Fraud is one of the major challenges that insurance companies deal with regularly. When not checked, your firm can end up losing millions of dollars in fraudulent claims. To avoid losses, it is important to put measures in place that will detect fraudulent claims or activities early on.
Reliable and accurate recording of statements is one of the key ways of curbing claims fraud. You can hire a transcription services provider to accurately and efficiently transcribe recorded statements in the required format. The transcripts of the recorded statements will play a critical role in helping you detect fraudulent claims.
Here are some reasons why your insurance company should consider transcribing relevant audio recordings:
i) Save Time
Transcribed recorded statements help adjusters save time with their cases. Normally, an adjuster would need to listen to an audio recording when reviewing a case. This can be quite cumbersome. Listening to an audio recording will mean constantly rewinding, pausing, or forwarding the content to get to the information you need.
When recorded statements are transcribed, adjusters can quickly get the finest details of their cases. The important points raised in the statements can be highlighted on the transcripts to make it easy for any adjuster to follow the case.
ii) Helps in Arbitration Cases
Transcripts of recorded statements come in handy during arbitration cases, when audio recordings are not allowed. You may opt to take a case to Arbitration Forums to save both time and money.
However, since audio recordings are not allowed in the forums, how will you provide evidence for your case? You can use transcripts of the recorded statements to back up your assertions.
iii) Have a Complete File
It is vital for insurance companies to maintain a complete file of claims. All recorded statements can be transcribed into verbatim for adjusters have a complete file of a claim that they can access easily for reference or verification.
For complex cases that are handled by multiple departments, the parties involved should have a complete file of the cases to make accurate decisions on the way forward. To save time, you can distribute digital transcripts of recorded statements among the concerned parties.
iv) End Fraudulent Activities
Transcripts of recorded statements can help adjusters uncover fraudulent claims and stop them early on. This can save the company hundreds of thousands of potential monetary losses. Claim handlers can compare statements to find out discrepancies. The transcripts can also be used as evidence if a matter goes to trial.
Work with a Reputable Insurance Transcription Services Provider
You can get accurate transcripts of recorded statements from a reputable and reliable insurance transcription outsourcing company. The company can transcribe:
- Recorded statements
- Insurance reports on assets, holdings, casualty, property, and so on
- Interviews of accident witnesses or victims
- Property damage or theft reports
- Rough notes on investigations
The above are some ways in which a transcription company can help your insurance firm handle claims more efficiently and curb fraud.
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Beth Worthy is the Director of Operations for GMR Transcription Services, Inc an Orange County, California based company that has been providing accurate and affordable transcription services since 2004. GMR Transcription has worked with over 8,000 clients spanning myriad industries and prides itself on its customer service and quick turnaround time. Their services include audio transcription, video transcription, and digital transcription, as well as Spanish and Mandarin translation. Google +