Recorded Statement Transcription for Insurance Companies - Webinar by Transcription Hub

Webinar Transcription

Introduction of Insurance Transcription services:

Hello all, welcome to the Online Session of Insurance Transcription. In this webinar, we will be dealing with what, who and why you need insurance transcription to file an insurance claim.

So in the next five to seven minutes, you will be going through the below topics. What is an insurance claim process? What is recorded statements in an insurance transcription? What is transcribed in insurance transcription? Importance of quick turnaround time for an insurance claim. Why human transcription is preferred in the insurance industry? What is verbatim transcription and what are the types? What is the industry standards kept for
insurance transcription when it comes to security and privacy? And a little bit about Transcription Hub.

About me, I’m Speaker Identification: I head Sales & Growth in Transcription Hub. We are an insurance transcription company based in United States with an impeccable record of 10 plus years in this industry. Without much ado, let's get started.

Insurance Claims Process:

Let us start with the types of insurance claims and why insurance transcription is needed for a claim. An insurance claim is a formal request by a policyholder to an insurance company for coverage or compensation. If a claim is approved, the insurance company will issue payment to the insured or an approved interested party on behalf of the insured. For any claim which is critical and crucial, parties usually go for transcripts to avoid any confusion later on.

Types of Insurance Claim:

AAA Commercial Rule #28 states that a transcript is accepted as an exhibit in any insurance claim. Now, when it comes to the types of insurance claim, there are variety of it, a few of them are: general claims, vehicle insurance claims, health insurance claims, property insurance claims and natural disaster claims.

Recorded Statement and Its Importance:

Let's see what a recorded statement is in an insurance transcription. A recorded statement is a question-and-answer session conducted by the insurance adjuster that is tape-recorded mostly. Insurance transcription help the insurance companies get their recorded conversations transcribed into a written form for their future references. Insurance transcription also allows companies to speed up the process of claim investigation and ensure on-time settlements of any insurance case. The voice and narratives of each party is very important for the insurance adjuster to verify and validate, substantiate or completely debunk the story that is being told or the reasoning behind the claim. Once claim adjusters have these audio statements transcribed, they can begin the process of substantiating the claims before the decision is even made.

Insurance Transcription:

Now, let us see what is transcribed in insurance transcription. There are multiple conversations that are recorded as part of the claim process. It can have in-person or phone interviews with claimants, eyewitnesses, suspects and other victims involved in the insurance claim. Interviews and conversations with medical or legal professionals who are assisting a claim, field notes, recorded statements and summary reports especially from an adjuster who is doing firsthand observation, meetings and conversations with insurance professionals who are helping a claim.

Quick Turnaround Time:

Now, let us see the importance of quick turnaround time in an insurance claim. The claim manager, supervisor or an adjuster who are working on a claim will have multiple tasks assigned to them which would be possible only once the transcripts are ready and available. Any delay in getting the transcripts available eats up valuable time which could be spent on other more vital task.

Human Transcription:

So let us see why human transcription is preferred in insurance industry. When it comes to transcription, humans tend to produce far more accurate results than an automated counterpart. Shared are the key scenarios why human transcription is preferred in insurance transcription. Irrespective of the background noise or overlapping conversations, a transcriber will be able to transcribe the contents. A transcriber will be able to decode any difficult accent or dialects used in the conversation. With the knowledge acquired from the experience, a transcriber will be able to validate facts in the content and capture industry-specific jargons from the recordings.

Verbatim Transcription:

Now, let's see what is verbatim transcription in insurance industry, we'll also see the types. A recorded statement is a key part of determining a who, what, where, when and how. These details of a situation behind a claim determines the fate of that claim. It is very much important in insurance transcription to capture the details in the best possible way to understand context of the statement issued by the person. The types of verbatim transcription are: intelligent verbatim and strict verbatim.

Type of Verbatim Transcription:

So let's see what is 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. When it comes to strict verbatim, the transcript has the spoken words exactly how it is heard into text. It will be word-to-word and letter-to-letter mapping done. A verbatim transcript include every word uttered and every sound that is recorded. This might include pauses, laughter, cough and any filler. It is very important for some cases to understand the context of the conversation to be precise on what is said by the speaker.

Security and Privacy: Industry Standard

Now, let us see what is the industry standard when it comes to security and privacy. It is important and that the transcription vendor who was handling an insurance transcription is capable of meeting the industry standard when it comes to confidentiality and security. Under the HIPPA rules, patients hold the rights to their health information and only they can set the limits on who have access to it. It is always advisable to have a transcription vendor who was HIPPA complaint to ensure that the sensitive information which is handed over to them is treated the right way. Contents which are transcribed in an insurance claim must always be confidential as it is involving a dispute between two parties.

Conclusion:

Now, let us come to a conclusion. In insurance transcription, the transcripts generated from a recording are checked against police statements, witness statements and any medical information from emergency responders or paramedics. They can compare these documents side-by-side ensuring that the version of events more or less matches up. The accuracy and timely delivery of the transcript is utmost important on any insurance claim process.

Transcription Hub has an industry experience of 10 plus years in insurance transcription and we are associated with many of the leading insurance firms on their transcription needs. Our specialization includes providing a scalable and customized solutions 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 are the transcription partners for many of the leading insurance companies across United States. And few of our elite clients are mentioned on the screen, you can refer to that.

And that is it for today. Thank you for your time on this webinar. Have a great day.