We are still buzzing from the high of attending Collision Conference in Toronto; one of the fastest growing tech conferences in North America. The conference brings together the movers, shakers and doers in tech; from entrepreneurs, to investors to innovators alike. With over 1,500 tech startups participating, Collision attendees had their fair share of innovative ventures to explore.

The Lucrative AI (Artificial Intelligence) Market Continues to Grow

Our very own Jenna Earnshaw, Co-Founder and COO, gave a stellar presentation where she explored what it means to reshape industries through the power of AI and the impact that Wisedocs has had in the medical records and insurance industries. This comes as a timely exploration, as Gartner stated that the global AI market is projected to reach a staggering $266.92 billion by 2027. Moreover, Generative AI itself is expected to grow to $126.5 billion by 2031.

The Pain of Manual & Time Consuming Tasks in Healthcare, Insurance and Legal Sectors

Prior to the introduction of AI, companies in healthcare, insurance and legal sectors realistically had two options for their back-office ops.: contracting the work to be completed out of house, or tedious and time consuming manual labour for their inhouse teams. The reality today is dramatically different: through our medical record summarization and indexing platforms at Wisedocs, we are proudly able to provide cost-effective, fast and intelligent solutions for legal, insurance and healthcare professionals alike. Wisedocs enables these industries to process medical records fast, benefiting our customers across all markets. 

The Future of AI and Insurance Claims

In her inspiring keynote, Jenna pointed out that up to 50% of insurance claims are projected to be automated by 2025 (primarily thanks to AI and machine learning technologies). AI has further transformed the legal sector, which saw a reduction in the processing of case files by upwards of 80%. The market for AI in healthcare is lucrative to say the least, valued at $11 billion worldwide in 2021. 

These above mentioned tasks, once labour intensive and reliant on outside resources, can now, and currently are, be automated intelligently. Here at Wisedocs, we have made great progress with our LLM (Longform Language Model), which enables medical records to be summarized - as announced in our recent press release. As such, we are now a proud contributor to the global insurance third-party administration market, which has been projected to attain $737.03 billion USD by 2030. 

Wisedocs Yields 70% ROI 

Wisedocs' AI platform allows for those that handle health claims across the insurance ecosystem  to step into a new era of work supported by AI. Jenna discussed how with our automated platform, our customers experience a 70% ROI in terms of their time that would have otherwise been spent processing medical records. Our platform organizes documents into searchable indexes and is able to extract critical insights from the review process, giving clients back valuable time to focus on higher value tasks. 

AI-Driven Medical Summaries 

Wisedocs latest product launch introduced our revolutionary AI Medical Summary Platform, which empowers companies in the insurance ecosystem to summarize thousands of pages of medical records in a fraction of the time. The result? Fast and cost-effective reviews of medical claims and a dramatically shortened decision-making process for professionals. 

Wisedocs Grows 10x in 3 years

Speaking on the “Growth Stage”, Jenna humbly shared some of the powerful growth that Wisedocs has been experiencing presently. Wisedocs grew 10x since 2020, in large part due to the support of our world class customer base. With more than 25 million pages of medical records processed through the Wisedocs platform, Wisedocs 10x growth in more than 3 years ago is projected to continue to rise. We can confidently and proudly look back at our current successes, but as a leader in insurtech, we are only just getting started. 

The Future of Work & AI 

Jenna left the now awe struck audience with a thought-provoking question that encouraged attendees to reflect on what process or workflow in their organizations could benefit from the powerful results that AI solutions bring forth. A question that could quite literally save millions and transform entire industries by embracing AI and unlocking new possibilities that harness the potential for growth and efficiency. 

Jenna’s invitation to you?

"Join us in shaping the future with AI-powered solutions"