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An AI Approach to Streamline Claims Process and Create Efficiencies in the Insurance Industry

AI Approach to Streamline Claims
In an evolving landscape, insurers recognize that a simplified and fast claims process is the key requirement to secure relevance and market share.

Over the past several years the insurance industry has turned to digitalization to improve operational efficiency, prevent profit declines, and create a streamlined approach to claims for clients. In the evolving insurance landscape, insurers recognize that innovation is the key requirement to secure relevance in the marketplace and to increase market share. A major area of focus is meeting the needs of clients through a simplified and fast claims process.

According to a recent report by McKinsey, US insurers have already lost on average $4.2 billion in underwriting profit each year over the past five, with expenses and losses consistently outweighing premiums. It is projected they should expect further annual profit declines of between 0.5 and one percent if they fail to use digital technology to improve efficiency and effectiveness. [1]

According to LexisNexus, 2021 Future of Claims Study, carriers seeking to lead by 2025 should focus on simplifying the claims process to provide a faster and more efficient claims experience. [2]

The industry must streamline insurance claims.

Society at large, has come to expect information be readily available online and communication relayed in microseconds. Data is constantly on the move, via data integration, replication, and more, making information sharing easier and more instantaneous. Insurance customers, who have had their expectations set by other industries, now require better, faster, and effortless claims processing.

Automated transcription services can assist the insurance industry in meeting these expectations. With claims adjusters and field adjusters seeking new ways to simplify the processing of recorded statements and documenting claims which are necessary components of arbitrations, subrogations, and fraud detection, a streamlined solution is necessary.

Automated transcription services use Artificial Intelligence (AI) speech recognition technology to generate transcripts from a recorded statement or other types of audio or video files in mere minutes. Insurance claim and field adjusters can view transcripts online and make annotations, share the transcript with colleagues, or store the transcript for later reference. If professional editing is needed, the transcript and voice file can be electronically submitted for review and formatting.

The data captured becomes a part of the insurance claims decision-making information set, adding to the richness and diversity of the providers decision-making abilities in the claims process. With a written transcript a claims or field adjuster can search the document to quickly recall a specific area or analyze the claim for further processing. Editing rights can be granted to certain individuals, and the life of the document is tracked, as changes are made to make the process transparent and secure.

Digitally transcribed audio helps provide a comprehensive end-to-end workflow for the insurance industry, cutting out several layers of manual work, resulting in faster claims completion for the insurers end customer.

The technology behind VIQ Solutions’ automated transcription.

FirstDraft, VIQ’s automated transcription solution, offers transcripts in less time and at a lower cost than traditional transcription services, enabling more audio and video files to be transcribed into easily saved, edited, and searchable documents.

Recordings can be made using VIQ Solutions MobileMic Pro™ or any third-party recording solution. Once the recording is received, VIQ’s artificial intelligence platform, aiAssist™ uses speech recognition and machine learning to convert the spoken word to text. Tools within aiAssist assess the characteristics of the file and align it with the most effective speech recognition engine for each file type resulting in a formatted and diarized document. VIQ’s security protocols protect your information throughout the workflow.

VIQ Solutions FirstDraft is best used in situations that are time-critical, where a fast and affordable transcript is needed.

VIQ Solutions can help.

Whether you are a claims adjuster, field adjuster or insurance professional, if you need to dictate notes, share an interview, or easily archive more of your recorded files, automated transcription will improve your productivity. VIQ Solutions’ FirstDraft delivers a cost-effective and secure end-to-end workflow for single speaker or multi-speaker environments when time and accuracy count.

[1] McKinsey, Digital disruption in insurance:  Cutting through the noise, Link

[2] LexisNexus, Future of Claims, 2021, Link