BENEFITS OF LEVERAGING DOCUMENT CAPTURE IN THE INSURANCE SECTOR
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
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.
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.
We utilised CaptureFast Mobile Capture Application to digitise Personal Pension Application forms. We were able to eliminate time lost during the messengering of documents, speeding up the process by 40% and we were able to complete enrolment process immediately while the agent was serving the customer.
We used CaptureFast cloud platform to extract information from health invoices and insurance policy application documents. Automating these processes allowed us to reduce personnel by 50% and increase data processing speed by 70%.
We utilised CaptureFast mobile capture application in order to create a digital archive of protocols and contracts. We were able to digitally archive 200K documents in one year.