PEC Translation

Why Are Insurance Translations Necessary?

Insurance helps us in all undesirable situations. It is something that we invest in but we wish that we should not encounter a situation where we will have to claim that. Unfortunate incident is a part and parcel of our lives. We may not know when it will knock on our doors, but we should always be prepared for that. We keep on investing for the future hurdles that may encounter.

 

One of the most common ways to do it is through insurance. Does it involve a lot of paperwork and those critical terminologies? Yes, it does! Most of the terms of policies are not understood by the policy taker. No one likes this paperwork but it is supremely essential to do this paperwork to claim the amount.

 

Now, what is included in insurance documents? 

 

  • Accident Reports
  • Policy Terms
  • Rules and Regulations
  • Written and Oral Communications
  • Medical Bills, Transcripts, Diagnostics, Etc.
  • Research of Foreign Texts
  • Foreign Insurance Policy Papers
  • Claim Papers
  • Insurance Policy Document
  • Annual Report
  • Insurance Marketing
  • Reinsurance Treaty
  • Pension Plan
  • Summary Plan Description
  • Insurance Regulation
  • All Types of Forms

Why Translations of Insurance Documents Are Necessary?

Consider you are staying in a foreign country. You took a car and got it insured. But you absolutely do not understand the terms of the policy. How will you use it when required? This is when the translation of these documents is necessary.

 

International insurance companies tie-up with professional translation agencies to get these documents translated on a regular basis. Insurances are more related to the risk factor which includes any kind of misfortune.

 

Following are the reasons why insurance companies choose translations-

 

1) Insurance Industry is Competitive- There is stiff competition in the insurance industry too. To mark the difference between the companies, insurance agencies try to understand the cultural and economical conditions of the user. To take an example, about 41 million US residents were not born in the US and English is not their native language. When insurance is translated into the native languages, it gets a constructive competitive advantage in highly contested markets. 

 

2) Not to Rely on Machine Translations- Insurance documents are complex in nature and involve a lot of technical terminologies. Sometimes these terminologies are difficult to understand for the user. What do they use to do in such cases? He/she will use machine translations such as google translate. The tool will render the particular word from the source language to the target. What if the word is out of context and does not fit the insurance policy. Or what if the word is actually misleading. The user will receive the misinformation. Following are the limitations of using machine translations for insurance documents.

 

  1. Word to Word Translation- The AI will take the translation word-to-word. It will not go with the flow of the context. It doesn’t understand the scope of the work, the purpose of the document translation, or any other particular requirements given by the client. An exact word-to-word translation is not required all the time. Some alterations are needed to maintain the accuracy of the document. That’s why human translations will prevail over AI. 
  2. Mistakes Can Cost a Lot- After all, we are doing this all for the better customer use of the insurance policy. If you end up investing in a certain app for the translation, and if you do not get the desired results, it will be a waste of money. Time invested is another thing. So to save on money and time both document translation companies can be a suitable solution. 
  3. Quicker Than Humans but Not Accurate- AI is faster than humans. But not accurate and cannot provide authentic document translations. They may save your time but will not give the result you awaited for. Humans may take time but the quality is assured. 
  4. Privacy Breaches- There are high chances of documents getting leaked when it is online. Where confidentiality is highly maintained when it is in safer hands like translation agencies. They are certified so they are bound to follow the accuracy and confidentiality policies. 

 

3) Need of the Hour- Economies grow so does the need of the customers. Similarly, the customer’s demand changes according to the time. Now the users of the policy also want the documents to be in understandable language. The direct connection with the customers is a high priority, It can be through the interpretations and the transactions both. It assures that the insurance documents are clear and there are no misconceptions and misinterpretations of any term.   

 

4) Insurance Documents Are Critical and Complex- We know the list of insurance documents. The most prominent ones are, emails, policy documents, statements, claim papers, pension plans, insurance company’s promotional content documents, bills, transcripts, and many more. When the content of these documents is translated it is less likely that the potential consumer is accepting the offer and buying your policy for sure.  

