Claim transcription allows for better accessibility, review, and analysis of the information provided. When statements are transcribed, adjusters can quickly trace and reference specific information. As a result, claim transcription reduces the expenses related to claim adjusting and enables better judgment for claim settlement.
During the claims process, adjusters need to gather and handle hours of audio and video recordings of statements, including interviews with claimants, experts, and eyewitness accounts. When transcribed, those records can be efficiently organized, dissected, analyzed, and referenced.
Keep reading to learn more about how claim transcription can improve your insurance claims process and how n2uitive can take it to the next level.
Claim transcription is a key step in the proper insurance claim process. It enables you to quickly access information and assess claims, helping you prevent and detect fraud. It also speeds up claims by allowing adjusters to read the transcription and search for information. The other key benefits are:
Transcribing your recorded statements enables you to interact with the information seamlessly. It reduces the need for manual note-taking and minimizes errors, streamlining the claims process. It allows you to focus more on decision-making and customer service, ultimately speeding up the claims process.
When the recorded statement is transcribed, information becomes easier to find. This way, you can better dissect and analyze the statement. You can also share it with stakeholders with ease. This can be handy not just for the claim settlement process but also for revisiting closed claims.
With a transcribed statement, you can assess your claims more effectively. Transcriptions constitute detailed written records of all communications. With them, you can identify inconsistencies or discrepancies in the story, compare information against evidence, and re-read the information the policyholder gave. By comparing the statement to the other evidence and the insurance policy, you can come to a settlement.
Transcriptions also protects you by backing up the statements. They can serve as supplementary evidence if the original statement gets disputed or if the recording gets corrupted.
In 2022, about 20% of filed insurance claims were suspected to be fraudulent. Fraud can constitute between 5% and 10% of insurers' claims costs. That is why transcriptions are not only nice to have but a must.
There are multiple ways to transcribe statements: from trying to do it yourself –and end up transcribing as a full-time job–, to taking advantage of specialized software and artificial intelligence. Each option has its pros and cons:
Transcribing your statements entails listening to and writing hours of audio and video recordings. One way to do it is within your organization, either by hiring a professional or by doing it on your own.
The benefits of transcribing your recordings in-house are:
On the other hand, the downsides of transcribing your recordings are:
There are outsourced specialized transcription providers, agencies and individuals, who can transcribe your statements regularly.
Working with specialized transcription services, such as Allegis, have multiple benefits, including:
The downsides that come with working with a third party are:
There are specialized insurance software solutions that manage the whole cycle of your recorded statements.
The main benefits are:
The main issue is whether it has transcription functionality or integrates with a transcription service.
Artificial intelligence tools have been revolutionizing the process of converting spoken content, from audio or video recordings, into written text.
Using transcription tools powered by AI is a modern and cost-effective option. The benefits are:
However, before moving forward you should consider the issues:
As important as they are, recorded statement transcripts are just one stage in the recorded statement lifecycle. Besides being transcribed, claims statements must be captured, reviewed, analyzed, shared, and stored in a centralized repository. By managing your recorded statements efficiently, you improve the speed and effectiveness of your claims process. You also increase both employee and customer satisfaction.
Using n2uitive, you gain access to a single platform that manages all your recorded statement needs. It records high-quality statements from an exclusive phone line and has an app to help you in the field.
n2uitive also provides reliable, highly secure transcriptions with our Allegis integration. You can request a professional transcript with one click, and it is delivered to your n2uitive account, saving you time and effort.
Our platform also integrates with Guidewire. That way, your statements are automatically and securely synced to your library. This feature improves adjusters’ productivity and ensures that no information is ever siloed again.
With our recorded statement lifecycle management solution, you increase your productivity and decrease your costs. With n2uitive, you can conduct higher-quality investigations while reducing your Total Cost of Ownership (TCO) expense benchmark by up to 50%.
Deployed with 40+ insurers and used by 25,000+ adjusters, n2uitive currently manages more than 10 million statements and transcriptions for our carrier customers. Join us and start building better-recorded statements and transcription workflows.