership has deployed a document classification application to help it sort the 6,000 letters it receives a week from clients and financial services advisors.

Speaking to CIO UK, James Hay CIO Iain Tait explained that the business is targeted at high-net-worth individuals who use SIPP to invest in a wide variety of financial products.

The company has 45,000 clients and administer £14bn of assets. Consequentlty the volume of mail that goes through the company is high.

The document and entity recognition and routing system, Kofax KTM deployed by Capital Capture, scans mail, learns to identify certain document types from a variety of financial services entities, such as fund managers, IFAs or property managers, and automatically routes them to the most appropriate James Hay account executives.

"The system solves the complex problem of routing an incredible diverse mailbox, to a very complex organisational structure," Tait said.

"Previously, documents could pass through as many as six pairs of hands electronically before they reached their destination. With this application, 80 per cent of post is delivered to the right person without going through this process."

Tait explained that a mergers and acquisition strategy for growth has left James Hay with a multi-region back-office supporting five different databases.

Part of the deployment entailed the construction of a central database through which the sorting application could distribute documents throughout the whole company.

He said the system has saved manpower resources equivalent to nine full-time staff. This resource has been redeployed within the company to focus on other business activities.

IDG UK Sites

Windows 10 for phones UK release date, price and new features: When will my phone get Windows 10?

IDG UK Sites

Three of the most expensive Limited Edition games ever made: Who's buying a $1,000,000 game?

IDG UK Sites

The future of Microsoft Surface: What to expect from the Surface Pro 4

IDG UK Sites

Best Mac: Apple Mac buyers guide for 2015: iMac, MacBook, MacBook Air, MacBook Pro, Mac mini and...