ACORD forms scanning & processing

by Ilya Evdokimov | Jun 05, 2019 | Scanning

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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

ACORD forms scanning & pro	cessing

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.

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