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Home » All that you need to know! Why the recorded statement transcription is vital in an insurance company

All that you need to know! Why the recorded statement transcription is vital in an insurance company

A recorded statement transcription is an integral part of the claims file. It is an interview between the claims adjuster and the injured party, as well as any witness statements involved.

Procuring these sets of transcriptions is the key to successful "subrogation" recovery, and subrogation is what occurs when an insurance company stands to 'pay out' or be held liable for paying out the claims being filed.

The good news is that the advancements in audio recording quality and technology, along with options for faster, more streamlined, and cost-effective transcription services, allow claims adjusters to rely on this key aspect of claims investigations without actually having to focus on the process of creating a transcription.

In what scenarios do insurance adjusters ask for a recorded statement?

Once a claim has been filed by an injured party, substantiating the suit and then assuming the financial pay-out becomes the insurer's responsibility.

Subrogation issues occur when someone has been injured, and another person or party is either found to be at fault or 'stands in' for the payment or the debt of this payment. In this case, it would be the insurer.

This means that it's up to insurers (and claims adjusters) to substantiate not just the veracity of the claim but also who is at fault and just how much the pay-out will be. Insurers might also want to look at whether the injured party plans to sue someone else. A third party will take some of the financial burdens of the insurer's back if there is a third party. Then, recorded statements are a key part of determining the 'who, what, where, when, and how' situation behind a claim.

Forming a complete case file

Claims adjusters rely not only on information. They also depend on a cohesive timeline and a collection of information points that form a story. Recorded statement transcriptions are the key to crafting a timeline of events from multiple perspectives.

As the voices and narratives of each party start to emerge, the claims adjuster can begin to verify, validate, substantiate or completely debunk the story that is being told or the reasoning behind the claim.

Forming a complete case file is not just about hard data it's about how these pieces of information are used.

Comparing complete statements against other sources

Once claims adjusters have these audio statements transcribed, they can begin substantiating the claims before any decisions are even made.

This will require them to contrast transcriptions against police statements, witness statements, and medical information from emergency responders or paramedics. They can compare these documents side by side, ensuring that the version of events more or less matches up.

Transcriptions are also an excellent and intelligent way to track how stories change over time. Witness testimony (and even testimony from the injured party) is known to sometimes change over time. An individual can feel they are "misremembering" certain things or can, over time, claim to have recovered a "deeper memory" of what happened.

Some of these story changes are minor, and they're simply an unavoidable function of time. Using details in the transcription against other sources' claims, adjusters can tell where deviations or "additions" are minor and where they could indicate the potential for fraud.

Detecting anomalies later on

This leads to the next point: Transcriptions are indeed useful documents to have on hand, referring back to them to verify the utility and integrity of other sources and vice versa. But remember that these are recorded statements — and these statements are set in stone. Once a hard-copy, transcribed text sits with a claims adjuster (and an audio file close at hand), it becomes incredibly easy to spot holes in the story.

Even if there is no intentional fraud or malice and an individual (the injured party) misremembered due to shock, it's often the details that claims adjusters hang the hats of their decisions on.

At Transcription Hub, we work in a compliant, discreet, and professional manner. We are the trusted insurance vendor for many of the leading insurance companies across the US with a record of transcribing more than 5 million minutes. We are also specialized in transcription services for academia, legal professions, healthcare, media, government, businesses, and more.

We have a successful track record and have established a benchmark of providing accurate, timely, and intelligible transcripts. We never want you to lose your words and context in transcription when you already found the best in the cards.