Video has become an integral element in marketing for various industries and the insurance sector is no exception. Supported by digital transcription service providers, businesses are now using video more than ever before to get their marketing message across. With face-to-face interactions waning, insurance brokers have a lot to gain by using video to reach new customers and gain credibility with prospects.
Why Video for Insurance Marketing?
A Deloitte 2015 survey suggested that “the life insurance ‘winners’ of tomorrow will likely be those organizations that blend an advice-driven approach with a digitally enhanced engagement strategy to help meet evolving consumer expectations”. Today, video plays a crucial role in this digitally enhanced engagement strategy.
In Wyzowl’s State of Video Marketing survey conducted in December 2020, up to 92% of marketers said that video was an important part of their marketing strategy. The survey also found that the amount of video watched online has increased significantly with the pandemic. Marketers also felt upbeat about the positive ROI offered by video as it has a tremendous impact on traffic, leads, sales, and audience understanding.
How Insurance Agents can use Videos in Marketing
Video is an efficient, cost-effective, and easy-to-implement marketing tool for insurance agents. Here are the different ways videos can be leveraged for insurance marketing:
- Welcome Video: Creating a warm and positive onboarding video can establish a positive relationship with new customers right from the start. Starting coverage is usually confusing for many people. A personalized welcome video is a great option to help them overcome this challenge. You can provide them with information on policy features and set the stage for a positive relationship.
- Client Testimonials: Customer testimonials are one of powerful marketing and sales tools an insurance agent can leverage. Great testimonials tell people that your business is not only legitimate but that it actually works, says SEO guru Neil Patel. In a customer testimonial video, a real person talks about your product/service, shares his views and describes his experience. As the endorsement comes from a person who has actually used your product, it can boost conversion and persuade viewers to take action. Understand your clients’ pain points and have them talk about how your service helped them solve it.
- FAQs: Customers will certainly appreciate videos on answers to frequently asked questions about insurance coverage. Confusion about insurance terms and coverage is common and this can lead to problems. For instance, a survey from Policy genius found that more than one in four people in the U.S. (27.2%) avoided care or treatment because they were unsure of their health insurance benefits. FAQ videos are a great way to provide answers to different types of insurance – health, auto, travel, property, and so on.
- Explainer Video: Short, easy-to-follow explainer videos make it easier for insurance agents to describe their services. Along with animation, a well-crafted explainer video can define even the most complex information. You can make the claims process simple and effective with a video that explains the steps involved in the process.
- Year-In-Review Video: Businesses create year-in-review videos to highlight their work over the past year. Amura recommends making an engaging year-in-review and publishing it on your social media channels. Your review will get more engagement than it you were to present it via pages of data.
- Non-Insurance Videos: Your clients will be happy to see you as a family person with whom they can connect easily. Post videos unrelated to insurance on social media. They could be videos of you engaged in your favorite activities, whether its playing tennis, trekking, fishing, or any other hobby. This could even get your customers to share their interests with you and build better and lasting connections.
- Claims Processing Description: There are many different types of insurance claims such as burglary and theft. fire, slips and falls customers, customer injury and property damage, wind and hail damage, product liability, damage to reputation, and more. It’s important that people are familiar with the different types of insurance claims and the process of filing claims. This will save them time and money when it comes to filing a claim for a loss covered by their policy. Create a video explaining the claims experience – offer reassurance and say that provide the support they need for filing a claim.
Videos are an ideal way to attract customers, but to be visible online they need to be transcribed. Video transcription service providers can provide you with quality transcripts and captions for your video content. Integrating transcripts and captions with your insurance marketing videos will also allow you to reach a wider audience that includes the hearing impaired.
Business transcription services for adjusters cover documentation of interviews with individuals involved in a claim, medical and legal professionals, and other experts. Content transcribed may also include discussions with witnesses, insurance claims statements, theft and property damage reports, field notes, fraud investigation reports, meetings, and dictations by insurance experts working on a case.
