Underwritten and Overworked — The Case for Improved Insurance Data Capture
The insurance industry continues to rebound. As noted by a recent Deloitte report, positive economic factors in 2018 are “setting the stage for enhanced top and bottom-line growth in the year ahead.” With steady growth, comes growing pains. While 70 percent of insurance CEOs now rely on operational efficiency to drive growth, 31 percent remain “extremely concerned” about the speed of technological change.
This creates a paradox. Legacy, paper-based processes for data capture and forms processing can’t meet the efficiency expectations of new digital markets, but organizations are often reluctant to adopt digital solutions for fear of disrupting current processes. The solution? Advanced software development kits (SDKs) that integrate with existing applications to streamline forms processing and data capture.
Forms and Function
Forms are fundamental. With a variety of different claims processed by big and small insurance agencies alike, many forms are similar, if not the same. However, many insurance agencies struggle with efficient claims processing. As noted by the PWC Top Issues Annual Report for 2019 , “clunkiness and redundancy” are common. That doesn't have to be a bad thing. Redundancy (of forms) can offer an avenue for “quick wins” when paired with the right forms processing and automation technology.
FormSuite for Structured Forms, Accusoft’s forms processing SDK, integrates into your insurance application and provides out-of-the-box functionality to capture everything from phone number fields to hand-printed text, marks, and signatures. Enable your team with common forms using the toolkit's library to identify recurring form types. Combined with advanced optical character recognition, FormSuite for Structured Forms automates the process of form identification, alignment, and data capture to quickly provide quantifiable process value.
Raising Your Invoice
If insurance forms represent the first line of industry efficiency, invoices are the final stage. To ensure claims are processed quickly, contractors are paid, and clients receive specified compensation, organizations need invoicing solutions that minimize human error, reduce processing time, and increase overall accuracy. That’s just the beginning. As noted by a recent McKinsey & Company report, insurance companies are now looking to leverage data capture and analysis to both enhance existing business models and fundamentally change consumer relationships.
What does this mean in practice? Cumbersome, manual invoices are both time-consuming for staff and frustrating for suppliers, contractors, and clients. Manual entry of repetitive data sets leads to human errors, which makes data capture that much more important. With a lack of automated processes, forms processing and verification can take weeks instead of days, limiting the ability of staff to complete claims files or work on other projects.
Using Accusoft’s invoice processing SDK, featuring advanced OCR and intelligent algorithms capable of “learning” new patterns over time to improve accuracy, insurance companies can boost process efficiency and capture valuable data for longer-term strategic use.
Claiming the Advantage
Insurance markets are strengthening. Executives are looking for ways to maximize process efficiency as underwriting and invoicing demands increase, even as compliance rules and regulations expand to protect client interests.
The result? Legacy forms processing and data capture tools may meet current needs, but fall short of emerging digital expectations. Our FormSuite for Invoices solution makes it possible to bridge the gap between existing tools and emerging expectations with easy integration, available source code, and powerful customization. Claim your process potential. Schedule a FormSuite demo and discover the Accusoft advantage.