About the insurance industry: Baby steps to digitization – Claims process automation
July 4, 2019
We accidentally damage stuff now and then, or we get sick, and usually, the most important things are insured. When addressing an insurance claim, a complicated process starts for insurance agents. It begins at registering the claim in the client’s profile, then examining the coverage, determining the liability leading to either paying or not paying the insured party. This claims process is conducted by using forms, documents, and calls that go on and on for both parties: the insurer and the insured party. Consequently leading to a significant amount of work and costs. Here is how we enabled a multinational insurance company to claims process automation.
There is a need for automation, how is that achievable?
To stay ahead of the competition in the pressure of digitization, insurance companies started to focus on claims process automation. It was beginning with customer-facing applications that can significantly simplify processes, whether its claims management or customer onboarding.
Scanbot SDK gets insurances started in their automation process. We help to implement document detection, scanning, and data extraction functionalities in insurance applications – within a matter of days. The SDK makes data processing a lot easier and faster. It enables insurance customers to quickly scan their insurance documents in the insurer’s application.
Future-proofing your automated claims process today
With the Scanbot SDK, insurers conduct the first and the most crucial step in their automated claims process – the actual digitization of a hard copy document, scanning a high-quality image which will result in high-quality input. There are considerable quality differences out in the market. However, Scanbot offers high-quality with its upmarket document detection, which guides the user to take a flawless scan. The result: A significant increase in precision downstream in your claims process.
After taking the perfect scan, it will automatically be transformed into PDFs or images. To take it one step further, our robust offline text recognition enables the verification and processing of text elements. If you want to know more about text recognition in the insurance industry, check out the blogpost!
Why does it matter for customer verification and onboarding?
From what we have seen in the Banking Industry, customers can open accounts within minutes. No need to go to a branch office and talk to an agent. Today’s customers expect every operation to be processed from home.
Platforms for customers are turning fully digital and insurance companies need to satisfy the needs of the mobile generation to guarantee a high customer satisfaction. After the integration of the Scanbot SDK, insurances are able to scan IDs, travel documents, or visas, and then let the device do the work. It recognizes machine-readable zones (MRZ) and will generate data to let the insurance company verify a customer within a matter milliseconds.
Is it secure?
Insurers are handling the most sensible data which is out there. So no wonder that an insurer might ask "Is your Solution secure?"
The Scanbot SDK is developed under the highest privacy standards. All operations (incl. OCR text recognition) solely take place on the user’s device and do not require a network connection.
Our SDK complies with complex security standards and local laws on the location of servers etc. Thus, with our solution, insurers are on the safe side, and neither need to worry about man-in-the-middle attacks nor have any kind of privacy concerns.