Quality documentation is integral to ensure efficient insurance claims processing and outcomes. The ‘if it isn’t documented in the file, it doesn’t exist’ motto applies to insurance claims as it does to medical records. For timely and successful resolution of claims, the documentation must be accurate, clear and crisp, while telling the full story. Here are some expert tips to ensure quality claims documentation:
- Ensure detailed notes: All calls, meetings, phone calls, interviews, inspections and investigations should be included in the claim. Logging all notes is crucial to determine negligence, detect fraud, and support future investigations. Detailed notes allow adjusters to make informed and correct decisions based on the information and ensure efficient claims processing.
- Maintain clear and concise documentation: This implies that the documentation should be to the point, without any unwanted details or verbiage. Wordy, complicated statements should be avoided so that the documentation is easily understood. At the same time, it should include all the claims data needed for a lawsuit.
- Harness modern technology for documentation: With modern software technology being much more mature, insurers have the ability to integrate applications for live call monitoring and recording. Modern systems can exploit all of the newer capabilities while resolving present day challenges. For instance, modern claims system will activate a prompt to save all phone calls, emails, messages, and other records. Claim professionals can also make use of digital transcription services to transcribe calls and other recordings.
- Include dates on all photos: Photos provide visual proof to support claims by illustrating the scope and extent of the damage. All photos should include the dates on which they were taken. A Claims Journal report recommends making use of the video option on cameras for sound recordings that can be included in the file.
- Update documentation training: According a report published by Allianz Global Corporate & Specialty (AGCS), large liability claims are becoming more expensive and complex and global. Adjusters must understand the work and the processes and be knowledgeable about the latest claim documentation techniques.
- Take advantage of data analytics: With the increasing volume of claims to handle, adjusters will find it time consuming to go through all the insurance claims data to evaluate each claim. They cannot make the best decision if they miss a critical piece of information. According to www.sas.com, big data analytics has an important role in the insurance business. Analytics can help adjusters flag claims for closer inspection, prioritization, and more.
- Notes should be based only on facts and not emotions: The Claims Journal article says that notes should be based on only what the client said, that is, factual information. Assumptions and opinion based statements should not be included in notes unless the client actually made them.
- Ensure security: According to the Technology Services Group, security is paramount for insurance documentation. Measures specific to insurance claims documentation include:
- Stringent enforcement of user ID and password standards
- Enforcement of IP address checks and other measures to prevent external access
- Notification when new devices attempt access the first time and blocking without email or cell phone confirmation
- Document encryption at rest as well as metadata
- Redaction of confidential information from documents (such as Social Security Number, etc.)
- Security roles in the repository with access restrictions to certain documents or un-redacted documents
- Conduct documentation audits: This is important to ensure adherence to best practices. Conducting audits and making corrections will make staff follow proper documentation procedures for each claim. Regular quality assurance inspections track adjusters’ performance and also help to improve workflow processes. Experts recommend that internal audits should be implemented before files are moved to a new department.
- Explain clearly how the conclusion was reached: Insurers need to provide proper evidence for denying claims as well as granting of coverage. Claims professionals must investigate the claim thoroughly and document how they arrived at the conclusion. Lack of proper notes to clearly explain how coverage was decided can lead to loss of trust and insurance bad faith accusations.
Last but not least, avoid spelling errors. Linguistic errors, errors of transcription and spelling mistakes in a document can change its meaning. Checking notes will ensure accuracy. Having good documentation skills is essential for claim professionals. When it comes to documentation of audio and video recordings, partnering with an expert can ensure error-free insurance transcription.
Several news channels report that two weeks after Hurricane Florence, people in the Carolinas are struggling to get back on their feet as flooding continues to remain. Residents who are returning to their water-wrecked houses are not sure if their insurance policy will cover the damage. A global risk modeling firm RMS estimates that Hurricane Florence caused between $2.8 billion and $5 billion in insured losses when it blew into North Carolina earlier this month. With flood risks increasing in the United States, it is critical to purchase flood insurance. Lack of flood insurance can cost you billions. Insurance providers can benefit from professional transcription services to speed up the claims process.
Reports predict that hurricane risk exists for more years to come. According to a report from the Union of Concerned Scientists (UCS) published in June 2018, up to 311,000 coastal homes and about 14,000 commercial properties will be at risk of chronic flooding within the next 30 years. This report says that by the end of the century, the number will increase to 2.4 million homes-valued at about $912 billion – and 107,000 commercial properties – valued at $152 billion.
