TEL AVIV, Israel and LONDON, Nov. 02, 2015 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (NASDAQ:TISA), a global innovator of intelligent content processing solutions, announced today that TIS has signed a contract with a leading Pan-African financial services company with presence in 16 African countries serving 2.5 million clients and properties covering 1.1 million square meters. TIS will upgrade the company’s eFLOW implementation to take advantage of TIS’ most advanced technology eFLOW5. The upgrade project is valued at some $200,000.
Providing a range of insurance and financial products including asset management, health coverage, investment portfolios and retirement funds, the customer deployed eFLOW in 2005 to increase the efficiency of its omni-channel claims processing operations for its health insurance line of business. In a tender, eFLOW was selected over its competitors for its technological superiority and broad functionality. Since that time the customer has employed eFLOW to process several hundred thousand semi-structured medical claims forms and related documents each year.
Seamlessly integrated with the customer’s core insurance and CRM system, eFLOW aggregates all types of handwritten and print documents and forms collected from agents and customers via web, email, fax, post, etc., then extracts, prioritizes and routes the critical business data to the appropriate people and systems to enable accelerated claims processing.
The insurance provider decided to upgrade to eFLOW5’s state-of-the-art technology to deliver to its customers the best possible customer experience, increasing responsiveness and shortening claims processing duration. The upgrade is expected to improve recognition rates, increase efficiency and enable compliance with increasingly strict industry and governmental standards and regulations. Targeted to go live in early 2016, the project will incorporate eFLOW5’s enhanced capabilities for performance monitoring and eFLOW5’s web-based scanning and validation are under consideration.
“As the reputation and proven success of eFLOW5 gains exposure in the market, TIS continues to grow its presence in key document-driven industry sectors in Europe and Africa such as banking and insurance,” comments Barry Richards, Managing Director, TIS EMEA. “We are proud that by deploying excellent software and services, we can deliver on our promise to our customers to help them transform their business processes to better compete and thrive in the digital economy.”
About Top Image Systems
Top Image Systems™ (TIS™) Ltd. is a leading innovator of enterprise solutions for capturing and validating structured and unstructured content entering organizations from various sources and managing content-driven business processes. Whether originating from mobile, electronic, paper or other sources, TIS solutions automatically capture, process and deliver content across enterprise applications. TIS’ flagship eFLOW platform and diverse business process and mobile image processing solutions are marketed in more than 40 countries through a multi-tier network of distributors, system integrators, value-added resellers and strategic partners. Visit the company's website at http://www.TopImageSystems.com for more information.
Top Image Systems Caution Concerning Forward-Looking Statements
Certain matters discussed in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from any future results expressed or implied in those forward looking statements. Words such as "will," "expects," "anticipates," "estimates," and words and terms of similar substance in connection with any discussion of future operating or financial performance identify forward-looking statements. These statements are based on management's current expectations or beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially including, but not limited to, risks in product development, approval and introduction plans and schedules, rapid technological change, customer acceptance of new products, the impact of competitive products and pricing, the lengthy sales cycle, proprietary rights of TIS and its competitors, risk of operations in Israel, government regulation, litigation, general economic conditions and other risk factors detailed in the Company's most recent annual report on Form 20-F and other subsequent filings with the United States Securities and Exchange Commission. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.