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Outsourcing Transcription Services
In its literal sense, outsourcing means sourcing from outside. Today, globalization and de-regulation has changed the face of business and companies and ‘outsourcing’ has come into common practice. Outsourcing speeds up business processes, reduces administration costs and improves efficiency.
More and more transcription companies are making use of outsourcing and technology to get competitive advantage over their rivals. By outsourcing, they can save 40% to 50% on US costs. There could be various reasons for a transcription company to outsource, like
- Heavy workload
- Lack of expertise in a specific area
- To be able to reduce capital costs
- Lack of time
- Increase service levels
The transcription industry has undergone tremendous evolution because of the constant advances in communication and internet technology. Outsourcing any kind of transcription work has proved to be profitable and a safe option for the transcription industry. In the US., transcription business is growing at 15% each year. Some of this work is being outsourced overseas. The main reason for this is the cost advantage due to cheap labor in developing countries and their low currency value as compared to US dollar.
Benefits of overseas outsourcing could be;
- 40% to 50% cost saving
- Reduction in investment risks
- Getting access to specialized skills
- Faster start up and development
- To overcome human resources crunch
It is now possible to have global development teams working around the clock handling critical projects. Their services include:
- Better communication facilities
- Mature development processes
- Well-integrated teams
Insurance Transcription
Insurance Transcription is all about transcribing activities related to insurance company. It includes the transcription of recorded statements, notes on investigations and probes, summary reports, theft/property damage report and insurance reports for property, casualty, holdings, assets etc
The crucial information concerning any loss of personal property due to accidents, fire or through acts of nature is essential to any insurance claim process. In this process, the insurance adjuster contacts claimants, witnesses and other involved members, obtains statements and carefully examines the facts to formulate a reasonable judgment.
Insurance adjusters also conduct a lot of interviews to verify the probe. These might be for worker’s compensation or accidents or homeowner’s claims. Mostly these interviews are done over telephone and are recorded. Many insurance adjusters also make a site visit to take witness’ statements, verify them with a third party and record the statements.
The nature of this industry demands each and every word needs to be transcribed for further use and reference. For example-Take the instance of any insured loss, your next step would be to claim for the insurance. The insurance adjuster would come and verify about your claim. He will try to negotiate on behalf of the insurance company over the amount to be paid to the claimant. If the claimant is not satisfied with the amount, he can approach the court. Again, if the adjuster suspects a fraud, he can refer the matter to the investigator.
At every step, insurance companies need a transcript of recorded statements from claimants, defendants and witnesses. That’s why, all the interviews and statements relating to insurance should be recorded well to get a clear and accurate transcript.
We, at GMR Transcription, provide two types of insurance transcription.
Strict verbatim- It’s all about transcribing every single word and utterance in the recording including all false starts like um, uh etc
Intelligent verbatim- This eliminates the unnecessary words which are not relevant to the subject matter.
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