Often, there’s a misunderstanding that general insurance policies cover floods too. This is one of the biggest reasons why most homeowners don’t have flood insurance. A survey by the Insurance Information Institute found that 43 percent of homeowners believe their standard policy covers heavy rain flooding as well. However, it is not a part of standard homeowners’ policies.
According to an article in Yahoo, homeowner’s policy will cover water damage if water came from above and if the house is damaged from water that comes from the ground up, you need flood insurance to cover that.
Flood-caused property damage is covered under a National Flood Insurance Program (NFIP) policy and to purchase this, you must live in a community that participates in the program. FEMA (Federal Emergency Management Agency) says that NFIP policies will cover up to $1,000 in reasonable expenses incurred to protect your insured property, and up to $1,000 to move your insured property away from a flood or imminent danger of a flood. You can also benefit from private insurance companies offering Excess Flood Protection, which provides limits over and above those of the NFIP. Insurance transcription services from experienced firms help these insurers to speed up the process of claims investigations and ensure timely settlement.
Step-by-Step Process to File an Insurance Claim
An FAQ session of FEMA explains the process to file an insurance claim:
- Start the claims process by calling your insurance company or agent and request advance payment so you can start recovering as soon as possible. While speaking to your agent, make sure you have details such as Policy Declarations page, your contact number where you can be reached: telephone phone number or alternate contact number; email address, the insured property location and the name of any mortgage company(s) handy.
- The next step is to prepare for inspection. As insurance adjusters will need evidence of the damage to your home and possessions, make sure you take photos and videos that document the structural damage; standing floodwater levels (both inside and outside); and damage to appliances, furniture and other items before removing or discarding anything.
- The flood damaged property should be cleaned, as NFIP flood insurance policies will not cover mold damage if a policyholder fails to take action to prevent the growth and spread of mold. In cases where it is impossible to get to the property and clean up and remove the mold, the damage may be covered.
- When meeting with your claims adjuster, make sure they cover an explanation of the NFIP Flood Claims Process, an inspection of your property, an explanation of what an advance payment is and how you can get one, as well as information about how you should present your loss to your insurance company and a discussion about your policy coverage.
- Provide detailed documents such as photos and videos of your flood loss to your adjuster. Consider including documents that show how you repaired or replaced your flood damaged items.
Find more details about filing a flood insurance claim at fema.gov.
In our next blog, read how real estate agents are vulnerable to this increased hurricane risk.
Today, every sector of the economy needs insurance, and this has led to increase in demand for insurance transcription. Modern insurance documents are produced in audio formats as well, and these are transcribed into comprehensive transcripts with the help of legal transcription services that include insurance transcription. Accurate insurance transcripts help adjusters and fraud investigators to correctly evaluate insurance claims. This helps investigation officers to have the details necessary to investigate the specific events of a claim. Insurance transcription is popular in the healthcare industry due to the growing concern on health and medical security to cover for any impending health uncertainties.
Insurance Transcription for Patient Therapy
Patient therapy includes many therapies that range from psychiatry to psychology to physical. But irrespective of any type of therapy, transcription of data is important. Following are the different types of patient therapy data that need to be transcribed:
- Psychological therapy: Psychological therapy or psychotherapy refers to a range of treatments that can help with mental problems, emotional challenges and some psychiatric disorders. It a talking treatment rather than medication which enables patients to understand their feelings and what makes them feel positive, anxious or depressed. Some forms of psychotherapy involve only a few sessions whereas some last for months or even years. Psychological therapy helps patients gain a better understanding of themselves, their own goals, values and also develop skills for improving relationships. Psychological therapy involves many documents that are highly sensitive. The psychotherapy sessions should be documented accurately and important information transcribed include date of service, diagnoses, the time spent for face to face therapy, target symptoms, and progress towards the treatment goals. There are other data also which includes employer information, details about primary and secondary data insurance companies, notices of privacy practices, payment details and many more. All these data should be transcribed carefully, and ensuring maximum data security.
