Insurance Companies Need Translation Services. Here Are The Reasons Why.
Mobility is a keyword of the modern society. International travel becomes increasingly prominent. It can be in the form of business trips, vacations, study abroad, and immigration. In this context, insurance providers often operate across borders and insurance agencies are encouraged to target the global market. This requires insurance companies to offer internationally-targeted products and ensure their services are compatible with the policy, infrastructures, and business processes in different countries. They must also provide documentation tailored to the languages, cultural settings, and unique needs of local users and the “global nomads”. Consequently, it is crucial for them to set up a translation process in place. There are three critical reasons for the importance of translation services in the insurance industry.
Accuracy in translation of insurance documents is utmost important
As the insurance industry regulates based on the insurance policy and the claim process, accuracy in translation of insurance documents is utmost important. Translators in the insurance industry are required to understand not only the language but also the legal system of the country. Confusion and misleading information can potentially be a threat to the relationship between clients and insurance companies. A translating mistake can lead to financial, reputational, and legal cost, which can damage the company both short-term and long-term. Translation providers are normally equipped with qualified translators and proof-read procedure which can assist to minimize the translating mistakes.
Complex communication process
The insurance industry is a service industry, which requires constant and instant communication between the service provider and customers. With the growth of digitalisation, clients require their services to be provided without hassle. Translators are required throughout the process from the beginning of acquiring new client to the end of claiming procedure, which includes:
- Initial contact with potential clients
- Policy preparation
- Contract documents
- Compensation procedure
- Claims manual
- Doctor reports
- Medical reports
- Accident and police reports
Each document in the insurance process is usually tailored to the needs of each customer. Therefore, in order to ensure the process operates smoothly without interruption, professional translation service is a crucial requirement for insurance companies operating internationally.
In this industry, exposing market-sensitive data to any third party is potentially a threat, which may lead to PR crises of insurance companies. In a less fortunate event, it can increase the risk of regulatory penalties. Additionally, the translation process is harmful to data security if the data is handled by non-linguist. Insurance documents are sensitive, which requires a high level of security. Thus, a professional translator service, which is bound by a non-disclosure agreement is critical to avoid data leaking.
Our solutions for insurance companies
The rapid speed of globalisation and digitalisation requires insurance companies to speed up their adaptation. The translation is an unavoidable essential in their adaptation process, yet it can also be a vulnerability of insurance providers. By using professional translation services, insurance companies can avoid exposing themselves to the risk of legal, reputational, and financial damage. At the same time, they can gain the advantage of accuracy, confidentiality, and seamlessness through these translation providers. This can ensure the wellbeing of insurance companies’ clients, which guarantees the success of the business.
The elionetwork team represents decades of experience in globalization, localization, and insurance. We have our in-country linguistic experts who ensure translation accuracy, confidentiality, and timeliness. As a certified translation company, we provide 2-step quality assurance process that ensures all insurance documents are checked twice.
To find out more about the process and requirements of insurance translation, reach out to us as early as possible so that we can build a custom workflow for your project. elionetwork’s certified translation services will provide the highest level of quality and performance in translation, as well as an exemplary degree of accuracy and confidentiality.