NTUC Income

One company that has taken advantage of SCS' Forms Process Outsourcing is Singapore's largest life and general insurance company, NTUC Income (Income). With an annual income of about S$2 billion (US$1.2 billion), and almost two million policy holders, storing and managing over 45 million documents is no easy task. In view of this, Income decided to go digital.

Using SCS' FPO services, Income's paper documents were converted into legally binding electronic documents, and the paper documents were securely destroyed, leading to significant savings in storage costs. Beyond storage savings, digitisation also enabled business continuity. Being able to recover rapidly from disasters provided added security and confidence to Income and its customers.

The move to go digital also led to savings of over S$10 million a year as it allowed Income to maximise its re-engineering capabilities. Productivity has increased by more than 30% as employees are now able to access documents easily through the improved workflow. The processing of new policies has become almost instantaneous using SCS' straight-through intelligent processing system which requires no human intervention.