VIQ Solutions Introduces AI Workflow Platform for Insurance Industry

VIQ Solutions (TSXV:VQS), a company that provides voice and video platforms announced has released its end-to-end workflow platform designed for the insurance industry. Enabled through a secure cloud platform, VIQ is introducing artificial intelligence systems to improve the streamlining of documentation.

As quoted in the press release:

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.

Click here to read the full press release.