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What is a recorded statement transcription

What is a recorded statement transcription

By: Kevin

1 Sep 2021

The insurance companies will look for ways, not just to streamline the insurance process but also to offload a portion of work where they can, as they receive a flurry of insurance claims every day due to accidents and other emergencies. 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 approved interested party on behalf of the insured.

The use of a recorded statement in an insurance claim will add an extra hand of support to a claims adjuster in an Insurance company, by adding a benefit to the investigation process. There's no doubt that insurers who are assigned to handle a large claim volume are always looking for feasible opportunities to increase productivity and improve their processes. The best way to do this is by utilizing an insurance transcription service provider, who can efficiently work on the recorded statements.

Most Insurance companies have a claims system that is dedicated to recording claims activity, documenting decisions about coverage, and reserving background information on the claim. Apparently, this becomes a system that insurance regulators review to get the necessary information for any purpose.

What precisely is a recorded statement transcription

Recorded statement transcription becomes an integral part of the claims file. Concisely, it is an interview between a claims adjuster and the party (the party predominantly indicates claimants who are seeking insurance from the company) The process also involves statements from witnesses and other parties that were included in the claims file.

Due to the advancements in audio recording technology and quality, the good news is that it provides options for faster, cost-effective, and more streamlined services, allowing claim managers and adjusters to rely on this significant aspect of claims investigation without necessarily having to focus on the process of creating a transcription.

Perks of a recorded statement transcription

Recorded statements are a vital part of determining what, who, where, when, and how details of a situation behind a claim. Here we pen down some of the benefits of utilizing transcription for your recorded statements and claims audio files.

Detecting anomalies

Having Insurance transcription done on your recorded statements paves the way to detect fraud much more easily. In some cases, where an insurance adjuster might suspect an oddity in the investigation but doesn't have enough evidence to prove it, they will often carry out multiple interviews with the same person to check the veracity of the narration. This helps to find discrepancies in the version of the story from the party/person. The recorded audio can be transcribed into verbatim text documents, which allows the claims adjuster to compare the printed documents by placing them side by side.

Insurance investigators handle claims in which the company suspects fraudulent or criminal activity (staged accidents, or unnecessary medical treatments, etc.) An extra level of care is taken on these claims. The recorded statement will be helpful in validating and verifying various facts and statements issued earlier

Furthermore, if any fraud is determined and the case moves to law enforcement, the recorded statement transcription document can be used by the court as evidence. This is a major factor for insurance companies to mitigate loss and prevent fraudulent perpetrators from becoming habitual or repeat offenders. Even if there is no deliberate fraud or malice, and if an individual/party is misremembered due to a sudden shock, it's the details the claims adjuster will hang his hat on.

Render a way to have a complete file

When it comes to claims handling, having a complete file in hand is a prerequisite. Claims managers do not just rely on information, they also depend on a coherent timeline and a cluster of data that make a story. Any recorded statement transcription will ensure that the audio files are converted into textual verbatim form, to allow the claims adjuster to refer to or point out certain information in their note tabs. It becomes a key to crafting a timeline of events with a multi-fold perspective. Meanwhile, having a quality transcription provides an opportunity for the liability examiner to notice and observe prominent details that may have not sounded very relevant on the phone, but make a huge difference in the last leg of the investigation as to who is at fault for an incident.

Therefore a claims adjuster can verify, validate, substantiate, or completely debunk the version of the story upon proper scrutiny. Thus, a complete case file is not just about hard data, but it is about how the pieces of information are used to provide reasoning.

Time saver for Insurance adjusters

Another vital perk of working with an experienced and top-notch recorded statement transcription provider opens a great way to save time for adjusters. Utilizing an outsourced partner eliminates the time constraint issues of an Insurance adjuster and allows time to focus on their other priorities. For an active, or happening claims department such time savings turn out to be a great advantage to their favor.

File transfer between departments/insurers

There is a multitude of reasons why a claims file gets transferred between various departments or between insurers. Escalation of claims severity, job replacement, or any sort of phase of file review could send a claim to a person who has never dealt with the facts of the case before.

In such cases, having a quality recorded statement transcription provides a way for the new adjuster to access the information in a timely fashion. Rather than spending hours analyzing the case recordings and drafts, the information is all available in text documents, making the process handy.

At Transcription Hub, we transcribe both audio and video files. Any material that can be transcribed is transcribed by us. We do not limit ourselves to any genre; call it what you will, we will transcribe it for you.

However, just to give an idea, here are a few types of transcription services offered by us:

* Medical Transcription
* Media Transcription
* Podcast Transcription
* Business & Financial Transcription
* Conference Call Transcription
* Legal Transcription
* Court Proceeding Transcription
* Audio/Video Transcription
* Technical Transcription
* Educational Transcription
* Religious Transcription
* Research Transcription

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.

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.