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Why are leading insurers investing in automation technologies like data capture?


Neutrinos - June 15, 2020 - 0 comments

Insurance companies are leveraging new age digital technologies, agile development methodologies and advanced data analytics to enhance operational efficiency and deliver superior customer experience (CX). One of the applications of advanced technology today is automation. Mundane, time consuming and traditionally manual tasks are being automated to increase efficiency, make better decisions and provide better CX. Data capturing is one of the areas of automation technology that is reshaping the insurance industry. 

Data collection has always been an integral part of the insurance business process. Insurers are reevaluating the way they capture and access data in today’s digital world as technology is opening up more cost effective and accurate routes to data capturing. While manual data entry processes are time consuming and expensive, a technology + man approach can get the job done faster, more accurately and at lowered costs. 

Developing these new technologies in-house, however, can be difficult. Insurers are working with new companies that are specialized in these technologies, enabling digital transformation through experts while insurers can focus on core competencies. Successful execution of data process automation offers multiple benefits:

  • Reduces costs 
  • Provides flexibility 
  • Reduces redundancy 
  • Increases operational efficiency
  • Improves response time
  • Enables quicker, more reliable data verification 
  • Heightens customer experience

Rapid and accurate data capture and the ability to find a data process that is scalable are the needs of the industry today. Let’s take a look at some of the new, rapid advancements in data capturing that are changing the insurance landscape. 

Word recognition technologies 

  • Optical character recognition (OCR)
  • Intelligent character recognition (ICR)
  • Intelligent word recognition (IWR)

These technologies help in converting texts in images and PDFs into machine encoded text. While OCR focuses on printed text, ICR is more advanced and can recognize handwritten characters. IWR goes a step further and is capable of recognizing block and cursive handwriting. Incorporating these word recognition technologies into document management and enterprise content management helps in catering to data capturing requirements. 

To make the process of technology integration seamless, insurers are leveraging on new age technology providers. 

Mobile data capture technology 

This technology enables users to take images of documents and share, from which, data is extracted by the server. These on-device solutions are cost effective, flexible and scalable models that increase the speed and efficiency of enterprises. For organizations that are looking for a primary, digital data capture strategy this is an effective solution as the data captured is directly stored in the backend system. 

Data-as-a-service (DaaS)

Technology makes the normally challenging and labor intensive process of documentation easier and faster. For enterprises that are looking for quick solutions without any changes made to their existing infrastructure or business processes, DaaS solutions are ideal. These services provide all the benefits of new age technology without affecting the way data is processed on a daily basis. 

Why invest in data capture technology?

Manual data entry comes with various issues from time constraints to quality and scalability. Data capture technology empowers insurers with high quality, structured data that enables enterprises to grow and maximize their profits. 

  • Enhances CX and retention as data equips insurers to cater to customer needs better
  • Advanced data analytics powers well-informed decision making through business insights, which drives growth and profitability. 
  • Reduces regulatory and compliance risks  

Neutrinos has enabled enterprises to leverage on new-age technologies like data AI, ML and big data analytics seamlessly. Take a look at our solutions designed exclusively for insurers here

 

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