Solution efficiently delivers recorded statement interview documentation by verbatim-trained transcriptionists and a robust transcription management software platform designed specifically for the insurance industry
PHOENIX, ARIZONA, Oct. 01, 2019 (GLOBE NEWSWIRE) — VIQ Solutions Inc. (“VIQ” or the “Company”) (TSX Venture Exchange: VQS and OTC Markets: VQSLF), 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, today 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 labor 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.
“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.”
The company has also granted 2,707,000 stock options to employees of the Company. The options were granted in accordance with the Company’s stock option plan and have an exercise price of $0.11 per share, with a five-year term, vesting one third on the grant date, one third on the first anniversary of the grant date and one third on the second anniversary of the grant date.
For further information: Laura Haggard, Chief Marketing Officer, VIQ Solutions, [email protected]
For more information about VIQ, please visit viqsolutions.com.
About VIQ Solutions Inc.
VIQ Solutions is a global expert in video capture software and audio recording with voice-to-text capabilities. VIQ provides a cyber-secure AI technology and service platform to law enforcement, immigration, medical, legal, insurance, courts, and transcription service providers, enabling them to unlock the value of their enterprise digital media and streamline their document-creation workflow, using artificial intelligence tools for measurable business gains.
Forward-looking Statements
Certain statements included in this news release constitute forward-looking statements or forward-looking information under applicable securities legislation. Such forward-looking statements or information are provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Forward-looking statements or information typically contain statements with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “project” or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking statements or information in this news release include, but are not limited to, management’s targets for the Company’s growth in 2019, as well as the size, scope, and timing of the implementation of projects currently in the pilot phase.
Forward-looking statements or information is based on several factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although VIQ believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because VIQ can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this news release, assumptions have been made regarding, among other things, the Company’s recent initiatives, and that sales and prospects may provide incremental value for shareholders. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions that have been used.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.