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The Journey to Digitalization: Driving Innovation in the Insurance Industry

Driving Innovation in the Insurance Industry
In the evolving insurance landscape, insurers recognize that innovation is the key requirement to secure relevance in the marketplace and to increase market share. Moreover, meeting the needs of clients in a positive, personalized manner by creating simplified processes, faster claims, and convenience is more critical than ever.

Drivers for Innovation  

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 effectiveness1.  

In the evolving insurance landscape, insurers recognize that innovation is the key requirement to secure relevance in the marketplace and to increase market share. Moreover, meeting the needs of clients in a positive, personalized manner by creating simplified processes, faster claims, and convenience is more critical than ever. 

Insurance Companies Respond  

Insurance companies recognize they need to put the customer at the heart of everything they do. The goal is to gain a better understanding of consumer needs and offer customized and advanced suggestions for coverage, and pricing. The change in consumers expectations have forced insurance companies to get to know their clients better, and digitization is the best way to gain, manage and track this vast amount of customer and claims related data. When it comes to the sheer amount of data involved in the claims process, there are several digital enabling solutions coming to fruition and at the forefront: Artificial Intelligence (AI). 

The Solution 

VIQ Solutions partners with Insurance companies to assist with improving and streamlining the claims process by implementing AI to speed report or note creation. Because VIQ workflow is rooted in artificial Intelligence, the future can imagine how AI can be employed to recognize suspicious patterns and characteristics within the claims process indicative of fraud.  

Currently, VIQ Solutions focuses on the transformation of digital content into data that customers use for measurable outcomes in their specific industries. In the insurance industry, our customers rely heavily on conversational audio capture as part of the sales and claims lifecycles. In the claim’s lifecycle, the recorded statement taken from the insured is critical to the outcome of a claim’s investigation. Our processes yield a highly accurate, verbatim transcript that reflects what transpired according to the interviewee.  

VIQ Solutions can help. 

In the future, the advanced technology produced by VIQ Solutions can enable the verbatim transcript to include other data elements, like embedded voice modeling and could contain data notating voice inflection and other patterns. This will enable insurers to achieve a full understanding of the incident. 

The Insurance industry needs to respond to claimants in a quick, accurate and efficient manner. With innovative technology coming to the forefront supported by artificial intelligence, industry improvements will become possible. VIQ Solutions prides itself on being a digital innovator to support the current and future needs of the industry and is constantly evolving to provide the best-in-class solutions and services.

Sources 

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