 

5) Insurance Industry Connects With People Sensitively- So if you see insurance advertisements you will see that they are sensitive in nature. Simply because they talk about future unfortunate events that may occur and how we can be saved from it by ensuring the product or the people we love. There are several points of contact that a company should have for the ease of access of the consumers. Translations and local interpreters are the first steps. 

 

Terminologies in English can be difficult to understand sometimes. It will be impressive when the company presents and explains the necessary things in the native language of the consumer. It is for them to understand and it helps them decide whether or not to buy the insurance. But when they have fully understood the policy there are high chances that they will buy the policy.  

 

6) Claiming Becomes Easier– Once the customer has purchased the policy, he pays the installments. When it is time to claim the money, it becomes a lot easier for the customers. Like we said, claiming insurance can be for unfortunate events mostly. At such times we want to make this process as hassle-free as we can. With clear instructions in the native language, it is easier for the customers to follow the steps easily and claim the amount. 

 

Agreed that the insurance document translations smooth the process. Let us understand how long the document translations take and what all determines the time taken for the translations. 

 

7) For Internal Documentation and Internal Communications– Insurance documents need to be translated for a better understanding of the reader. Mostly, these documents are circulated internally for the pursuant of international employees. There is a lot of internal and external communication required in insurance companies. 

 

8) For Business Expansion– One of the most important requirements of the translation of Insurance Documents is for business expansion. The translation of this insurance-related content can help businesses communicate with international clients. Providing business information in various languages helps companies increase their business reach. Insurance  Documents, such as brochures or advertisements, are translated in order to gain consumers on the international level.

 

9) Mark the Global Presence– Almost all high-end businesses prefer having their Insurance Documents in multiple languages. The insurance content, when presented in multiple languages, increases the global presence of the company. It assures that these businesses are approachable and respects cultural differences.     

 

10) Report Translations– Translations such as the annual reports of the insurance translations or financial report translations let the international shareholders know about the happenings in the company. Also, the translation of insurance reports helps companies understand where they have to focus more to get the best results. Such as market research reports. When these reports are translated and circulated to the concerns, it helps them develop, replan and execute the new marketing strategies. 

How Long Does It Take for Insurance Translations?

Insurance Documents translations need in-depth research to maintain the authenticity of the document. The time required for these translations depends on various factors. The main three aspects are text type, the target, and source language, and the translator’s knowledge about the various insurance content and terminologies.

 

An authentic translation is achieved when thorough research and formations are carried out. When it comes to Insurance Document translations, the translator is not just a linguist, but he/she also performs as a researcher, proofreader, and terminologist. He/she reproduces the entire document. All these variables should be considered in the duration that the translations can take.

 

Technical or non-technical, all these aspects affect the time required for the translations. In the case of not-so-technical documents, such as a small firm, the process can take a little less time. This is because the translator would be most familiar with the general vocabulary and the common context of the document.  

 

In the case of technical content, such as market research files or equity research papers, the time required will be higher. The translator will need to use the glossaries and the style guides to maintain the uniformity of the terminologies. To bring the content to accuracy, the translator may need help from a legal expert. Which will further add to the time duration. 

 

Time and money are both important things for the insurance company and the client. We understood that time is determined through various factors. Now understand what determines the money required for the same. 

Cost of Insurance Translations

Quality comes with the price. The professional Insurance Documents translation agencies take reasonable rates for the services. However, there is not an ideal range of the costs. It depends on the length of the document, the target language, the level of expertise required, and the scope of the work.

 

At PEC translation services, we promise to provide cost-effective services at a competitive price. However, charging a reasonable price does not mean that we at PEC compromise on the quality of the translation. 

What to Consider While Hiring a Professional Insurance Translator?

Many leading translation agencies specialize in Insurance Documents translation services. Make sure you consider the following things before hiring the agency that fulfills your translation requirements. 

