(Image source: VIQ website.)
VIQ Solutions Inc., a Phoenix-based global provider of AI-driven, digital voice and video capture technology and services for the insurance and other industries, has launched a cloud-based workflow solution for the insurance industry. Using proprietary technologies, such as NetScribe, powered by aiAssist, VIQ streamlines documentation processing, decreases labor costs and turnaround times, while boosting accuracy and margins, according to the vendor.
The NetScribe platform enables VIQ’s insurance clients to implement an end-to-end workflow transition to a highly secured cloud computing infrastructure, according to a VIQ statement. VIQ says that it is agnostic to outside technologies, enabling clients to utilize whichever audio, visual and cloud technologies that best meet their business and/or operational needs.
The transcription market for the U.S. insurance industry is estimated to be approximately $2 billion, comprising 26 million recordable audio events, resulting in over 646 million transcribed pages per year. 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.
Transitioning Workflow to the Cloud
“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,” asserts 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.”