Automating Insurance Data Entry with Human Oversight

Data entry is a significant process in most companies, especially in insurance companies. Therefore, it must be done with enough attention and time to produce accurate and error-free results. As the entire world is undergoing digitization, insurance companies are also leveraging the benefits of automation to gain better results faster. Many companies are relying on Artificial Intelligence (AI), the Internet of Things (IoT), machine learning, smart data, cloud computing, and so on. These technologies help insurance companies to avail cost-effective and secure insurance data entry and analytics operations.  

Now, let’s look at different forms of data entry services with the help of digitization.  

Robotic Process Automation (RPA) in data entry helps manual operators to enhance their data entry speed and skills by providing a constant form of organising and supporting.

Here’s how RPA speeds up data entry and processing:

• Automates Repetitive Tasks: RPA bots can handle high volume, rule based tasks like data entry, form filling, data migration, data extraction. This frees up human resources for strategic and analytical work.
• Reduces Errors: Humans are prone to typos and fatigue, but RPA bots are perfect every time. This ensures data integrity and reduces error correction costs.
• Increases Productivity: By automating repetitive tasks, RPA speeds up processing. This means faster turnaround times and higher efficiency.
• Scalable: As your data grows, you can scale your RPA workforce by adding more bots. No need to add human resources.
• Integrates with Existing Systems: RPA solutions are designed to work with your existing software and databases. No need for system overhaul.

With the use of OCR technology, text from photographs may be “read” and converted into editable text files. Consider the instantaneous appearance of text on your computer screen after scanning a physical document! As OCR is so good at reading text that has been machine printed, it’s perfect for applications like:

• Extracting receipts and invoices into data
• Managing client feedback forms and surveys
• Archiving and digitising historical records

ICR extends the capabilities of OCR. It’s developed specifically for deciphering handwritten language, which might be more difficult due to differences in style and readability. ICR uses complex algorithms and machine learning to “pick up” handwritten characters, which makes it ideal for:

• Managing applications and enrolment paperwork.
• Digitising health records and notes written by hand.
• Extracting data from handwritten questionnaires and polls

This brings more flexibility for businesses and ensures faster automation. Real-time data entry is the best way to manage complicated data.  

Here’s how real-time data entry works:

• Data Capture at the Source: Data is captured when and where it is created, which rules out manual data handling or data entry in batches. Typical data sources include web forms, sensors, and pos terminal.
• Instant Processing and Updates: Real-time data capture is effectuated, and this requires minimal time to update your various systems. Inventory levels can provide sales figures as they occur, production-line data can be received and adjusted further to actual occurrences, and customer service too can operate using updated information.
• Improved Visibility and Decision Making: This form of data enables the management to have almost real-time information on what is happening within organization. It is a way of knowing the current trends, monitoring the performance and even making a decision of what action plan to take when you have a clue about the current standing.

In mobile data entry, the data is gathered through mobile devices including smartphones and tablets. In this kind of data entry, there will be less chance of errors and data losses. The significant advantage of this data entry is that the information is entered instantaneously via data entry applications, systems, and workflows.

Key aspects of mobile data entry include:

• Convenience: Data can be entered from anywhere with an internet connection, making it well-suited for field workers, salespeople, and remote teams.
• Real-time capture: Information can be recorded immediately, improving accuracy and reducing errors from delayed entry.
• Increased productivity: Mobile devices are often more portable than laptops, enabling quicker data input during downtime or while traveling.
• Offline functionality: Some mobile apps support data capture even without an internet connection, automatically syncing once a connection is available.
• Improved quality: Features like barcode scanning and image capture can minimize manual entry and decrease the risk of errors.

Overall, mobile data entry provides greater flexibility, speed, and precision compared to traditional desktop-based approaches.

So, these are some of the different types of automated data entry. Now, let’s look at how this automation gained wide popularity among data entry in insurance companies and how it helped them.

Through data analytics, digitisation helps insurers better know their customers. This aids in developing more customised products, responding to customer queries, and pain areas, and enhancing customer retention.

Insurers gain actionable insights, better evaluation of risks, and enhance fraud recognition rates through transforming business processes by applying AI to the latest, oldest and real-time data. This also helps in making faster and more accurate business decisions.

As automated data entry software employs the capabilities of AI and machine learning to retrieve data precisely and mitigate post-processing. Those algorithms can manage your classic data constraints and avoid errors. It reduces the common manual errors including mistyping, duplication, and omitting data elements.

Automating the process helps in data accuracy, providing quality data that can stimulate the upturn of the insurance business. Firms make decisions based on data, therefore one acquires quality data when data accuracy is high which accelerates efficiency and ROI.

In addition to mitigating the role of manual data entry automating can also augment workflows by organising processes and minimising manual labor. The software can retrieve data from PDFs, images, documents, websites, or emails and present significant details in an organised format.

These are some of the major benefits of automation in the insurance industry. Even though automation has several benefits, it has several limitations too. And they are:

Quality Concerns: Automation helps in mitigating certain human errors, but it degrades the total output quality. Therefore, it still requires quality checks performed by humans. Exclusively when auto-generated datasets need verification regarding the insurance industry.

Affordability Concerns: There are several tools used in automation that are very expensive to afford in the short term. The high deployment and maintenance costs at the beginning phases make it hard to determine the ROI. The benefits are only realised after certain years.

Therefore, despite many advantages, 100 percent assurance cannot be given for the advanced automation of the data entry process. A single error can impact crucial business decision making. To resolve this issue, human intervention is inevitable. Businesses need a human intelligence team to provide verified data. Automation along with human verification of data is more dependable. Hence the future of insurance companies lies in automation along with human intervention.

Looking to streamline your insurance data entry processes effectively? Get in touch with [email protected] to attain the best service.