VIQ Solutions Inc., a global provider of secure, AI-driven, digital voice and video capture technology and services for the law enforcement, legal, insurance, courts and transcription service provider markets, has announced its innovative cloud-based, end-to-end workflow solution for the insurance industry.
Using proprietary technologies, like NetScribe, powered by aiAssist, VIQ streamlines documentation processing, decreases labour costs and turnaround times, while boosting accuracy and margins for VIQ‘s global client base.
The NetScribe platform enables VIQ’s insurance clients – who command over 20 percent of the market share in the industry – to implement a revolutionary end-to-end workflow transition to a highly secured cloud computing infrastructure. VIQ is agnostic to outside technologies, enabling clients to utilize whichever audio, visual and cloud technologies that best meet their business and/or operational needs.
With over 6000 insurance agencies in the U.S. alone, the transcription market for the industry is estimated to be approximately USD$2 billion. This includes 26 million recordable audio events, resulting in over 646 million transcribed pages per year.
Data security is of utmost importance within the insurance industry. Confidentiality of recorded statements makes it imperative that official documentation is generated from accurate, word-for-word transcriptions, formatted to comply with the industry’s requirements and specifications. Many small transcription companies use Word or similar programs that require transcriptionists to download and upload sensitive information to and from their computers. This increases security breach risk and the inability to audit access to information. The most important drivers of technology implementation for recorded statements in the insurance industry are security, accuracy and speed.
EU market insurers also need to be sure that audio/video files are completely secure and deleted after a set time limit, to comply with the GDPR regulations. Otherwise a broker or insurer could be looking at a fine amounting to 4 percent of turnover.
“The insurance industry is inundated with processes that do not meet current technology standards across similarly regulated industries, both from a workflow and security aspect,” said Susan Sumner, Chief Operating Officer, VIQ.
“We are working with our clients to take them through the digital transformation they need in order to continue providing the best solutions for their customers. By transitioning their workflow to the cloud, we are preparing insurance companies for the introduction of AI, which, in the future, will augment their workforce and allow them to focus on other essential tasks and create the ability to quickly analyze large amounts of data to identify patterns of risk and create added value for our clients.”