How OCR Digitizes Insurance Industry?
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 I...