Reduce manual data entry with automated benefit award letter capture and processing
Ocrolus’ Human-in-the-Loop document automation solution captures and extracts data from benefit award letters to help you make more accurate lending decisions faster.
Why should lenders use Ocrolus for award letter data capture and processing?
Benefit award letters detail the worth of pension or social security benefits issued to an individual. Loan underwriters process these award letters to assess and verify a borrower’s income. These award letters can arrive as hard copies, which can be bent and creased, or they can be delivered in various digital file formats where the quality is sometimes poor. This poses a challenge for traditional OCR solutions, and without a reliable intelligent document processing solution, lending professionals can spend hours manually processing award letter data. Not only is this tedious and time-consuming, but it can also lead to mistakes being made, which further delays loan approvals.
Ocrolus’ automation solution lets you capture, review, and analyze benefit award letter data in real-time from multiple formats. It accurately captures key data from the award Letter and identifies potential fraud, enabling rapid, data-driven decisions.
Advantages of Ocrolus’ award letter processing
Retrieve data from award letters regardless of format or quality. With Ocrolus you can:
- Reduce turnaround time
- Process multiple award letters with over 99% accuracy
- Quickly verify a customer’s financial status
Ocrolus’ 2021 document processing stats
financial pages analyzed
documents flagged for suspicious activity
business loan applications analyzed