After Googling this question and being disappointed at how much work was needed to find a good answer, the only useful post was this old post for Word 2007, here is a definitive blog post about the topic. This post assumes use of a Microsoft Word 2013 though the method would work on almost any word processor.
The by far simplest method is to save the document as a webpage. This is done by choosing the correct file type when saving as a new file. This is done as normal when saving the file but choosing a different “save as type”.
Next, simply navigate to the folder where you saved the document as a webpage and you should find a new folder called “Example_files” alongside the new .htm file. Inside the folder will be every photo within the document in a .jpg format along with some meta data and other stuff you dont need to worry about.