What is OCR?
OCR stands for Ocular Character Recognition. It is used to recognize and convert written text of any type into machine-readable data. First developed in the 1950s, OCR boomed in the 1990s during efforts to digitize and preserve historic papers. Since then, OCR technology has evolved dramatically to the point of near-perfection in the capture and interpretation of data. Modern OCR combines text mining, feature detection and pattern recognition to interpret data input with unprecedented speed and accuracy.
Who can OCR benefit?
Any professional whose line of work demands the collection and verification of large amounts of data can benefit from OCR. Typical uses of OCR include automating data entry, making image and document content searchable, and assisting the visually impaired. Financial institutions, insurance providers, and legal professionals are examples of businesses that stand to benefit from OCR assistance in the intake and organization of large amounts of documents.
OCR & CTrax
JDi’s CTrax includes an OCR engine tailored to Certificate of Insurance use. CTrax has been engineered to read ACORD forms, automatically extracting data, organizing it, and saving it to your database. In the case that a form involves a new insurer, not in the database, CTrax will create a new record for you automatically.
The CTrax OCR engine thus eliminates close to 100% of manual document entry. In addition, CTrax will automatically compare new ACORD data to your predetermined insurance requirements.
In addition, CTrax begins streamlining your COI management even before certificates of insurance are received. Requests for proof of insurance can be sent as an email via the CTrax system. Contractors can reply to that email request and attach their COI. CTrax will then automatically associate the certificate to the appropriate record in your system. If your contractor chooses to upload the COI via the CTrax portal, it has the same result: automatic handling by the OCR engine for a hands-off, paperless user experience. In short, OCR streamlines data-related processes for entities of all types. If you frequently deal with Certificates of Insurance, CTrax is your ticket to improved COI management. In addition to an OCR engine, CTrax features automated renewals and mobile access. Contact our sales representatives to learn more.