The Shipowners’ Protection selects V1 technology to support transformation of finance department
V1’s document management software has been selected by indemnity marine insurance company, The Shipowners’ Protection, to support the transformation of its finance department.
PR-Inside.com: 2014-08-21 13:39:06
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.”
About Shipowners’ Protection
Market leading P&I insurance for small and specialist vessels worldwide
Shipowners’ has in-depth knowledge of the risks and liabilities faced when operating fleets, borne from almost 160 years of experience in providing P&I insurance.
As market leader, Shipowners insure over 33,000 small and specialist vessels across the globe. Every year, 95% of Shipowners Members choose to stay with Shipowners, and the top 25 Members hold an average of 24 years’ continuous entry; testament to the ability to serve Members’ best interests and respond to changing needs.
Shipowners have a wide spread of Members across a range of vessel types, operating sectors and geographical areas. This diversification delivers stability, allowing Shipowners to enjoy a strong balance sheet and A-rated financial security from A. M. Best and Standard & Poor’s.
About V1 Ltd
V1 Ltd ("V1"), is a global provider of business automation software that enables both public and private sector organisations to streamline their business processes.
V1's award-winning document management solution integrates into all major accounting and enterprise resource planning (ERP) systems, enabling the automated delivery, storage, management and processing of documents.
Thousands of organisations worldwide are using V1's document management software to streamline their business processes, cut costs, free-up administration time and reduce paper consumption while enjoying a typical payback of just six months.
V1's product suite includes: document management, professional services automation, training and learning management and project accounting software.
V1 prides itself on its innovative solutions, personal and straightforward approach and dependable service.
V1 Ltd is an Advanced Computer Software Group Plc. company.
Angela Mycock and Kathryn Howard
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