The world of fraudulent insurance claims moves a lot of money every year. For insurance firms, detecting and taking action against these practices is critical.
Here is where reliable and accurate transcription services can prove invaluable to help insurance companies assess the risk of their operations, as they can curb claim frauds before they happen. Having transcripts of recorded claims, interviews, and meetings will make it much easier to detect these shady cases.
No company wants to suffer financial losses from fraudulent property damage and liability claims. If a firm does not have sufficient coverage, a cease of operations could happen in the case of a significant loss.
Insurance transcription has become an essential alternative for firms to safeguard against fraudsters and insurance scammers. It can aid companies in saving money and time by streamlining the process of having an adjuster review each case. Here, we’ll go over what insurance transcription is, its importance, and what you should look for when looking for a good transcription service company.
What Is Insurance Transcription?
Transforming recorded audio or video content of spoken language to gather insurance records is what an insurance transcription is. Insurance transcriptions provide a clear, concise, well-documented record of all of these, regardless of length or subject matter.
The purpose of these records will help determine whether a claim is valid. At the same time, having all this information at the ready and easily accessible can also help insurance companies have an archive they can access and analyze at any time. It sounds simple on paper, but there are several kinds of recordings that go through the process of an insurance claim.
Transforming interviews held with legal and medical professionals on the claimant side or any other expert that can contribute to assessing damages into text is an integral part of the process. These interviews could be meetings related to the claim or dictations from professionals working on the case. For example:
Transforming interviews held with legal and medical professionals on the claimant side or any other expert that can contribute to assessing damages into text is an integral part of the process. These interviews could be meetings related to the claim or dictations from professionals working on the case.
2. Eyewitness Accounts
Having a written, recorded statement from witnesses or people involved with the individuals in the incident can be valuable. It is important to note that the integrity of these eyewitness accounts can help massively to overturn fraudulent claims from shady individuals looking to perform fraud.
Transcribing insurance investigations are excellent ways to confirm claims. Recorded or filmed field notes, report summaries, or any on-site gathered evidence make up these investigations.
Understanding the Importance of Insurance Transcription
There are three main reasons why insurance transcription is so important: it saves time, provides documents that are easy to reference, and ensures all the information is accurate and reliable. These three are invaluable when it comes to detecting and preventing fraud from happening.
The quantity of verbal records an insurance company needs to handle can be vast. From conversations with medical and legal professionals to recorded statements from eyewitness accounts, transcriptions allow companies to speed up the investigation process for settlements to come on time. In addition, having a clearly composed document that can work as a reference at any time can help adjusters understand all the details of a particular case – something that would be much more difficult to do if one were to listen to audio all day long.
Transcripts are easily referenceable and searchable, making them excellent for finding specific keywords or details in a conversation. Finally, having transcripts at the ready can simplify transferring files between departments. Audio or video files are heavier and more difficult to compress and send. Listening to audio files can sometimes lead to different interpretations, too. With a written transcript, everyone on the team will be on the same page with each case.
Don’t Settle for Less When Assessing Transcription Services Online
Hiring a full-time professional to handle transcripts is not a wise idea. Instead, what most companies do is outsource to different transcription providers as that is more cost-efficient. With that in mind, there are three aspects to consider when choosing the right company for the job.
- Top-of-the-line encrypted security to protect sensitive information
- Guaranteed accuracy of at least 99%
- Fast turnarounds
With all the above in mind, why not choose a reliable transcription service you know will deliver? GoTranscript specializes in providing quality professionals that will help you with your insurance transcriptions no matter their length or difficulty. The team of knowledgeable and skilled human transcribers is ready to provide your company with the best record-keeping solutions.