Reliable and accurate insurance transcription is one of the key ways to curb insurance claims fraud. Having transcripts of recorded insurance claims, interviews, and meetings make detecting insurance fraud easier and more convenient.

Normally, an adjuster must listen to an audio recording when reviewing a case. This can be tedious and cumbersome. Listening to an audio recording means constantly rewinding, pausing, or forwarding the track to get the information needed.

Companies are now investing in professional transcription solutions to save time and money by streamlining the transcription process to quickly receive reliable and accurate transcripts.

Kinds of audio can be transcribed for insurance investigations

Interviews: Transcribing interviews with claimants such as medical and legal professionals or other relevant experts is vital to have an easy-to-reference, accurate record of claims. There may also be any number of recordings from meetings related to claims and dictations from insurance professionals working on a case.

Eyewitness accounts: Conversations with witnesses or people acquainted with the individuals involved in a claim must be transcribed to avoid he said, she said scenarios. Inaccurate or misreported eyewitness accounts increase the likelihood that a fraudulent claim will be overlooked.

Investigations: Transcripts from insurance investigations provide valuable due diligence when verifying a claim. Results of a study include field notes that were recorded or filmed in real-time, as well as summary reports and gathered evidence.

Transcription for insurance companies provides a clear, documented record of any recorded materials, regardless of the length, content, or subject matter.

Why is insurance transcription important?

Insurance claims transcription is vital because it saves companies time, provides easy-to-reference documents, and ensures information gathered from recordings is accurate and reliable to detect and prevent fraud.

Transcription saves time

From insurance adjusters recording claimants to conversations with medical, legal, and insurance professionals, the number of verbal records that insurance companies handle is vast. Insurance claims transcription enables companies to accelerate the process of claims investigations and ensure on-time settlements of any insurance case.

Transcription companies can even have completed transcripts ready within a day. When employees don't have to spend their days pouring over hours of highly descriptive audio or video content, valuable time and effort can be redirected to more important matters.

Written transcripts are easy-to-reference

Transcription for insurance companies helps agencies get their recorded discussions transcribed into a composed structure that can be easily referenced. Insurance adjusters use transcripts to understand even the minutest details of a case that would be very tedious to check by listening to audio. Transcripts are also easily searchable, making finding specific keywords or details simple. Such a feature is not available in audio.

Additionally, insurance claim transcription enables the simple transfer of files between departments and adjusters. Transcripts, either printed or digital, are much easier to distribute, reference, and share than audio or video files which are often larger and take longer to compress and send. Plus, listening to files can lead to different interpretations. Transcripts allow everyone on the claims team to refer to the same information without room for doubt about what was said.

Insurance transcripts help detect and prevent fraud

Insurance fraud is a serious liability and so having written transcripts is crucial. It's much easier to spot inconsistencies and discrepancies in a claimant's statement when you have a written text to analyze, especially when comparing several reports or interviews in a single claim.

Accurate verbatim transcripts help your team analyze the exact meaning of an interviewee's words to detect the importance of the integrity and legitimacy of a claim. Insurance transcription services can even go further and provide you with verbatim transcription. These transcriptions include every word fumble, hesitation, and pause that could very well be revelatory clues about what is being communicated by a claimant.

The importance of transcription accuracy

For transcripts to be effective and reliable, they must be as accurate as possible. A precise transcript refers to a transcript with a low error rate. Errors can occur due to strong regional accents, technical jargon, and noisy recording environments.

Transcription accuracy should not be underestimated when it comes to sensitive insurance information. Terminology must be spelled correctly, with no detail overlooked. One misplaced comma or misheard quote can drastically affect the accuracy of a transcript and, by extension, the insurance claim.

Many insurance transcription services use automated speech recognition software (ASR) to transcribe audio or video. However, ASR can rarely deliver accuracy on its own. To ensure the highest quality transcripts with a low rate of inaccuracies, it is recommended to partner with a transcription company like transcriptionhub.com that uses both automatic transcription software and human transcribers who double-check your transcripts and edit them to ensure they reach at least 99%+ accuracy.

Why is verbatim transcription important?

Verbatim transcription is important for preserving the record. With several audio and verbatim transcription services available to you, it's easy to have them produced as well.

These transcripts can help you and your team members recall exactly what a customer shared, prepare quotes that were provided to you over zoom or Google meeting someone notable, or have important conversations, such as those with HR, captured accurately.

Misquoting someone or recalling information with important business repercussions incorrectly can have devastating results. Verbatim transcripts can help to identify conversations and quotes accurately without objection.

How can transcription services help insurance companies?

To receive quality insurance claim transcriptions, insurance companies have the choice to transcribe their content themselves or partner with an insurance transcription service.

Whether an insurance firm offers clinical, property, life, or accident coverage, enlisting the help of an insurance transcription service streamlines the transcription process.

Additional reasons insurance companies should outsource insurance transcription include: Supporting data security

Insurance companies, like any other, can be a target for both internal and external data breaches. When a transcription company does not outsource insurance transcription to a professional transcription company and instead hires non-professional transcribers in-house, there are frequently no official security measures to protect data.

Partnering with a transcription company that clearly outlines its security protocols provides peace of mind that your sensitive data is protected.

Provide an acceptable file for legal teams

In the unfortunate event of a legal dispute, all insurance files must be transcribed. Audio and video files are often not accepted as evidence during mediation or arbitration. Having insurance claim files transcribed and ready puts you one step ahead of the process. Professional insurance claim transcription companies are adept at preparing transcripts in a legally acceptable format, with the required time stamps and speaker identifications.

Reliable transcription protects against insurance fraud

To combat fraud, companies must keep accurate transcripts on file. Transcribing statements, summary reports, and interviews not only creates easy-to-reference documents for employees to share but also saves time that would otherwise be wasted listening to audio files.

Partnering with a professional transcription company like transcriptionhub.com is the best way for companies to ensure that their transcripts are accurate and reliable. As a trusted provider of accessibility solutions, transcriptionhub.com also supports live, video captioning, translation, and audio descriptions for your company's needs. Contact transcriptionhub.com to learn more about how we can work together to provide quality transcription and more for your insurance company.