According to SCOR, "despite the digitalization of medical and other customer documents, life insurers are often under-exploiting the vast data that is available to them through paper, scanned, or imaged records. Further, it is not uncommon for underwriters to dedicate excessive time manually inputting underwriting data after reading scanned or paper forms and reports contained in submissions. "
OCR data management helps the underwriter or claims handler to greatly reduce the time they have to dedicate to low-value tasks. OCR is the automated conversion of images of typed, handwritten, or printed text into machine-encoded text, whether from a scanned document/fax or an image. Alone, this technology enables the extraction and use of data in an accurate and rapid manner.
With the new technology, SCOR's research aims to change the landscape for life insurers by helping them extract, better structure, and utilize vital data to both provide enhanced service for their customers and reduce time and cost.
SCOR's OCR data extraction modules are based on existing open-source technologies so clients are not 'vendor-locked' and SCOR's team can deploy on any platform when partnering with a client's IT team. Further, since the preservation of client privacy is essential, the first step when employing SCORs OCR data extraction technology is the anonymization of personal information with SCOR's anonymizer module.
As reinsurer, SCOR combines expert knowledge of risk and actuarial insight with a deep understanding of the broader pain-points faced by life insurers who seek to become more cost effective, accurate in their analysis, and provide greater options to their customers.
The Data Analytics team at SCOR is committed to bringing new technologies to improve several insurance processes, including underwriting, claims, renewals, etc., thereby driving efficiencies through greater knowledge.