Why Accurate Translation is Crucial for Insurance Policies: A Deep Dive
Around 91% of people in the United States understand English very well. However, about 8-9% of the population, roughly 25 million individuals, have limited English proficiency. How will they understand the complex terminology of insurance policies? What issues will arise, and what solutions exist? This blog attempts to answer these questions.
Translation Services For Insurance Policies
Insurance policies that cover specific risks and provide financial support have technical terms and conditions. Without accurate translation for insurance translations, policyholders may not file a claim or miss fair compensation.
Let’s understand it better with an example: A CSA report analyzing 8,709 consumers from 29 countries found that 40% of users would never buy from websites, not in their native language. The same applies to the insurance policy buyers
Reasons That Follow
When considering the bigger picture, multiple reasons highlight the need for accurate translations for insurance translations. Prominent ones are as follows:
Compliance With Legal Requirements
One of the key reasons for accurate insurance translations is compliance with legalities. In the United States, under the Affordable Care Act (ACA), Section 1557 mandates that providers “take reasonable steps to provide meaningful access to each individual with limited English proficiency eligible to be served or likely to be encountered in its health programs and activities.”
Avoiding Hefty Penalties and Legal Disputes
Accurate translation helps both policymakers and policyholders. In cases of mistranslation that lead to poor settlement, policymakers need to pay hefty fines. Also, there are instances where legal disputes lead to financial losses. Insurance companies do not want to face legal consequences because they further deteriorate their image.
Enhancing Customer Trust and Satisfaction
Language barriers are one of the biggest hurdles for organizations enhancing customer trust and satisfaction. In the case of insurance companies, accurate translation enhances customer trust because understanding the details of a policy is easier if presented in the native language.
Expanding Market Reach
When offering insurance policies, companies have to remain confident that their message is reaching the target audience in a preferable language. Studies show that businesses that invested in translation were 1.5 times more likely to observe an increase in revenue. Take the case of the United States, where more than 66 million people speak a language other than English at home. These will go for an insurance policy translated into their native language.
Efficiency and Cost Reduction
Accurate translation of insurance policies streamlines the process and reduces administrative costs. With technological advancements, real-time translation services help policyholders understand the claim process, coverage details, and other technicalities, without any service interruption. Also, it becomes easier for the potential customers to understand various aspects of the policy, before final purchase.
Choosing The Right Translation Service
After understanding the importance of accurate translations for insurance translations, it’s time to learn about choosing the right service. Here are some tips that can help you:
Look For A Professional Service Provider
Insurance policies and related documents must be flawless, as even a single error can lead to significant issues. Utilizing a professional translator service, staffed with experienced translators and subject matter experts, ensures up to 100% accuracy. This level of precision is crucial for maintaining the integrity and reliability of your insurance documentation.
A Close Look At The Testimonials
When finalizing who to hire for your work, it’s essential to closely examine what other clients have said about them. Before agreeing to a translation service provider, ensure you understand their history and reputation. Checking reviews and client testimonials can provide valuable insights into their reliability and quality of work. Taking this step helps you make an informed decision and ensures you choose a service provider who meets your expectations.
Customer Support Experience
How service providers interact with their clients during and after the final submission speaks volumes about their professionalism and commitment. Choose a translation service provider that offers 24/7 support and addresses your concerns consistently and attentively throughout the entire process. This level of dedication ensures a seamless and satisfactory experience, reinforcing trust and reliability.
Service Provider’s Method
The current trend in the translation industry is to use hybrid methods, combining human and machine translation. For insurance policies, this approach is particularly effective. Machine translation can handle large volumes of documents quickly, providing a consistent base translation. Human translators, especially subject matter experts in the insurance field, then review and refine the translations, ensuring accuracy in complex and technical sections.
Conclusion
The insurance translation industry is expanding and all the parties involved understand the need for accurate translation services. Accurate document translation helps in easier claim processing and also promotes market expansion of insurance companies.
At Datagain Translation, we specialize in the precise translation of insurance policies, ensuring each document is handled with a client-centric approach. We adhere to industry best practices to guarantee both affordability and security, delivering reliable translations that meet your needs and exceed your expectations.
