Insurance Transcription

What Is Insurance Transcription And How Could It Help?

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Let’s face it; insurance companies and insurance transcription handle a lot of recorded files in a field where many fraudulent claims and activities occur. According to Coalition Against Insurance Fraud, fraudulent insurance claims amount to $308.6 billion yearly in the US. 

One of the major contributing factors to this is the number of records insurance firms keep. From interviews with eyewitnesses to conversations with the legal and medical team, the number of records can be overwhelming, especially if your firm is processing hundreds of claims in a month. 

One of the critical methods for early detection and prevention of fraudulent activities is to involve the service of legal transcription providers. In this article, we look at insurance transcription and how it can help your business.

Insurance Transcription: Why It’s Necessary?

Insurance transcription refers to transcribing audio files collected for insurance records. Insurance transcription is the act of transcribing the audio or video contents that are gathered for the insurance records. There are several types of audio that are transcribed for an insurance investigation.

Insurance Transcription

These insurance transcription services will go into archives or serve as references for investigations. Typically, insurance companies will submit various types of audio content for transcription. These include:

  • Interviews: To have accurate and easy-to-reference records, transcribing interviews with the claimants and legal and medical professionals are critical. This is the reason the interviews are the first step in starting the transcription process.
  • Investigations: Transcripts from field notes and analysis provides valuable information when verifying a compensation claim. And get an insurance transcription.
  • Eyewitness Accounts: Conversations with claimant acquaintances require transcription to avoid hearsay scenarios. Misreported or false witness statements increases the likelihood that a company will overlook a fraudulent claim.

Of course, insurance transcription and insurance firms have limited manpower and time to transcribe a large number of files. Thus, they require the services of professional transcription companies like GoTranscript to have all their files converted accurately and efficiently. 

Highlighted below are some of the reasons why the insurance transcription business needs the help of these agencies.

Easier Claim Investigations

Not all insurance transcription claims come with trustful information. As a result, insurance companies need to work round the clock to verify documentation from different individuals. 

For ease of verification, transcribed data is essential. Besides, if the claims need to go through an investigation, the transcribed files make the process easier. 

Therefore, insurance companies require the service of professional transcribers to ensure that the transcribed files are accurate and free from any errors.

Accurate And Reliable Data

Transcribed audio files are critical documents for decision-making in any insurance firm. Imagine sending audio files to different employees and managers handling a claim; everyone will have a different interpretation of the case.

Written insurance transcription documents are more transparent and easier to highlight compared to audio recordings. The personnel involved have access to one single source of information. 

Hence, the decision-makers can accurately spot issues related to the claims and take necessary measures. 

Similarly, transcribed records help insurance agencies collect accurate and verifiable data to help identify and design strategies to improve the claim process and overall business growth.

Translations For Foreign Claims

This is not uncommon for any insurance agency to deal with claimants or have witnesses who don’t actually understand or speak English. In these cases, it’s necessary for recorded statements, even if they’re in a foreign language. 

Fortunately, service providers can transcribe and translate foreign language files into English. Partnering with an agency that supports a wide range of languages and services will be extremely useful to the insurance company. 

Not only will the firm receive the required translation, but insurance transcription will also get a comprehensive and reliable record within a quick turnaround for the claim process.

Better Data Security

Insurance companies are susceptible to internal and external data breaches like any other business. 

Therefore, if an insurance company doesn’t outsource its transcription services to a professional company but instead hires an in-house transcriptionist, it can lead to data loss. 

Often, most insurance transcription companies have no security measures to protect the data. However, partnering with a service provider, meaning it clearly outlines the security protocols, offers mental peace by knowing that your sensitive data are kept in safe hands.

Final Thoughts

Reliable legal insurance transcription service providers understand how sensitive insurance information is. As such, they provide measures for keeping and maintaining the confidentiality of such records, like making their workers sign NDAs.

If you’re thinking about saving costs and using an automated transcription tool, think again. In insurance, precision is of the utmost importance. Human transcribers will provide the highest accuracy rates, which is what you’re looking for when processing claims and investigating fraud.

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