Case Study: a large insurance company achieves digital maturity and lowers records costs with Ripcord's Canopy

a large insurance company cuts records costs with Ripcord, digitizing 55% of 250,000 boxes in 2 years

A large insurance company faced the challenge of managing a vast paper-based archive of 250,000 boxes stored across four facilities, which cost $6.5 million annually and hampered regulatory compliance and operational efficiency. They partnered with Ripcord to digitize these records using Ripcord's Canopy digital content services platform to eliminate physical storage costs and make their data searchable.

Ripcord's solution involved scanning and uploading the documents into Canopy, which classifies, indexes, and auto-extracts data. By the end of the second year, 55% of the boxes will be digitized. This will drastically reduce the multi-million dollar annual storage cost and eliminate the productivity loss associated with unsuccessful document searches, making information instantly accessible to credentialed users.