Picture this: you’re on a beautiful Florida beach, soaking up some rays and relaxing as you bask in the glorious tropical heat. A tiny crab scuttles across the ivory sands, and the waves gently lap against a peaceful shore for miles on end. The wind rustles though a group of palm fronds as the smell of sunscreen and salt water drift into your awareness and gently float away.
But now there’s something more ominous on the horizon: a dark storm cloud just coming to your attention, yet it’s already too late. The thunder rolls and lightning splinters as the storm comes. It’s hurricane season, and the paradise that once was may soon be just a memory.
Insurance Transcription – The Storm and the Solution
All too often when a storm or natural disaster occurs, it taxes the resolve of local citizens and their insurance companies alike. As an insurance provider in a litigious society, you have many rules and regulations to follow that can make the job of meeting government requirements and timing obligations difficult to meet. It’s important to fulfill your contracts and obligations as effectively and efficiently as possible. That is where the need for insurance transcription comes in.
I can already envision the claims office or command center in the aftermath of a Category 4 hurricane: stacks of paper far and wide, the loud phone chatter of a thousand and one conversations at once, and the frantic, frenetic activity associated with managers trying to pull it all together on time and on budget.
So it’s not hard to imagine why small details like voice recordings, handwritten notes, and verbal interviews so often create such chaos and may be left to fall between the cracks. Yet these same small details, left to chance, can give your business a black eye in the view of regulators, the media, and your customer base.
When hours are at a premium and claim handler efficiency is the key, explore using a qualified insurance transcription services provider as your underlying support so your people can do the front line business that is most important, like inspecting losses, writing estimates, and issuing checks.
Let’s explore some of the intangible and tangible factors when selecting a qualified insurance transcription vendor for your short-term CAT needs. Again, the impact of a CAT situation is far reaching because not only does it present a major threat to financial health, it also presents a major challenge to regulatory and public relations issues as well as challenge future marketing efforts if the company’s performance is perceived poorly by the media.
Possible delays in CAT response times are often an overlooked area when a company is selecting an insurance transcription services company. For example, some companies regard the transcription service company’s location as absolutely critical. The last thing they want to find during a large catastrophe is that their transcription company is located right in the middle of the disaster or in areas that are disaster prone. Some other insurance companies may not address this issue because the person doing the hiring is being asked to hire a vendor for one specific type of work and may not consider the dilemma created by a CAT situation. This is an opportunity for the procurer of insurance transcription services to help their company address a potential area of need, even if it’s not on the radar right now.
Recently, some insurance companies have found it to be well worth considering their regular transcription vendors for CAT work. CAT situations, of course, can be an enormous risk, both from a financial and public relations standpoint. Some carriers have begun using their current outsource vendors to help optimize their risk management strategies. A vendor who already has the experience of handling a large volume of transcription for a company may very well be able to take on the additional transcription required in a CAT situation immediately, while smaller overflow vendors may not be able to keep up or ramp up for the additional work.
Take a look at the map below. Where do your transcription vendors reside? The optimal location, at least for natural disasters would be in the white portion of the map. To drill down to available workforce and transportation needs, the best possible spot would probably be Phoenix, Arizona.
So be sure and ask a potential vendor if it has been chosen to do CAT work for any of its clients. If they have, they will be able to give information that should make you feel comfortable and possibly provide you with a competitive advantage during the toughest of times. To help you with your decision-making, ask the vendor about their non-CAT turnaround percentages. This may help determine their bandwidth, the excess work capacity they try to maintain, and their business continuity plan, if they have one in place. Ultimately, this information will help you determine if they will “be there” if a CAT event occurs.
Remember to include vendor location and vendor competency and preparedness as a part of your overall risk reduction strategy. Insurance companies determine not only the probability of a risk occurring using actuarial factors, but also look at the risks in sales, underwriting, and claims processing. This risk analysis should also include minimizing risks when it come to vendor selection and particularly vendor location.
Risk Management – Let us help!
Transcription Express is here to take as much weight off your shoulders as possible. You see, we handle verbatim transcription, recorded statements, and audio transcription galore (that’s just for starters!), and we can help streamline your paperwork from our location in one of the most disaster-free areas in the country, sunny Phoenix, Arizona. As a whole, insurance transcription and all it entails is our specialty, and we love serving customers like you in the midst of the storms of life.
Click here to visit our Services page to learn more or call us at 888-876-7272. We’d love to provide you with the highest quality insurance transcription services in the country!