Opportunities for Optical Character Recognition (OCR) in Insurance - Global IQX

A robust OCR process can convert client documents into structured data in a digestible format that can be analyzed for client cross-selling, up-selling, or new business opportunities. OCR programs can assist sales and underwriting teams by automatically extracting and transforming key details from RFPs and lengthy policy documents. OCR enables insurance sales professionals to streamline and drive efficiencies by automatically scrubbing RFP emails, multiple PDF documents, plan booklets, and even scanned images of policy documents for key details that can be transformed into a format appropriate for processing. This data can then be loaded into the insurance company's sales and underwriting systems, like a quoting and rating engine, creating an initial shell quote in seconds. Additionally, many insurance companies still maintain vast quantities of historical data in unstructured and paper formats.