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85,000 contract and participant files representing one million pages were converted into electronic documents |
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File retrieval time went from five minutes per file to instantaneous access through the use of Fortis |
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1,000 square foot file room has been converted to usable space for other business functions |
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Implementation of disaster recovery strategy to protect business-critical documents |
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Improved document security with files stored electronically |
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With more than $188 billion in assets under management, New York Life Investment Management LLC (NYLIM) and its affiliates provide a wide range of investment services to institutional, individual, corporate, public, and Taft-Hartley clients, including institutional asset management, retail investments, retirement services, guaranteed products, real estate investments, and alternative investments.
NYLIM was looking to implement a disaster recovery strategy in order to protect the company's millions of business-critical files and documents. NYLIM's primary objective was to ensure uninterrupted customer service in the wake of an unforeseen event, which is all too real in today's world.
Westbrook Partner InfiNet Business Systems (IBS) developed the strategy to convert NYLIM's paper-based file system into a digital document management application using Westbrook's Fortis software suite. IBS further increased efficiency through custom development services that allowed Fortis to share data with NYLIM's primary database applications.
Stephen Young, Vice President of Sales for InfiNet Business Systems, said, "Our goal is to minimize the level of redundant data entry within our clients' operations by providing a means for data exchange. Our strength is in customizing standard programs to fit them exactly to the needs of our clients." "Initially, NYLIM's primary objective was to ensure uninterrupted customer service in the wake of an unforeseen event," said NYLIM Vice President Jim Kucharski. "However, through this project we also improved document access, increased efficiency and reduced file management costs."
Eighty five thousand contract and participant files representing one million pages were converted into the system. File retrieval time went from five minutes per file to instantaneous access through the use of Fortis. In addition, the 1,000 square foot file room has been converted to usable space for other business functions. With the monumental success NYLIM has experienced with Fortis, the Company will continue to convert additional documents electronically and further expand use of the software in other areas.
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