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Advantages of using Transcripts in your Insurance claim process

Advantages of using Transcripts in your Insurance claim process

By: Kevin

7 Sep 2021

If you've kept up with our blog over the last months, you understand the requirements and the significance of a quality transcription service provider in the overall claims process. Nevertheless, we shall comprehend why do the insurance adjusters need to work with transcription in the first place and how efficient is the role of transcription in the claims process.

Understanding insurance claims process:

An insurance claim is a formal request by a policyholder to an insurance company for coverage or compensation for a covered loss or policy event. The insurance company validates or denies the claim. If it is approved, the insurance company will issue payment to the insured or an interested party on behalf of the insured.

Insurance is a fundamental fence and a vital tool against potential misfortunes, harms, and dangers that might unfold later. In such circumstances, insurance becomes a resort of hope, where insurance claims could help retrieve what was lost. Therefore, insurance agencies are on a progressive track to imply different mechanisms to check and research each case depending on its degree of impact.

Role of transcription in claims process:

The elemental role of transcription in the insurance claims process is providing the transcribed version (written format) of a recorded conversation for any future references. The narratives and the voices of each party is a significant factors for the claims manager/adjuster to verify, analyze and substantiate or expose the loopholes, flaws in the version of the story that was narrated. The transcription file is also an essential document to proclaim the reasoning behind a claim.

The process of discovering the veracity of the claims that were raised by the claimant will begin once the adjuster has the transcribed file in hand. This, not merely helps to verify but also to back, substantiate and provide an analogy to the raised claims. Especially, during a very crucial investigation between two parties, transcripts become a prerequisite and go hand in hand to avoid any chaos and confusion during the process.

Why human transcription is considered a boon:

While the proliferation of advanced technology has been a boon to this scientifically driven time, it is an undisputed fact that the indulgence of human transcription in insurance claims is more effective and accurate.

Accurate Insurance Transcription services allows companies to pace up the process of the claims investigation. It also ensures on-time settlements of insurance cases. With good expertise, an accurate and reliable transcription service provider will be able to transcribe interviews or any other content within the stipulated deadline with zero compromises on precision. This can be achieved only by an experienced human transcription service provider.

At Transcription Hub, all our transcription projects are handled by a professional and experienced human workforce who are familiar with the insurance industry standards and verbatims to ensure 99% accuracy. Our professional human transcribers will process your audio or video content and convert it into transcripts in your requested format. With a multi-level transcription quality control process, we ensure to deliver the transcripts with utmost accuracy.

Faster turnaround time:

As the claims manager or adjuster who is working on a claim will have multiple tasks in hand, the tasks can be taken and completed only when the transcript is ready and available. While there are other important activities to perform, a delay in the transcription will have detrimental effects on the claim process by consuming valuable time while a chain of events unfolds. Thus turnaround time becomes a great advantage, to finish the claims process on time, with the hand of a human transcription service.

Arbitration and subrogation - an essential part of the claims file

The arbitration and subrogation parts of the claims process are very essential. This is the time in which insurance companies will be able to make a positive impact on the bottom line of the insurers by reclaiming outstanding funds that have already been paid out.

Including a transcribed statement is a sort of courtesy while sending a basic subrogation file to an adverse party's carrier that has obliged some liability. Whereas, when it comes to arbitration claims, textual transcript files are needed in priority. Arbitration forums or insurance agencies will recommend verbatim transcription done on the recorded audio statements to make the case as complete as possible. As there are high chances for arbitrators to miss the key data by excluding the required information or they do not tend to have the patience to listen to the recorded audio files, the availability of transcript files becomes a gold mine.

Enables file share between departments

In the process of claims, the claims file needs to be transferred to various adjusters and departments. Transcription helps to easily transfer the files, as the recorded statements were already transcribed into precise transcripts. This process also helps and makes it uncomplicated for any new person/adjuster who just takes up the file for the first time.

Have a look at the list of insurance transcription services that we offer:

Not just the claims process, our expertise in the field is far wide. We strive to make privacy and security a top priority to remain compliant with the Health Insurance Portability and Accountability Act (HIPAA) and other federal regulations.

The reports we generate are many and to name but a few

• Claims
• Field investigations for theft, property damage, accidents, etc.
• Recorded statements,
• Summary reports,
• Fraud investigation/probes reports,
• Insurance claimant statements,
• Insurance interviews,
• Telephone conversations,
• Insurance meetings,
• Carriers insurance,
• Third-party administrator's insurance, and
• Independent adjusters insurance etc.

At Transcription Hub we process tens of thousands of pages of recorded statements each month for our clients. We also specialize in transcribing all insurance-related audio in a secure online environment. Our specialization includes providing a scalable and customized solution to our prestigious clients which are tailored based on their needs. We pride ourselves on building a mutually beneficial and long-term relationship with our customers. What sets us apart is how we take the time to get to know the unique transcription needs of your company & work accordingly.

Why choose Transcription Hub?

At Transcription Hub, we work in a compliant, discreet, and professional manner. We are the trusted insurance vendor for many of the leading insurance companies across the US with a record of transcribing more than 5 million minutes. We also specialize in transcription services for academia, legal professions, healthcare, media, government, businesses, and more.

We have a successful track record and have established a benchmark of providing accurate, timely, and intelligible transcripts. We never want you to lose your words and context in transcription when you already found the best in the cards.