Practical applications of OCR in Insurance
The insurance industry has a large amount of customer information and requires a high standard of data management. However, many insurance companies are still using the traditional system to manage information with the manual data entry method. Insurtech (Insurance Technology) is a wind of change in the approach to insurance business models, especially with Optical Character Recognition technology (OCR).
What is OCR technology?
OCR is Optical Character Recognition. OCR technology is created to convert images of printed or handwritten text into digital documents (file word).
OCR technology is used mostly to extract necessary information in personal documents such as ID Card, Driver’s license, Passport, etc. After the information is extracted, it is quickly stored in the CRM system of businesses. The application of OCR technology into practice has created a revolution in document digitization.
Below are the practical applications of OCR in Insurance businesses:
OCR standardizes the input in the customer onboarding process
Insurance companies often have to handle more than 700 to thousands of insurance operations every week. This process often requires to enter a large amount of data accurately. Currently, in the traditional process, insurance consultants/customers manually enter important data such as ID number, address, health insurance code. Manual entry takes a lot of time and effort of employees and customers - which weakens the experience of modern Insurance service - and has a great chance of mistakes leading to errors in insurance operations later.
With OCR solution, businesses can completely automate the input process. All necessary data can be digitized and directly extracted from photos of documents with up to 98% accuracy. Especially, this process only takes from 0.5 - 2 seconds depending on each type of document. Therefore, the customer onboarding process of Insurance businesses not only achieves a high level of safety and accuracy but also brings a modern and speedy digital experience to customers from the first approach.
Moreover, OCR doing repetitive tasks optimizes the use of time and resources for many insurance companies to handle complex and highly specialized operations.
OCR supports the insurance claim process
When a customer claims car insurance as soon as an accident occurs and asks for emergency assistance, the insurance company will have to search for the insurance profile and collate with the information of this accident. Only after that can the company call an ambulance for the customer. In this emergency case, if the insurance profile is not stored and managed appropriately, the profile will presumably be lost and finding it will take a long time. Delays in this process can lead to traffic congestion on the whole road.
When OCR is applied in the insurance claim process, all insurance profiles of customers will be digitized, extracted and stored following the needs of businesses. When it is necessary, with just a few clicks, employees can easily find insurance profiles to perform their tasks. Moreover, all edits on profiles will be synchronized on other devices thanks to modern Cloud storage.
FPT.AI Vision - A modern OCR solution for Insurance enterprises
FPT.AI Vision – a leading product in FPT Digital Transformation Solutions - provides an OCR Document Extraction and Digitalization application designed for the professional needs of each Vietnamese enterprise. FPT.AI Vision can extract information on most types of documents, from identity documents (ID Card, Passport, Driver's license, etc.) to invoices (utility bills, retail invoices, etc.), and it can be specially designed for any particular documents of businesses. With Artificial Intelligence, Computer Vision and Deep Learning technology, FPT.AI Vision solution can develop accuracy over time.
FPT.AI Vision not only gains the trust of Vietnamese enterprises but also establishes a position in the Asian market with the strides to eight countries in Southeast Asia (Malaysia, Indonesia, Philippines, Thailand, Myanmar, Cambodia, Vietnam and Singapore). FPT.AI Vision wants to realize the vision of working side by side with Vietnamese enterprises in the Insurtech wave. Contact us for advice by FPT.AI’s leading experts on technology solutions.
-------------------------------------------------------------------------
?Experience advanced OCR technology at https://fpt.ai/vision-en
☎ Hotline: 0911886353
? Email: [email protected]