Should You Outsource Your Data Entry?
Unlike a typical company, insurance firms tend to deal with large volumes of data. This data needs to be migrated into a database-ready format in order to verify claims quickly and to reduce the chance of missing an insurance payment.
This process is called data entry.
As one of the most tedious and time-consuming activities in an insurance firm, data entry often leaves these businesses with fewer resources to handle more important business aspects such as reducing cost and improving customer service. There are many benefits that can be derived from turning unstructured data into structured data.
In order to retain their competitiveness in the market, more and more insurance firms choose to outsource their insurance claims data entry jobs to an outside service provider. Doing so, these companies have been able they’re reduce overhead cost, improve their flexibility, and more importantly, transform their valuable data into a database-ready format while retaining their focus on their business.
To further understand the benefits of data entry outsourcing, check out this infographic from Global Outsourcing.
The benefits can apply to many providers, carriers, brokers and intermediaries, etc. essentially anywhere in the value chain.
- Top books for Data Science and Insurance
- Collect more personal data to leverage for insurance purchases
- Outsourcing Technology Trends and Predictions for FinTech Companies in 2017 and Beyond
- Machine learning algorithm vs Actuarial science