Why Does the Insurance Industry Need OCR?
OCR is one of the “hottest” technology solutions helping businesses achieve full digitization. This is especially true in the insurance industry, which involves numerous documents, processes, and procedures. How does OCR handle insurance paperwork? Let’s explore with SSD through the article below.
- The insurance document processing workflow has many inefficiencies
Insurance files often include various types of documents containing important data such as Citizen ID numbers, health insurance codes, addresses, etc. Most of the time, transferring this data from paper documents into storage systems is done manually by staff. With thousands of files needing processing each week, companies spend thousands of labor hours performing repetitive data entry tasks. This not only wastes time but also carries significant risks due to errors during data entry.
Moreover, each customer may have more than 30 types of related documents. Storing, preserving, and retrieving these documents when needed is also a challenging task for businesses. Staff often spend a lot of time searching and cross-checking information whenever incidents occur.
It is clear that the traditional insurance document processing workflow has many shortcomings, as it not only wastes time and reduces customer satisfaction but also incurs high costs. Insurance companies also face economic and legal risks when errors occur.
- OCR Solution for the Insurance Industry
Optical Character Recognition (OCR) is the latest technology solution for automatic document digitization. OCR has the ability to convert images of documents into digital text and store them within the company’s system. Given the large volume of data that must be stored, OCR solutions for the insurance industry are becoming increasingly popular.
Accurate Automated Data Entry with OCR Studio
Manual data entry is prone to errors such as misreading or mistyping information. Just one wrong digit or a misspelled name can cause the entire file to be re-evaluated. OCR uses AI to automatically recognize information, ensuring high accuracy and helping the insurance industry minimize errors from manual data entry.
OCR Helps Insurance Staff Save Time and Effort
Using OCR helps insurance companies save employees’ time and effort by automating data entry and document processing workflows. By eliminating manual tasks, staff can focus more on activities that create added value for the business.
Easy Retrieval and Secure Storage
Since data is in digital text format, insurance companies can easily store it in their systems. With strong security barriers, data can be stored safely and retrieved easily when needed. This improves customer file and business management processes.
OCR Enhances Customer Experience in Insurance
OCR technology helps insurance companies reduce up to 80% of the time needed to process documents, eliminating redundant steps and procedures. Insurance customers enjoy a better, more modern, and professional experience. According to Microsoft Dynamics 365 (2018), 95% of consumers remain loyal to brands that provide a good experience. Therefore, applying OCR technology also helps businesses retain customers and increase sales.
With many of the benefits mentioned above, OCR has become an inevitable trend for data digitization in the insurance industry. Hundreds of businesses have trusted and used OCR Studio to automate their data entry processes. Interested businesses can learn more about how Cathay Life digitizes data here.
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