Are you an insurance professional who wants to stay up to date with the latest technology trends? Then don't miss this blog post about AI OCR (Optical Character Recognition)!
In the insurance industry, managing large amounts of paperwork can be a tedious and time-consuming task. That's where AI OCR comes in. By using artificial intelligence to scan and interpret documents, you can streamline your process and save time and resources.
But that's not all. AI OCR can also help reduce errors and improve accuracy in document processing. AI OCR is a tool for any insurance professional who wants to optimize their workflow.
Stay ahead of the curve by learning about the potential of AI OCR in the insurance industry. Don't miss this informative blog post on the subject!
Optimize & Recover
Insurers can use AI OCR to quickly and accurately scan and interpret competitor policy documents. This allows brokers to easily compare competitors' insurance coverage and pricing. This streamlines sales and enables more competitive insurance quotes for your brokers.
Automating this process saves time and resources with OCR AI. It also enables you to respond quickly to changes in the market. In addition, you can leverage insights gained from analyzing competitors' policies: Automatically tell brokers and agents areas where you stand out from your competitors.
Using OCR AI to automatically create insurance quotes for agents can also improve the efficiency and speed of the sales process. In this way, insurers serve agents, and agents in turn serve their customers, better and stay ahead of the competition.
Hedging by invoice
Insurers use AI OCR to scan and interpret invoices of goods purchased by potential customers, such as a new bicycle. By analyzing this information, insurers can identify potential risk areas and create targeted insurance offers for these customers.
For example, if a potential customer has recently purchased a new bicycle, they are more likely to need insurance coverage for that bicycle. By using AI OCR to quickly and accurately scan and interpret the bike purchase invoice, insurers can create a customized insurance quote for the customer that includes coverage for their new bike.
This can help insurers improve their sales by reaching customers with relevant and timely insurance offers, increasing the likelihood of a sale. It also allows insurers to better understand their customers' needs and preferences and offer tailored insurance products.
Automated lead scanner
Identify new customers: Commercial insurance agents can use AI OCR to quickly and accurately scan and interpret online data. Newly established businesses needed different types of insurance coverage, such as property, liability, and workers' compensation.
By using AI OCR to scan online data sources, such as business registrations, insurance agents can quickly identify new businesses and provide them with insurance quotes. In this way, agents can expand their customer base and improve their sales.
AI OCR can also be used to scan and interpret other types of online data, e.g.
- Social media and website profiles to gain insights about potential customers
- tailor insurance offerings to their specific needs and preferences.
In this way, agents can increase their chances of closing a sale and building a long-term relationship with the customer.
Customer experience
Insurance agents can use AI OCR to streamline the exchange of information and documents with customers through customer portals like Salesforce. By using AI OCR to automatically scan and interpret documents, agents can quickly and accurately capture the information.
For example, when taking on a new client, insurance agents need to review different types of documents:
- ID cards
- Insurance certificates
- Policy documents & premium invoices
- Vehicle documents
By using AI OCR to automate document processing, agents can save time and resources and ensure smooth and efficient customer contact.
Using AI OCR can also help reduce errors and improve accuracy in the onboarding process, further enhancing the customer experience. By streamlining the exchange of information and documents using AI OCR, insurance agents can create an excellent customer experience when onboarding a new customer and build long-term, successful relationships.
More about automated customer care
Vehicle registration documents
Insurance agents can use AI OCR and vehicle registration documents to generate new business and automatically update existing insurance policies. By using a digital vehicle registration scanner with AI, insurance agents can quickly and accurately capture all relevant data from the vehicle registration document in a matter of seconds. This can save up to 90 % of the time previously spent on this task and reduce the risk of errors.
The AI OCR software can be trained with only 50 examples and does not recognize forgery-proof documents like ordinary text recognition. It can reliably process data even under unfavorable conditions and fill in missing parts of an incomplete document using an integrated plausibility check.
Insurance agents can use the data extracted from the car license to create customized insurance quotes for potential customers and update existing insurance policies with accurate and up-to-date information. This can help agents generate new business and improve their sales.
The AI OCR software can extract various fields from the Vehicle registration document recognize, among which are the following data:
- Date of first registration
- the brand
- the vehicle identification number
- the maximum technically permissible mass
- the maximum permissible mass
- the mass of the vehicle in operation
- the period of validity
- The vehicle class
- and many more
By capturing this information, insurance agents can create customized insurance quotes for potential customers and ensure that existing policies are accurately reflected.
Learn more about intelligent vehicle registration OCR
Microservices
Insurance broker pools, insurers and reinsurers can use a microservice architecture (see Wikipedia) using OCR API with AI to improve their document processing and management. The OCR API uses Deep Vision OCR to read and return text from images or scanned documents as JSON and PDF, and supports more than 100 languages. Cloud hosting is immediately available for processing and can be tested for free.
Insurance companies can use the OCR API to extract relevant information from a wide range of business documents, including non-digital documents and images. The OCR API can recognize text in over 100 languages and extract data from handwritten applications and documents. The API can also be integrated into existing systems via the REST API and used in Python code via the Python OCR SDK.
In addition to extracting text, the OCR API with AI can also recognize and extract structured data from unstructured documents. This can be useful for extracting specific data from documents, such as vehicle registration information, payment requests, and invoices. By using OCR API with AI, insurance companies can automate their document processing and extract valuable data to improve their operations and decision making.
Summary
In summary, AI OCR has many potential use cases in the insurance industry. It can be used to
- Streamlining document processing and management
- Improve accuracy in data entry and document interpretation
- To reduce errors and fraud
- Optimization of the claims process
It can also be used to analyze and compare competitors' policies, identify potential customers, create insurance quotes, and update existing insurance contracts. By automating these tasks with AI OCR, insurers and insurance agents can save time and resources, improve the customer experience, and stay ahead of the competition.
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