The Role of OCR in Digitalization in Insurance

The Role of OCR in Digitalization in Insurance

OCR is the electronic conversion of scanned or photographic images of printed text into computer-readable text. The main application of this technology is in industries with a large number of data inputs and the need to capture data from a large number of printed documents.

Repetitive manual processes, information/data/organizational silos, complex business models, etc. in the insurance industry. there are many obstacles. In data-intensive industries like insurance, the biggest challenge is to achieve digital operations excellence and digital customer experience. A few areas with potential for automation are insurance quote and claims data entry, invoice processing, policy creation and document classification. Retention of information in the insurance sector is mandatory depending on regulation. Keeping data digitally makes it easy to both store and process. This digital structure helps a lot in comparing with competitors’ products and services and coming up with better solutions to attract more customers.

In data-intensive industries like insurance, the biggest challenge is to achieve digital operations excellence and digital customer experience.

Digitization of insurance documents brings the following advantages:

Less manual work/paperwork: Many insurance processes can be integrated through digitization. Data validation is therefore easier and less time-consuming. This is especially true when an existing customer tries to renew the policy or buy a different policy of the same brand. Since all data is stored digitally and can be easily verified, the customer receives the required solution in a few seconds. There is no need to fill out too many forms or documents or provide the same information as before.

Transparency and Convenience: Transparency when making a request is greatly increased when details and data are available online. Databases provide a single unified view of all the details of a customer. Customers can easily pay premiums and request all kinds of services through the online portal.

Safety and Security: Insurance data stored online digitally. There is less risk of losing data stored online.

How Does Using OCR Help Document Processing?

In the insurance industry, there are numerous documents that need to be processed on a daily basis. Performing these operations manually creates a lot of labor time, demand processing time, hourly cost and other related disadvantages. These challenges can be solved by incorporating intelligent document processing software. OCR fulfills this role with its automatic data capture capabilities. Using OCR, the insurance industry can perform data analysis, customer service and other tasks quickly and seamlessly.

The biggest advantage of automatic data capture with OCR over manual systems is their document processing capabilities.

Papirus AI is the most flexible, efficient and best document processing tool available on the market and offers the following benefits to the businesses that use it:

  • Reduces working hours and costs.
  • Reduces request processing times.
  • Helps customer acquisition.
  • Increases efficiency and satisfaction in customer service.
  • It provides higher accuracy with automation to be installed.

See Our AI-powered OCR Solutions in Action. Request a Personalized Demo.