OCR APIs are clever introductions to insurance companies. Here you will why and how these optical character recognition tools enhance them.
First, Let’s Talk About Insurance Companies
Insurance companies are in charge of covering risks to people or property. The insured individual makes periodic payments according to the plan they chose. On another hand, the business that receives those payments agrees to pay the associated amount in the event that an unexpected event, such as a sinister occurs.
In accordance with this agreement, the parties sign a contract outlining the terms of the insurance. This includes the type of coverage, the policy, potential compensation amounts, and the rights and obligations of each party.
Evidently, I’m not providing you with all this information for you to become an expert on how insurance companies work. Actually, I give this brief description so you can have a better visualization of the number of crucial information these businesses have to work with. For instance, monthly payments and invoices, contracts, rights, obligations, and so on. This is confidential data that gathers all in text format. Hence, the reason OCR APIs are so important in this field.
Now Let’s Talk About OCR APIs
I just display a simple glimpse of what OCR APIs are but let’s dive deeper. OCR APIs or as you may know them, optical character recognition APIs are artificial intelligence tools that possess capabilities of identifying characters and extracting them. Consequently, with the introduction of an OCR to the workflows of companies, these can optimize processes and guarantee safer zones for the data.
For example, with an OCR API insurance companies will be able to extract the text of all those periodic payments and invoices. Moreover, they can organize those documents into specific individuals so mismatches can’t occur. Also, they will enhance the analysis of contracts and go over all kinds of details.
Additionally, with OCR APIs Insurance companies can have a better track of the personal information of their policyholders. At the end of the day, the tools will provide easier ways to offer excellent services to clients and work performances.
Best OCR APIs:
Optical Character Recognition API
The Optical Character Recognition API is an Artificial Intelligence instrument that is constantly going through documents and images. The API will identify those contract fine prints, important details, and more. Also, it will digitize and save it for easy but private access.
Moreover, the Optical Character Recognition API will capture those texts on documents you feel are necessary. For example, the ID of policyholders and their payments. With this OCR API there won’t be a need for physical documentation going around the business, the API will have it all gathered in a structured way.
ABBY
In terms of great OCR APIs, ABBY is an excellent choice. This is an application programming interface that offers excellent recognition accuracy for bilingual documents. As a result, the company will access editable files that are a replica of the originals will be obtained.
OCR Space
We have arrived at the last OCR option and we’ll conclude with OCR Space. This OCR API offers fast and precise recognition methods that will identify the content of documents easily. Just like the two described, it provides responses in JSON format.
Read more about OCR, here.