Insurance Companies are spending on Document Capture technology

According to a study done by a market analyst firm, insurance companies are spending more on document capture as compared to last year. This include investing in technologies/hardware like scanner, OCR and intelligent document recognition software.

The growth in insurance spending largely can be attributed to more property and casualty insurers investing in document capture solutions, says Harvey Spencer, the East Northport, N.Y.-based firm's president. "P&C is becoming more important" to the document capture market, he relates, noting that a growing number of carriers are adopting transaction, or in-process, document capture. "These carriers are beginning to recognize the importance of acquiring information at the point of capture," Spencer comments.

"More value is being moved to the capture process from the back-end process. If you can start understanding documents at the point of capture, you can process them more easily," Spencer explains. "Truncating at the point of creating or acquisition of a document is key. The longer something exists as paper, the more risk you run of someone changing it or copying it -- then you can't process it as efficiently."

Source: www.insurancetech.com