Xerox has weighed in on the debate started by Lloyd's chief Lord Levene, when he said that insurance companies risk extinction if they continue to struggle with a "paper mountain".
Lord Levene told the Insurance Institute of London last week that he had never seen "an industry as paper-bound as the London insurance market."
Xerox UK Global Services director and general manager Amanda Abernethy warned: "Insurers must recognise the obstacles to smooth business operations that paper-based business poses.
"Streamlined processes would ensure better decision making and better risk management, particularly important priorities in these days of heightened interest in corporate governance and regulatory compliance."
Xerox claims that new research shows that companies spend between 5-10% of total revenues on documents, but companies are generally unaware of potential savings by electronic management of documents.
