We outline the market outlook for optical character recognition in the P&C insurance industry – from investment trends and leading companies to recommendations for players in the space.
What is optical character recognition?
Optical character recognition (OCR) systems extract and convert text (including handwritten text) from documents or images into structured, digitized text. This technology enables P&C insurers to reduce costs and make data processing more efficient by limiting manual data digitization.
Features and capabilities
OCR provides P&C insurance underwriters with several capabilities, including the following:
- Pay per document
- No implementation required
- Audio transcriptions
- Sound moderation
- Integration capabilities
- Automated machine-readable data extraction
Benefits
OCR offers these substantial benefits to P&C insurance underwriters:
- Cost savings
- Speed and accuracy
- Reduced error rates
- Reduced operating costs
- Reduced manpower
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