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Know How OCR Can Disrupt the Insurance Industry

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Posted on Aug 13, 2021
by Himanshu Chate ( Sr. Manager Business Development)

Know How OCR Can Disrupt the Insurance Industry

Technology has evolved exponentially in the last few decades, with it bringing many new solutions that automate and streamline the workplace. When it comes to the insurance sector, Optical Character Recognition (OCR) Solutions can bring technology to make claims processing simpler. Insurance claims in any business are known for impacting customer experience. Interruptions in payment can easily arise due to backlog of claims, lost forms, and even incorrect information that may have been keyed-in by a claim’s specialist. Such issues are considered as very common in an environment where insurance claims processing is purely a manual process.

In the past, OCR technology was limited via scanning machines or certain enterprise insurance business software only.

With better accessibility, the insurance business focus is shifting towards defining what could be the next possible Proof-of-Concept of OCR. Coupling OCR with the democratization of AI along with falling prices of faster cloud-based computing and storage competences, , we could see insurance agents and brokers acquire cultured document comparison skills to quickly analyze policy documents and respond faster to client queries. Claim auditors could quickly scan claim forms and supporting documents to extract key info required to decide on a claim. Insurance consumers could possibly compare the pricing, coverage descriptions and sub-limits on complex insurance agreements. Over the years to come, the market of OCR is expected to grow exponentially with a CAGR of 13.3%.

What can be done using OCR -

  1. Eliminate Manual Data Entry using OCR:
    • Use OCR Technology to routinely scan forms.
    • Lessen the time it takes to transcribe info by as much as 99%.
    • Search and notify the non-compliance with highlighted areas inside the certificate.
  2. Manage all Certificates of Insurance in one-unified place:
    • Clear paper trails and file cabinets that are cluttering up your office!
    • Manage all your certificates, requirements, and insured contacts in a single system.
    • Quickly search certificates of insurance, documents and insureds by name, compliance status and more.
    • Assures the insured compliance and ensured subrogation coverage for your business
  3. Automate Certificate and Endorsement Collection:
    • Reduce the time spent by manually monitoring the certificates.
    • Robotically send your insured requests for missing or expiring certificates.
    • Create and send insureds personal emails and links to upload certificates online.
    • Provide insureds and producers to submit their certificates & documents with few clicks.
    • Reduce the time spent conversing between all parties involved in the process.

To conclude

To conclude, by implementing OCR technology insurance companies can increase productivity-rates significantly while decreasing process costs. It enables the recognition of data from invoices, contracts, or identification cards which are then converted into classifiable and searchable digital files. To circumvent glitches such as data processing errors further down the value chain or low extraction accuracy rates, choosing the right solution is crucial. If you want to implement OCR, feel free to contact one of our experts. 

Category: Data Analytics, RPA & AI

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