EOX-hibit Weekly: Providing Insights and Perspectives from the Forefront of Technology
Saving Time and Reducing Errors with Smart Premium Processing
Handling premium data from all sorts of documents had become a bottleneck for an insurer seeking clean, consistent information for pricing and financial tasks. Manual entry of premium amounts frequently caused transcription mistakes, and data often ended up scattered across multiple spreadsheets.
EOX Vantage changed that by leveraging advanced optical character recognition (OCR) capabilities to extract specific premium details, like amounts and due dates, directly from these documents. The extracted data was then automatically organized into a structured spreadsheet, making it easier to analyze and share.
This end-to-end automation not only decreased errors but also saved substantial time. By centralizing premium data in one location, the insurer gained a more accurate view of its accounts, improved compliance efforts, and allowed staff to focus on more strategic activities, such as underwriting and policyholder engagement.
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