STATE COLLEGE, PA--(Marketwire - April 5, 2011) - Optical Image Technology, Inc. (OIT), a provider of enterprise content management (ECM) and business process management (BPM) software to the insurance, healthcare, higher education, and other industries, has won the 2011 Carl E. Nelson Best Practice Award for its work with Panhandle. OIT nominated Panhandle for the same award last year, and both of them were finalists. The award recognizes excellence in information management.
"Panhandle has succeeded where so many companies fail by putting their fear of change aside and company success and client service improvement first. They embrace process change and the results are spectacular!" said Jim Thumma, VP of Sales and Marketing at OIT. "Art Meadows has been trendsetting in leading many other mutual insurers to more efficient and productive environments. Panhandle earned the award by using ECM technology to its fullest for optimal ROI and by inspiring other insurers and small companies to think outside the box."
Awards were presented to OIT and Panhandle during a celebration coinciding with the AIIM 2011 info360 event on March 22 in Washington, DC. OIT was recognized for helping Panhandle:
- Achieve 98 percent paperless processing
- Double net income
- Grow surplus 685 percent
- Increase investments 72 percent
- Increase assets by 174 percent
- Decrease its expense ratio from 49.3 percent to 28.4 percent
- Decrease reinsurance costs 42 percent
- Improve its Net Written Premium to surplus ratio to .98 to 1 from 6.92 to 1
- Triple policyholder surplus from $709,735 to $2,111,695
- Increase online payments from 18 percent to 34 percent in the past year
- Process 41 more applications in the past five months.
About Optical Image Technology, Inc.
Optical Image Technology, Inc. (OIT) is a developer of business-improving products and services and the creator of DocFinity, an award-winning enterprise content management system. Headquartered in State College, PA, since 1986, OIT has been creating products and services that improve business performance by providing better information management, enabling better decision-making, improving responsiveness and customer service, and reducing operational expenses. Because of its cultural commitment to its customers, OIT also delivers award-winning support. To learn more, please visit www.docfinity.com, call 800-678-3241, or email info@docfinity.com.
Contact Information:
Contact:
Erica Kotula
OIT
814-238-0038 ext. 295