TEL AVIV, Israel and COLOGNE, Germany, Dec. 15, 2015 (GLOBE NEWSWIRE) — Top Image Systems, Ltd. (NASDAQ:TISA), a global innovator of intelligent content processing solutions, announced today that the company has signed a new customer win with a total contract value of some EUR 550K to deploy eFLOW Digital Mailroom for a leading healthcare insurance provider in Germany serving some 720,000 policy holders, comprising a 34% market share in its region. In the first phase of the project, to be completed in Q415, TIS is providing a prototype deployment covering five classes, including runtime and maintenance licenses, services and some hardware; the full project roll out will cover some 250 document classes for automatic capture and processing of 9 million documents on average per annum.
One of 11 independent state-wide bodies making up one of the largest health insurance networks in Germany that operates over 1,300 branches, employs over 55,000 and insures 24 million, almost one-third of the population of Germany, this large yet progressive company is committed to comprehensive health care protection through preventative health services and broad, flexible practices. Looking to the future, the company decided to implement an automated content capture and processing system to integrate with its SAP-based in-house policy management system in order to improve productivity and reduce costs and manual resource requirements. Our well-known and satisfied customers in the insurance sector gave the company confidence in selecting TIS.
In the first stage the solution will process all paper and faxed documents in any format arriving primarily from doctors and healthcare providers. eFLOW Digital Mailroom will recognize and validate the input and deliver the relevant data for accelerated claims management, activating automated response management for improved responsiveness to customers. In later stages the system will be expanded to manage input across digital channels including mobile.
“We are proud to help another German insurance provider achieve improved accuracy, higher productivity and be able to give better health care services to its customers thanks to eFLOW,” commented Michael Schrader, CEO, Top Image Systems. “As the insurance industry is facing the challenges of the digital economy in which customers demand visibility, transparency, real-time responsiveness across all business channels and all this against lower prices, providers must leverage innovative technologies to compete and thrive. Top Image Systems is committed to working closely with technology and service providers as well as with our insurance provider customers to stay on top of dynamic industry requirements and take advantage of new technologies to provide insurance companies with ever better ways to serve their customers and grow their businesses.”
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.
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.
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