Other parts of this series:
New automation solutions that leverage the latest analytics and machine learning technologies promise to deliver new levels of operational efficiency to insurers as well as help them to make faster and better decisions. Over the next few months, we’ll be issuing new reports that take a closer look at three types and areas of automation technology: data capture, robotics process automation and cognitive computing.
In this series of blog posts, I’m going to explore how automating data capture can help insurers to more efficiently access and better utilize their non-digital data. Most established carriers understand that making the most of their data is critical to creating better products, improving customer experiences, and countering the threat of new competitors.
Yet the approaches they are using to capture non-digital data are not scalable, cost-effective or agile enough to keep pace with today’s fast-moving digital landscape. Manual data entry is expensive, time consuming, and allows human error to creep in. Technologies like optical character recognition (OCR) and intelligent word recognition are rapidly improving but do not achieve the required accuracy levels without a significant effort in set-up, optimization and maintenance.
The challenge insurers face is to rapidly and accurately capture the information contained in paper forms in a way that maximizes operational efficiency, eliminates redundancy and remains flexible as the company grows and changes. This needs to happen without disrupting established and successful workflows.
Fortunately, rapid advances in data capture, which have moved beyond manual data entry and traditional OCR technology, offer insurers new ways to quickly, inexpensively and accurately provide the structured data needed for analytics-driven insights.
A new man + machine approach is coming to the fore. It combines advanced machine computing and analytics with the superior contextual recognition powers of the human brain to accurately recognize printed and handwritten text and transform it to structured digital data.
Insurers should embrace these new offerings, and their vendors, to eliminate the complexity and inefficiency associated with the process of creating a structured, digital data set. The automation of manual data entry tasks (e.g., forms processing) has the potential to decrease costs and increase operational efficiencies.
These in turn help insurers dramatically improve the customer experience by facilitating faster response times and requiring fewer requests to customers to verify data accuracy. My next post will take a closer look at insurers’ choices when it comes to data capture technologies and methods.
To learn more in the meantime, download this report: Automation technology series: How automation can drive efficiency and enable growth in the insurance industry
How Automation Can Drive Efficiency and Enable Growth in the Insurance Industry
How Automation Can Drive Efficiency and Enable Growth in the Insurance Industry focuses on the challenges and opportunities that insurers and financial services organizations face as they look to automate their data capture process.