 

  • Certified Language Translator- When the translator holds the certificate of excellence, he/she has obtained the standard of accuracy in both, the source and the target language. Clients must choose the translation agencies that have a group of certified experts. Only these translators can provide the statement of certification assuring the completion and the accuracy of the translations. 
  • Proven Experience (Portfolio/Samples)- One can also ask for a sample of insurance translations or a portfolio of work done before. This gives the client an idea about the translator’s capabilities. The client cannot afford to take the risk of any mistake when it comes to complex Insurance Documents such as insurance-related papers.   
  • Specialization Area- While planning to translate the insurance papers, make sure to choose a reliable translation agency. An agency should have a range of experts in any given source and target language. They should also be known to the terminologies related to the insurance industry. It is better to choose the best language translator depending on the area of specialization. 
  • The Purpose of the Translation and Target Audience- Every translator needs to understand why the content is being translated to the target language. It gives them a clarity of picture and can render the content easily. 

Why Hire PEC Translation for Insurance Document Translations?

PEC has been functioning for more than 6 years now and has acquired itself the title of best translation service provider in India. We have developed this faith and trust all because of the support and experience that we have gained over the years. PEC affirms the quality of the conversion and assists you in getting the best version of the facility.

 

It is better to choose the best Insurance translation agency than a freelancer or by doing it yourself. If you do so, you would be risking the reputation of the company and the money and the life of many claimants. Because insurance documents are about securing the money. A small mistake in the terminologies can mislead the entire data. It is better to hire a translation agency, such as PEC translation.

 

  • Quality Assurance- Our ISO certification proves that we provide Insurance Documents translation to high standards. This also makes us one of the best document translators’ agencies. PEC’s document translation services assure the quality of the conversion and provide the best version of the facility. 
  • On-time Deliveries-  Providing on-time deliveries without compromising on the qualities, PEC translation services promise hassle-free processing. People invest money for years and they need the results on time. We know that many things related to insurance are dependent on translations. That is why we assure you to revert with the documents on time.  
  • Cost-Effective- We decide the charges only after having a thorough discussion with the client. Because we believe in giving the facilities at a reasonable price. 
  • Easy Accessibility- Clients can submit the documents online or offline according to their comfort. We also provide a pick and drop facility if in case any client demands. Online or offline submissions of documents.
  • Confidentiality and Authenticity – Insurance Documents contain sensitive and personal information. PEC document translation service company, assures to maintain the privacy of the document. The document is with us and only with us. 
  • All-Inclusive– Our team of language experts is efficient in providing document translation services for all types of documents. May it be commercial, legal, educational, or personal. 

What Procedure Does PEC Follow to Get Accurate Insurance Translations?

  • Submit the Copy of the Insurance Translations to a Professional Translator- While we collect the document from you we promise to keep it confidential. But we also further enquire about the scope of work. For example, the target language, the purpose of the translation, the target audience, and any other specific information that will further enhance the quality of the translation.
  • Actual Translation of the Insurance Document-Depending on the target language, expertise required and availability of the translator, we give the documents only to the certified translator. While translating we adhere to sticking to the context by only changing the language.
  • Proofreading and Revision- Our certified translator revise, re-read and proofread to ensure the quality of the translated copy of the Insurance Document. We follow this process as we do not wish to leave even an inch of mistake in the translated document.
  • Statement of Certification- Many insurance companies or claimers want to assure that the provided translations are trustworthy. Insurance   Documents translations require the statement of certification from professional translators. Our translators are authorized to provide the statement of the certificate. Translators at PEC have pursued education from the recognized university or institutions. This education authorizes them to provide the certification. 

EndNote- 

 

Insurance translations have become a need of the hour. To sustain the competition and to make the communication effective, translations of insurance-related documents can change the way insurance companies have been working. There is a dual benefit of translations for the insurance companies, it is advantageous for the company as well as for the customers too.

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