Created in 1972, ACORD forms became the de facto standard in the US insurance industry. However, nowadays ACORD forms scanning and processing can be a headache for company managers. So, what is wrong with the processing of ACORD forms, and what are the current approaches to solving this problem?
Low productivity of operators
Below is only the first page of the ACORD 126 form, containing more than 50 fields, and there are 4 such pages. Thus, ACORD forms processing by manual data entry can take a really long time for the operator. Also, for archival storage requires scanning all incoming forms ACORD, which requires a significant time.
Processing ACORD forms from various sources
ACORD forms can come in both paper form and e-generated PDF documents by e-mail from various sources. The ACORD forms processing consists of sorting incoming documents and manual data entry. Thus, the processing may be not transparent and can lead to the loss of documents.
Errors during manual data entry
Operators, working all day long on ACORD forms processing and manual data entry, can make a large number of errors, which can lead to a decrease in the quality of customer service or money loss.
I think these problems are known to those who face ACORD forms scanning and processing. What is a modern solution that meets all the requirements of the insurance industry?
ABBYY FlexiCapture & WiseACORD
ABBYY FlexiCapture has proven itself in the OCR and data capture market and has found application in various areas, from medicine to invoice processing. WiseTREND created the WiseACORD plugin for ABBYY FlexiCapture, which makes ACORD forms scanning and processing a transparent and manageable process. So, what new features does the ABBYY FlexiCapture & WiseACORD solution provide for ACORD forms scanning and processing?
• processing of forms from different sources (scanner, e-mail, FTP server, network folder) in one workflow;
• a common workflow for electronically generated and paper ACORD forms processing;
• the built-in ABBYY FlexiCapture and custom data types for various fields, as well as smart data validation rules, reduce the number of errors to almost zero;
• increase in labor productivity up to ten times compared with manual data entry;
• easily customizable data transit from ABBYY FlexiCapture to the company’s business applications allows to receive data that is ready for further use immediately after ACORD form processing.
Summarizing, the WiseACORD plugin for ABBYY FlexiCapture is the modern solution that allows to scan and process ACORD easily. This software will increase the speed and accuracy of data processing, which will lead to greater customer satisfaction and business growth.
Ilya Evdokimov is a long-term practitioner and expert in leading Optical Character Recognition (OCR), Data Capture and Document Processing techniques, technologies and solutions. With over 15 years of experience spanning enterprise software implementations, mobile applications development, cloud-based systems integration and desktop-level automation, Ilya Evdokimov uses through industry knowledge and experience to achieve high efficiency and workflow optimization in most challenging paper-dependent and digital image capture environments.