Processing the Big Claim: The Benefits of Automated Audio-to-Text Transcription

There’s no disputing that insurance companies manage a mountain of recorded audio files. From adjusters recording claimants and interviews with eyewitnesses, to conversations with medical, legal and insurance professionals, the sheer number of these captured verbal records can be overwhelming, especially when your claims team processes hundreds of claims a month.

Imagine how much time adjusters and back-office personnel expend in manually transcribing interviewees’ responses and statements into words. For complicated incidents, such as three or more cars in an accident, an arson case, or personal injury claims, these transcriptions can grow insurmountable for mere mortals quickly. Alternatively, the majority of insurance companies don’t even attempt to transcribe recorded audio files due to the high cost, time investment and privacy concerns.

There’s an innovative and readily available solution – the Automated Speech Recognition (ASR) transcription engine. It quickly and accurately converts verbal audio files into secure digital documents at significantly faster rates and lower costs than manual transcription. Some insurance companies have begun to see the light, and here’s why.

How Can a Transcription Engine Help Insurance Companies? 

An ASR-based transcription engine can take audio and video files and turn them into written documents. They produce a clear written record of verbal interactions that adjustors, underwriters, legal teams and operations teams can later reference and analyze, removing a major burden from the shoulders of your claims team. 

Additionally, ASR transcription can reduce the risk of fraud and afford a greater level of security for firms employing transcription with their own in-house, dedicated transcription tool. For those enterprises that choose not to use it – due to cost, time or for perceived privacy issues – those stagnant, unutilized audio files aren’t able to focus and deliver the full picture of the info and data within.

What Can be Transcribed With an ASR Engine? 

• In-person or phone interviews with claimants, eyewitnesses, suspects and other victims involved in an insurance claim
• Interviews and conversations with medical or legal professionals who are assisting a claim 
• Field notes, recorded statements, and summary reports, especially those from an adjuster who is observing first-hand damage to property or possible fraudulent activities
• Meetings and conversations with insurance professionals who are helping with a claim. 
• Depositions

The Value of Your Own ASR Transcription Engine 

It doesn’t matter if you handle property and casualty, life, health or even business insurance, an ASR transcription engine can make your specialty teams and claims process run more efficiently, with fast turnarounds and improved accuracy rates, and economically, with an ROI achieved usually within months. 

Let’s dive a little deeper into scenarios that can benefit from an ASR transcription engine:

• For arbitration files: Keeping transcripts of recorded statements for arbitration files is beneficial, as transcripts of recorded statements can come in handy and can even help you win a case.
• To recognize fraud: Statement transcriptions can easily aid in the detection of any indications of fraud. It can assist adjusters in proving whether or not any wrongdoing occurred. The claim handler can compare each statement and discover any unknown differences using the transcribed papers. If a case goes to court, the transcripts can be used to prove evidence, reduce losses, and prevent fraud from occurring again.
• Useful for adjusters: Adjusters find that having transcribed statements saves them significant time. The adjusters can use the transcripts to refer back to the case and understand even the most minute details.
• Enables easy file transfer between departments: Insurance claims must be distributed to multiple departments and adjusters. The files can be simply moved between departments by transcribing the recorded statements into accurate digital transcripts.
• Having a complete file: In the insurance industry, keeping a detailed file is crucial. All recorded statements can be transcribed verbatim, which aids adjusters in compiling a complete claim file. Maintaining a full file allows adjusters to access insurance documentation and records faster in the future.

Why LumenVox?

Innovative improvements in automatic speech recognition (ASR) and voice technologies at LumenVox have transformed the role of transcription. Our award-winning ASR engine with transcription offers an extremely high degree of accuracy over other automated transcription tools and manual (human) transcription. LumenVox’s ASR operates on a foundation of artificial intelligence (AI) and deep machine learning (ML) to deliver the highest performing, future-proof voice and speech technology. Our rich speech and voice technology history enables customers to build voice-enabled solutions that not only understand what is being said, but also identify who is saying it.

Deploying a LumenVox customized in-house ASR transcription solution will deliver significantly more privacy, more security, more control and deeper analytics than contracting with third-party transcription service. Best of all, keeping it in-house is easy, your data and information is protected and safe from fraud, and it is supremely affordable. It’s an innovative solution that has the potential to become a vital component in the insurance field.

If you are interested in learning more about our speech-enabling software? Drop us a note.