The Importance of Insurance Transcription
The proportion of insurance claims tainted with fraud in the UK grew by 13% in 2021, according to leading insurer, Aviva. Evidence is often collated as part of the insurance claims process, so it’s crucial that any information collected is done so in a timely manner, as well as stored and shared securely.
Audio and video transcription has emerged as a vital tool in helping to identify and avoid fraudulent claims. Transcripts provide written accounts of claim calls, interviews, eyewitness accounts and investigations, but they’re only effective when they are produced accurately.
What is insurance transcription?
Insurance transcription transforms the variety of video and audio content that forms part of the insurance claims process into written text. A transcript makes the content much easier and quicker to search and review without losing any of the important details.
There are several types of audio and video content used by insurance companies which can be transcribed into text.
Claim calls – Claim calls are often recorded and can be used as evidence should a claim require investigation. Audio recordings can easily be uploaded online to transcription companies to enable them to carry out the transcription.
Interviews – A variety of interviews can be used by insurance companies including those with claimants, medical and legal professionals, as well as other relevant experts to form part of a claim.
Eyewitness accounts – Eyewitness accounts can provide vital evidence and details surrounding events. Reports can be from those involved in the claim such as a passenger in a vehicle, or from impartial bystanders. Eyewitnesses can often help uncover the facts related to a claim.
Meetings – A variety of meetings can take place as part of the claims process. Transcripts of meetings can help to easily keep track of a series of events, allow those not present to catch up on details, and serve as a useful ongoing reference.
Investigations – As well as relevant meetings, additional recordings related to an investigation can form part of insurance claims transcription. Recorded field notes or dictations from relevant professionals can also benefit from being available in text form.
Why is insurance transcription important?
Audio and video content are very powerful, rich and valuable sources of evidence. However, they can be challenging to work with. For example, when reviewing a case an adjuster would need to listen or watch the content thoroughly, repeatedly pausing, rewinding and replaying to gather the required information. This task is not enviable or efficient.
By using an accurate transcript, you can avoid the extremely time-consuming and frankly tedious job of reviewing audio content. Transcripts help to streamline the process as they provide all the information in a format that can be read in full, scanned, and searched easily. It is also far simpler to compare statements or accounts in a written format than through audio or video.
Although you may be tempted to carry out the transcription in-house, this will also prove to be very time intensive. Professional transcribers can produce an accurate transcript in a fraction of the time it would take the average person. Investing in a professional transcription service also allows you to focus on other urgent matters that can’t be outsourced, safe in the knowledge your transcript will be returned to you when you need it.
Transcripts also provide information in an easy-to-reference format that is simple to store and share. The nature of transcript documents makes it easy to add notes, comments and highlight important sections, which is much more difficult to achieve with audio and video files. Plus, transcript files are significantly smaller and easier to manage than their audio and video counterparts. Whether printed or in digital form, transcripts can be easily distributed and shared with others where necessary.
The importance of accurate insurance transcription services
Due to the nature of insurance claims and the effort to reduce fraud, accuracy is of the utmost importance. All parties involved need to be confident that the transcript is a true reflection of events. Transcription accuracy refers to not only the correct words being transcribed but also the transcript being grammatically correct as that can obviously change the meaning of the words significantly. By choosing to outsource insurance transcription to a reputable provider, such as Take Note, you can benefit from years of experience in producing high-quality transcripts, with guaranteed accuracy levels and turnaround times.
Automatic Speech Recognition (ASR) transcription services are available, but the levels of accuracy are often low and unpredictable. The quality of the audio, number of speakers, accents and use of jargon or technical language can all have an impact on the quality of the transcript you receive. Human or hybrid services that have a level of human intervention are essential for any transcription that requires high levels of accuracy. Professional transcription companies are used to dealing with specialist terms, as well as working with a variety of accents and content types, which makes them the ideal choice for transcription for insurance companies.
What insurance transcription service is right for you?
Ensure the level of detail you need is captured
For insurance claim transcription we would recommend selecting a verbatim service that captures every word in the audio or video file. You may also want to opt to include “umms”, “errs”, false starts and repetitions, which can provide valuable additional context. Understanding the pauses in speech, areas of confusion or hesitation could prove vital in the detection of fraud.
With Take Note, you can also choose to add optional extras like speaker identification and timestamps which can help make the review process more efficient and allow you to easily locate relevant sections of the original audio or video quickly if required. The option to search for keywords in the transcript to identify the exact portion of the video or audio to skip to is a key time saver in the review process. Transcripts from Take Note come with a 99% accuracy guarantee, with the option to upgrade to double proofreading for 99.9% accuracy.
Look for a secure service
Selecting a service that offers high levels of accuracy is obviously key, but you should consider how secure the service is too. Insurance content will invariably include personal, confidential or sensitive information that needs to be protected. A secure transcription service will ensure the safety of your information from the moment it’s uploaded. With Take Note, your content remains secure in our fully encrypted online portal throughout the transcription process and only those directly working on our project will have access.
Due to the nature of the information involved you should also check where the information is stored and processed to ensure any service adheres to your requirements. For example, some services may use transcribers around the globe to complete your project, rather than all the information remaining in the UK as with Take Note.
Partnering with a professional transcription company ensures the transcripts you receive are of high quality, accurate and secure which will save you time in the long run. Take Note is a trusted provider of transcription, live notetaking, meeting minutes and captions. You can get an instant quote or contact us for more information to meet your insurance transcription needs.