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Here is a quick read on - Why transcription is needed in insurance claims

Here is a quick read on - Why transcription is needed in insurance claims

By: Kevin

15 Jul 2021

Insurance is a significant help, which is fundamental as a fence against potential dangers, misfortunes, or harms later on. In the current life, there is an expanding number of dangers, misfortunes, and harms, which may occur and prompt Insurance claims. Thus, the insurance agencies are confronting progressively debilitating undertakings to check and research each case.

Insurance Transcription is help that empowers insurance agencies to do every one of the tasks in a more productive and viable manner. Regardless of whether the organization offers clinical, property, life, or accident coverage, the record will make their assignments simpler.

Insurance Transcription alludes to the demonstration of interpreting audio content with the end goal of Insurance records. A ton of work is included with regards to the Insurance industry identifying the documentation process for all cases and compensation.

Insurance transcription helps insurance agencies get their recorded discussions transcribed into a composed structure that will be extremely valuable for their future references. Insurance transcription likewise permits organizations to accelerate the process of claims investigation and ensure on-time settlements of any insurance case.

Why Transcription plays a key role in Insurance claims

An insurance claim is a formal request by a policyholder. Towards an insurance company, in the form of coverage or compensation. Insurance transcription helps insurance companies get their recorded conversations transcribed into a written form for their future references. The voices and narratives of each party are very important for the claims adjuster to verify, confirm, substantiate or completely expose the flaws in the story that is being said or the reasoning behind the claim.

Once claims adjusters have these audio statements transcribed, they can begin the process of substantiating the claims before any decisions are even made. For any claim which is critical and, crucial parties usually go for transcripts to avoid any confusion later on. AAA Commercial Rule 28 states that a transcript is accepted as an exhibit in an insurance claim.

Why quick TAT is important in Insurance transcription

The claims managers/ supervisors/ adjusters. Whoever is working on a claim will have many tasks piled up on their plate. Which would be possible only once the transcripts are ready and available. A delay in getting the transcripts available consumes most of the valuable time. Which indeed must be working on other more vital tasks Why human Transcriptions are preferred in Insurance Industry When it comes to transcription, humans tend to produce far more accurate results than their automated counterparts.

Below are the key scenarios of why human transcription is preferred in insurance transcription

● Will be able to handle Background Noise and overlapping conversations to a great extend
● Is capable of distinguishing accents and dialects
● Can have Fact-Checking done for Content
● Capable of processing technical and business-specific content

What is a verbatim transcription in the Insurance industry?

Recorded statements are a key part of determining the “who, what, where, when, and how” details of a situation behind a claim. It is significant in insurance transcription to capture details in the best possible way.

To understand the context of the statement issued by the person. The types of verbatim transcriptions are

Intelligent Verbatim: In this type of transcription, it is allowed for the transcriber to have some level of discretion from their experience. To omit certain elements if they add no meaning to the script

Strict Verbatim: Here transcripts have the spoken words exactly how it is heard into text: word-for-word and letter-for-letter. A verbatim transcript includes every word, utterance, and sound that is recorded; including pauses, laughter, coughs, and any filler. This is very important to understand the context of a conversation more often

Here are few primary reasons why insurance agencies need transcription service providers Helps Detect Fraud

Not every person who documents an auto or home claim is telling us the truth and that is exactly how things work. Audio files and transcription documents provide documentation received directly from insureds and claimants. Analyzing transcribed audio files is easier than listening to every audio file to find discrepancies or even lies. For investigators to prosecute any third party for fraud, a transcript is important as they will have the right evidence and proof.

Enables easy transferring of files between departments

Insurance claims need to be transferred to various departments and adjusters. By transcribing the recorded statements into accurate digital transcripts, the files can be transferred easily among departments.

Insurance transcription helps keep the work process moving easily for backup plans. At the point when you convert an audio file to text, It also makes things uncomplicated for any new person in the department to be caught up with all the files without much effort.

Avails reliable and accurate data

Most transcriptionists are specific and are meant to be trained people who precisely decipher information given in reliable documents. A lot of care and accuracy are taken to guarantee an exclusive requirement of work as Insurance transcriptions are lawfully restricted.

Since Insurance transcription likewise gives word for word transcription, it additionally empowers you to have a superior comprehension of how the interviewees conveyed to determine the specific significance of the discourse. There will be a rigorous quality control interaction to ensure there are no mistakes as it might influence any of the other parties involved.

Helps to have a complete file:

Maintaining a complete file is very important in the insurance industry. All recorded statements can be transcribed into verbatim form and it helps the adjusters to have a complete file of a claim. Keeping a complete file helps adjusters to access the documents later also without any hassles.

Useful for adjusters:

Transcribing recorded statements becomes immensely useful for adjusters as it saves time. With the transcripts, the adjusters can refer to the case and understand even the smallest details.

While these are only a couple of reasons why insurance agencies depend on transcription service providers for interpreting audio files for the Insurance industry

Benefits of choosing Transcription Hub as your service provider

● Accuracy - 99% Quality Guaranteed

● Support various dictation capture options- Telephone, digital recorder, smartphone app, and third-party dictation systems.

● Highly Secure & Confidential- HIPAA, SSL, NDA, Governance etc.

● 100% Human Transcription- Transcribers with 5+ years of experience in Insurance Transcription

At Transcription Hub we specialize in managing, tracking, and transcribing all insurance-related audio in a secure online environment. We process tens of thousands of pages of recorded statements each month for our clients. 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. We use 100% human transcription. What sets us apart is how we take the time to get to know the unique transcription needs of your company & work accordingly. 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.