The Shipowners’ Protection selects V1 technology to support transformation of finance department - V1
Published 8/22/2014 by Wearev1, Author
V1’s proven experience of integrating with Infor SunSystems was key to selection
V1’s document management software has been selected by indemnity marine insurance company, The Shipowners’ Protection, to support the transformation of its finance department. The business will implement four V1 solutions in a phased approach from September 2014 - Archive, Capture, Authorise and WebRetrieve. The solutions will increase efficiencies by moving away from paper-based processes.
The Shipowners’ Protection specialises in small craft and is part of a club of 13 protection and indemnity marine insurance companies that together provide over 90 per cent of the marine liability insurance in the world. It operates through 600 brokers and has 7,000 members.
Following a strong period of growth the company is overhauling its finance department to streamline processes and introduce a corporate standard across its offices in London, Singapore, Hong Kong and Luxembourg. As part of this transformation, The Shipowner’s Protection is upgrading its Infor SunSystems accounting software and implementing new document management technology from V1.
Kevin Baker, CIO of The Shipowners’ Protection, said: “One of the key reasons we chose V1 for this project is because we needed a partner that had experience of integrating well with SunSystems.
“The document management solution is required to securely store all our financial documents. They also need to be easily retrievable when needed. V1 Archive will replace a heavily paper-based system with documents being stored in cupboards. The new solution will save administration time and also enhance the service we provide by allowing staff to find documents quickly so that they can immediately respond to customer enquiries.”
V1 Capture, V1’s automated invoice processing solution, will be used to electronically process the company’s supplier invoices, overhauling the current paper-based system. It will integrate with the SunSystems accounting system to ensure invoices are processed efficiently.
V1 Authorise will automatically email imaged invoices to the relevant line managers for approval, rejection or query, and WebRetrieve will enable users to access all documents stored in the V1 archive via an online portal.
Baker added: “We have achieved consistent growth and now is the right time to review our working practices and identify where efficiency improvements can be made to maximise profitability. V1’s technology will help us to move from paper-based processes to a more efficient, automated system that will enable us to continue to grow and maintain high standards of customer service.”