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INSURANCE

Insurance processes can become more efficient through document capture  whether you are an independent agent, retail agency, wholesaler, or carrier.

In the insurance sector, making paper processes more efficient is very critical. It is essential that they digitise their paper processes so as to remain at advantage over their competitors. A lot of businesses in the insurance sector have discovered the importance of digitisation of paper, and they are reaping the significant benefits thereby. It is never an easy thing to always deal with forms for eight hours or more in a day. It is very monotonous and creates too much time and energy spent doing manual labor. Through digitisation, managing paperwork electronically makes processes more convenient.

BENEFITS OF LEVERAGING DOCUMENT CAPTURE IN THE INSURANCE SECTOR

  • Safety
  • Efficiency
  • Customer satisfaction

Through digitisation insurance companies can keep their customer’s records more securely. They cannot be lost, and if lost, it can be easily retrieved again. There is also an extra security with cloud storage or having external storage devices.

When the documents needed are in soft copy, it is easier for the sales team to reach more people within a short period. Sales people can sell their insurance policies via emails and other mediums of communication. Sending the insurance papers to potential clients will be faster and more efficient.

There are a lot of processes that take place with insurance companies. Taking too long to handle them can cause customers to be offended. Through document capture, it becomes easier and faster to retrieve necessary information from documents, approve documents, sign documents, and so much more. This will result in happier clients.

USE CASES FOR DOCUMENT CAPTURE IN THE INSURANCE SECTOR

  • Data extraction from ACORD forms
  • Retail agent / producer onboarding
  • Integrations with agency management software

In order for independent retailers to apply to different carriers and wholesalers, customers need to fill out different ACORD forms. Document capture allows relevant information within these forms to be directly transferred to relevant business applications that the insurance carriers or wholesalers use, making the quote process much more efficient. This creates a faster insurance application process for the customer.

Bringing new agents onboard is a time consuming and paper-intensive process ofr insurers. It is very critical that they get onboarded quickly, so as to immediately start selling insurers’ products. Instead of relying on manual labor intensive onboarding processes, document capture allows the process to become much more automated and efficient. Different types of structured and semi-structured documents can be captured during the onboarding process.

Document capture capability can be integrated to different types of insurance agency management software. This will allow them to make use of CaptureFast’s solution by integrating it to their own product offering, decreasing paper-intensive processes for their customers.

RESOURCES

Below you may find our publications for the insurance sector.

CUSTOMER TESTIMONIALS

REFERENCES

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