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How OCR Digitizes Insurance Industry?

  • May / 8th / 2021 | Gangadhar Heralgi
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Insurance firms deal with a myriad of documents. From policies to cover notes, certificate of insurance, proposal forms, endorsements, there is plenty to meet demands and needs. These documents are also subject to ever-changing laws, new processes, and the struggle to offer the best insurance solutions. Therefore, it is vital to process these documents accurately and efficiently.

 

Initially, insurers had to scan and convert paper documents into flattened image files. A process like that requires excellent human intervention and is no match for the large volume of content in the insurance industry. Therefore, unmanageable work delays, errors, and long hours of work were the order of the day. Such practices can also lead to uncontrollable costs, lower profit and lower customer retention. There are also duplicate or multiple processes, alongside many other organizational silos, which further increases insurance operations costs, leading to severe losses for insurers.

OCR And Insurance Documents Digitization

 

Insurance document digitization is a great alternative. It deals with the hassles of process delays and can even help insurance firms harness deeper data-driven insights to build better solutions. This is why many Governments are beginning to make digitization mandatory for the insurance industry. 

OCR in insurance provides an exciting avenue to help insurances achieve seamless control over their tasks. OCR or optical character recognition is a technology that transforms electronic or mechanical scanned or photographic images of printed, typewritten or handwritten text into computer-readable text/images. Presently, the global OCR market is expected to reach US$ 12.6 billion by 2025. Therefore, OCR presents a remarkable list of unique benefits that the insurance companies can enjoy. Here are some of those benefits to help you realize why you need to invest in great OCR software.

Benefits of OCR in Insurance

  1. A unified workflow

Investing in insurance document digitization, primarily through OCR, provides the amazing perks of dealing with large volumes of data within minutes. What’s more, you can easily organize and tag as per your preferences, making it easy to call up any information at the right time. Therefore, OCR eliminates all kinds of errors to boost workflow efficiency. It also ensures data validation and verification, leading to high quality and accurate output.

  1. Safety and security

OCR software can help companies establish the first steps to keeping your documents digitally safe. OCR in insurance can decrease the risks of losing track of policies. It also allows insurers to deal with fraudulent claims efficiently. That way, insurers can effectively reduce losses incurred due to fraud.

  1. Improves customer experience

With automated analytic tools and OCR, customers can quickly analyze scanned copies of insurance policy documents uploaded online to your products and your competitors to make their choice. With OCR, the process will be tedious and inefficient. OCR in insurance automatically scans a significant number of documents to structured and accurate data in a format suitable for deeper analysis.

  1. Boosts customer service.

OCR in insurance eliminates manual paper document scans. This, in turn, gets rid of delays so that customers can enjoy shorter resolution for diverse issues. Claims processing becomes easier and faster because of the quick interface program of OCR software. Your customers can even process their documents in an easy format, ready for use. Therefore, OCR is a great way to increase customer satisfaction and boosts your brand image. 

  1. Margins and profitability

Because OCR in insurance eliminates manual data entry mistakes, it results in less time, workforce, and money spent dealing with the mistakes. A minute error usually leads to significant costs in the data capture process. Therefore, OCR insurance document digitization gets rid of all of these costs and boosts your profit margin.

  1. High precision predictions

Optical character recognition transforms bulk data into formats that data analytics, AI, or ML software finds usable. That way, your business can deeply analyze historical data to make predictions on your customer behavior, market trends, and risks. Automated OCR can drive incredible value for your business through meaningful insights for growth and sustainable success.

OCR, combined with other emerging tech, can truly transform the industry. Insurance agents and brokers can easily acquire advanced comparison tools for assessing policy documents efficiently and deal with queries faster. Claims examiners can also rapidly glean the right information from records and claims documents to make relevant decisions. Customers can quickly access the right information or policies suitable for their needs. Overall, OCR in insurance is an excellent solution to critical issues. It just might be a prominent trend for the insurance landscape in the near future.

Banks, insurance companies and Financial Services companies capture primary data as paper documents that need to be converted into electronic form. The current process of transforming data on paper to electronic form comprises of manual processes. Monolens is a cloud-based optical character recognition tool that converts high volume printed documents or forms into text searchable files to replace manual maker process. Monolens provides high-performing, precise results with an accuracy of 95% for printed forms. Monolens can be extended to extracting data from documents like PAN, Voter ID, Aadhaar card, Bank cheques, Passport, Driving license, Registration Certificate, NACH form, NEFT form, Bank statement, Hospital claim forms, Medical bills etc. to know more about Monolens: https://monocept.com/solutions/monolens or mail to salesteam@monocept.com.

Click here to request a demo for quick and error-free text recognition solution for your business. Transform your business with customized technology solutions.

  • May / 8th / 2021 | Gangadhar Heralgi
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