Miniter Group, a provider of software for business in the insurance industry, recently announced the latest upgrade to its Borrower-Centric Insurance Tracking software, which includes the major addition of optical character recognition technology.
Readers here may be familiar with the antithesis of optical character recognition: the well-known spam defender program called CAPTCHA which makes use of those squiggly letters that only humans can recognize. OCR has come a long way since its inception and can often now beat those online spam tests. Specifically, it has made gains in insurance enterprises by effectively comparing document images and computer data entry to shore up the current state of lenders' files.
Jim Gilpin, the executive vice president of business development at Miniter Group, commented in his company's announcement that the OCR used in the latest version of the Borrower-Centric Insurance Tracking software will make its tracking service one of the most efficient in all of the insurance market.
“The corner stone of our process automation will be the OCR engine that we have developed over the last 18 months,” Gilpin said. “This OCR engine, once fully deployed, will position Miniter Group's Borrower-Centric Insurance Tracking Service as one of the most efficient insurance tracking operations in the industry.”
He also mentioned that the necessity of Miniter Group leading the industry has received a push from its Tracking Department which is now reportedly growing at a rate of more than 100 percent year over year. There has been a trade in the department, he said, where workflow flexibility has been limited but replaced by process automation. The OCR technology present in the new version of Miniter Group's software will help extend process automation even further so the software can do most of the heavy lifting and keep employees from needing to manually read and enter data from lenders' documents.
TMC reported this past summer that Miniter Group's operations have expanded so much that it has been able to grow its sales operations in the U.S. by adding to its sales team by 50 percent. Miniter Group assists more than 550 lenders in 45 states, and with its expanded sales team, it can keep in better touch with its existing customers while also having the freedom to reach out to prospective business clients.
Edited by Maurice Nagle