Financial and life insurance company more effectively manages its leased space and reduces costs through strategic paper backfile conversion projects

Financial and life insurance company more effectively manages its leased space and reduces costs through strategic paper backfile conversion projects

The client has grown tremendously since the mid-1800s. Today, it is a leading provider of financial advice, protection and retirement strategies to its 2.8 million clients across the country.

Challenge

As the client’s operations expanded over time, its paper backfile at more than 100 branch locations across the United States grew as well. Compliance requirements dictate broker-dealer files must be kept secure and accessible, and a considerable amount of square footage was necessary to store such an extensive paper backfile.

 

If the entire organization’s backfile could be digitized branch-by-branch on a schedule aligned with upcoming lease renewals, the client could significantly reduce the square footage needed per location.

 

In turn, a reduction in the stored paper files could directly drive a reduction in lease-related expenses. Renovating existing spaces, relocating to smaller offices — or even transitioning to a fully remote workforce without any need for a physical location — emerged as cost-saving options made possible through bulk document scanning and backfile digitization.

Solution

The client’s strategic initiative of “going paperless” drove the search for a vendor partner. Once the client selected TrustFlow Digital Solutions, the first project to digitize records at the New York branch began.

The project scope included transporting the files, onboarding, conversion, document indexing, storage and destruction. It was completed on-time and within budget.

Results

Since completing the initial backfile conversion at the New York office, TrustFlow Digital Solutions has digitized the client’s paper files at more than 35 locations across the country. Today, TrustFlow Digital Solutions converts millions of the client’s files annually — digitizing backfiles at 5 to 7 branches each year — while remaining cost-conscious, flexible and responsive.

A recently completed backfile conversion project in 2021 at the client’s Chicago location included digitizing 20,000 paper files in 90 business days. TrustFlow Digital Solutions provided scan-on-demand services throughout the project so the client could gain quick access to any information not yet digitized. The TrustFlow Digital Solutions team executed all project deliverables in the agreed-upon timeframe, digitizing over 1.5M images, and transferring all converted files to the client through SFTP. Uploading all digitized files into a secure portal allows for quick access without any lost or misfiled documents.

As of October 2021, TrustFlow Digital Solutions had digitized more than 30M images for this client. Digitization work at additional branch locations aligns with upcoming lease renewals to reduce costs and drive operational efficiencies.

Key Performance Indicators

35+

branch's paper backfiles converted

30M+

images digitized to date

99%

accuracy rate