There’s no doubt that insurers who handle a large claim volume are always looking to improve their processes and increase productivity. One way to do this is by utilizing an insurance transcription company to handle transferring all recorded statements to verbatim text.
Here are five perks of recorded statement transcription and working with a reputable partner when doing so.
Perk #1: Helpful for Arbitration Files
If your company sends any claims files to arbitration, having a solid recorded statement transcription provider is helpful. Those who review cases for Arbitration Forums cannot listen to recorded audio to make their determination. Thus, if you want the information provided during the call to count towards evidence of your position, you must have a transcript in the file.
In some circumstances, having this document can mean the difference between winning and losing a case simply because it provides a firsthand account of accident events. Many companies have had to pay out thousands of dollars on arbitration files that they may have never lost if they had included a recorded statement transcription as part of their response.
Perk #2: A Good Way to Detect Fraud Indicators
Another perk of having insurance transcription done on your recorded statements is that it makes detecting fraud just a bit easier. In some instances where an adjuster might think something odd is up but cannot prove it, they will often have multiple different interviews with the same party to see if their story changes in any way. These audio recordings can then be transcribed into verbatim text documents, which allows the claim handler the opportunity to compare printed copies side by side.
In addition, if fraud is determined and the case goes to law enforcement, the transcription documents can be used by the court system as evidence. This is a huge deal for major insurance companies trying to mitigate loss and prevent insurance fraud perpetrators from becoming repeat offenders.
Perk #3: Offers a Way to Have a Complete File
Having a complete file is vital when it comes to claims handling. Recorded statement transcription ensures that any audio files are transferred into verbatim textual form, allowing an adjuster to cite or reference certain information in their notes.
In some cases, having a quality transcription allows a liability examiner the opportunity to catch important details that may not have sounded pertinent on the phone, but make a large difference in their final decision as to who is at fault for an incident.
Perk #4: Saves Time for Adjusters
Another perk of working with a top-notch recorded statement transcription provider is that it greatly saves time for adjusters. Where some departments used to have individual adjusters or single, assigned individual to transcribe audio recordings, utilizing an outside partner eliminates the need and allows time for other things. For mid-level or large claims departments, this time savings is vital.
Perk #5: Great for Transferring of Files Between Claims Departments
There are a multitude of reasons why a claims file might be transferred between different departments and/or adjusters. Job promotions, escalation of claims severity, or even additional file review could send a claim to a person who has never seen the facts of the case before.
Having a quality recorded statement transcription is a great way to give a new adjuster all the information they need in a timely fashion. Instead of spending hours pouring over case notes or trying to listen to audio recordings, everything is available in a handful of text documents.
Of course, these are just a few of the benefits of utilizing transcription for your claims audio files and recorded statements. Can you think of any more?