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Why does your Insurance company insist on giving a recorded statement?

Why does your Insurance company insist on giving a recorded statement?

By: Kevin

5 Oct 2021

It is really important to understand the significance of recorded statements in any claims process. A recorded statement is essentially an interview between a claimant or the witnesses with a claims adjuster or representative who handles the claims file. When creating a recorded statement, the prime objective of the insurance adjuster is to gather, collate and congregate as much information as possible about the course of the incident and your version of the stories. This gives the insurance companies leverage to examine and evaluate the probity of the claimant and the case.

To know more about the recorded statement

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.

Once a claim has been filed by a claimant, the part to substantiate the claim and frame a financial payout becomes the insurer's duty. Almost in all the cases, the responsibility of the insurers doesn't limit to substantiating just the veracity of the claim, but also to find and determining who is at fault and how much the actual payout be. Therefore, recorded statements play a key role in determining the 5 Ws and 1 H i.e, who, what, when, where, why, and how details behind a claim.

Furthermore, the use of a recorded statement will act as a catalyst by being an extra hand of support to a claims adjuster in an insurance claim. It will add value and be a crucial piece of paper during the investigations. It is well known that any insurers who are given humongous tasks to handle will look for ways to upgrade the processes and augment their productivity. This can be better achieved by utilizing an efficient insurance transcription service provider, who could work on the recorded statements with utmost precision.

Why do insurance adjusters ask for recorded statements?

Insurance adjusters ask for recorded statements from the claimants as the goal for any insurance adjuster is to evaluate and examine the recorded statement with a critical eye and to seek accurate and consistent information. It is also important to comprehend that these statements will be reviewed in conjunction with investigations, police reports, and witness statements.

Recorded statements are the go-to documents even after years as they aid for any references or developments in a case. In the claims process, the recorded statement transcriptions are the opening gate to crafting a timeline of events from various perspectives. Meanwhile, the claims adjusters rely not only on the information provided but also depend on a unanimous timeline and the congregation of information that forms a story. In the interview, while each voice starts to emerge, the claims adjuster will begin to verify, validate, substantiate or entirely debunk the story upon meticulous discretion.

Insurance transcription helps the insurance company get the recorded conversations transcribed into a written form of documentation for their future reference. As the recorded statement is a question-and-answer session conducted by the insurance adjuster that is tape-recorded, it helps the insurance company to properly document the crucial information that has been conveyed during the claims process.

Saves time big time

One of the very vital reasons for the adjuster to insist on a recorded statement is to make the claims process time-saving. The use of a recorded statement in a transcription mutually helps both the insurer and the insured. 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.

Comparing statements against other sources

Insurance companies also stress on the recorded statement to compare the statements against other sources. This is the phase of substantiating the transcribed statements that are earlier recorded in audio format. Once the recorded statement is transcripted, the claims adjuster moves to verify the veracity of the information provided.

The adjuster will be required to contrast transcriptions against statements from the police, witnesses, and any medical details from paramedics. These documents will be placed side by side to compare every word by word and sentence by sentence. The comparison ensures that the version of the narration by the claimant and the witnesses matches up more or less.

The use of the recorded statement transcription is an incisive and excellent way to trace how the version of stories takes its shape over time. The statements from the claimant or the witness may sometimes change as they misremember certain details or could be daunted by the deeper memory of the incident that happened. Some of these changed statements will be a piece of major information and could alter the case. Therefore, comparing recorded statement transcription against other sources will help to find the deviations or additions to the case.

Discovering anomalies

Indeed, the transcriptions are useful to compare and verify the utility and veracity of the data against other sources, however, it is to be remembered that these recorded statements are set in stone when it turn to be a hard copy. Hence if any fraud is determined and the case moves to law enforcement, these documents become a shred of evidence to be presented in the court. This is a huge factor for the insurance companies to mitigate the loss acquired and would prevent perpetrators from becoming habitual offenders.

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• Accuracy - 99% Quality Guaranteed
• Support various dictation capture options- Telephone, digital recorder, smartphone app, and third-party dictation systems.
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• 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.