It is no secret that keeping up with the competition in the insurance industry is important. With insurance laws in most states offering a level playing field for companies, the chance to perform better than the other guy is more crucial than ever before.
Here are three ways verbatim transcription services can give your firm a competitive advantage.
#1: Complete Case Notes
Recorded statement transcription is incredibly important for firms that value having complete case notes in each claim file. This is especially true for severe injury cases or those that will likely exceed policy limits and end up in litigation. It is widely known that insurance transcription documents are one of the most complete ways to present an argument or opinion—as they present the insured or claimant’s exact description of how the incident took place—and having them in a file definitely offers a competitive advantage for your company.
#2: Arbitration Forums
Another place when having verbatim transcription of recorded statements is important is during arbitration proceedings. Arbitration Forums does not allow presentation of audio files as part of their system. This means that the arbitrator reviewing the file has zero access to recorded statements unless you’ve had a verbatim transcription done. Companies that do not take this extra step can sometimes be at a disadvantage, as the only thing they have to submit is the adjuster’s file notes. In this instance, having that recorded statement transcription can mean the difference between winning or losing against an adverse carrier.
One recent savings trend amongst smaller insurers is having adjusters perform their own verbatim transcriptions. In terms of competitive advantage, this is a terrible idea! Adjusters should be able to focus on the tasks that matter, such as determining negligence and negotiating settlement. Spending time trying to type out recorded statements is not only a waste of hours, it keeps them from really being able to concentrate on what their job entails. Furthermore, this can lead to costly mistakes if the document is ever presented in arbitration or the court system.
If you’re wondering where you should look to find quality, verbatim transcription services, look no further. Our dedicated team at Allegis Transcription is here to help. Please contact us today for further information.