- Psychiatric therapy: Psychiatric therapy is the medical speciality devoted to the diagnosis, prevention and treatment of mental disorders. Although psychiatric therapy and psychological therapy means the same, there is a minor difference between them. Psychotherapy is conducted by psychologists who are qualified to carry out psychological testing which is critical in assessing a person’s mental state whereas psychiatric therapy is carried out by psychiatrists who attend medical schools and are trained in psychiatry. Important information conveyed in these sessions include patients’ medical history, medications prescribed, assessment of suicide or violence tendencies, boundary issues, informed consent, information about diagnoses and treatment etc. The transcription of psychiatric insurance data must be precise, accurate and should be checked several times to avoid any errors. It requires transcription of data such as patient information, insurance information, provider data, information about chief complaint or suspected diagnosis and the key questions that need to be addressed.
- Physical therapy: Physical therapy or physiotherapy is a healthcare method that utilizes mechanical force and movements, exercise therapy and electrotherapy to treat physical injuries and impairments, and promote mobility and functions. Documentation would include diagnosis, plan of care, prognosis, examination and re-examination etc. Physical therapists should ideally take liability insurance for their own protection. Therapists can minimize the burden of transcribing relevant insurance documents by outsourcing it to a reliable transcription service provider. Physical therapy insurance data may include details such as limits of liability, claim information, contact information, retroactive date, inception data, policy period, policy number, insurance agent details etc.
Factors to Consider when Transcribing Insurance Data
Attention to detail, preciseness, and confidentiality are mandatory for insurance transcription.
Ensuring confidentiality: Insurance data includes critical information that requires high confidentiality, so transcriptionists must respect the data and maintain its privacy. Exceptional security can be provided according to the needs of the patient by providing data encryption.
Ensuring accuracy: Accuracy is an important element in transcription, especially for healthcare transcription and there is no secret formula for it. To ensure accuracy of transcripts, transcriptionists must read what they type or recheck it, proofread the transcripts to ensure quality, and conduct a quality assurance check. They must verify the transcripts and look for grammatical errors or punctuation errors or mistakes in numerals. After typing all the data, they should consider whether the transcript makes sense. This is best way to spot all the mistakes. The above-mentioned steps will ensure that the transcripts are error-free and reliable.
Medical records are extremely sensitive and so a high standard of insurance transcription is called for. Errors can have a heavy bearing on any of the parties involved within the insurance contract. To increase the accuracy of insurance transcripts the in-house transcriptionist should be well-trained, or you can hire a professional team. Accurate transcription of insurance data can be achieved with the help of professional transcription services. It provides clarity to the events that occurred and helps the adjuster to examine the information more clearly. General transcription companies guarantee privacy and confidentiality which is mandatory when transcribing insurance documents.
Today, almost every aspect of our lives is influenced by digital technology. Insurance is one of the industries where digital transformation is moving at a fast pace. For instance, electronic files have replaced bulky paper documents and professional transcription services ensure that digital voice and video recordings of statements are converted into error-free documents. According to a 2018 PwC report, digital is continuing to reshape the way insurers do business and that building a digital platform is critical for long-term success in the insurance industry.
Disruption is occurring in both internal and external areas of insurance companies’ operations. The following are the key areas where digitization is transforming the insurance industry:
- Cloud computing – Data from policyholders, products, and services are moving to the cloud. Insurance companies are leveraging cloud computing to access IT-based services, and update and streamline their infrastructure, applications, platforms and business processes, via the Internet. This improves their performance and competitiveness by helping them to better respond to the changing needs of the business, create new services and open new markets. There is little or no requirement for capital investment to enable usage of cloud services.
- Document digitization – Document conversion is one of the processes that have significantly transformed the insurance landscape. Significant progress has been made by the industry in the digital capture of inbound documents including paper, faxes, checks, cards and more. This has led to major improvements in business optimization and the customer experience. As vast amounts of paper continue to flow in and out of insurance companies, considerable opportunities still exist for digital capture.
- Data analytics – Advanced data analytics and machine learning tools are allowing insurance companies to get a detailed understanding of the customer and provide personalized services. McKinsey points out that besides internal data, digital data from social media and multimedia, smartphones, computers, and other devices-used in keeping with privacy guidelines-has become a useful resource for insurance companies to gain behavioral insights. Data analytics in insurance helps mark claims for closer inspection, priority handling and more; identify fraud sooner and more effectively; pinpoint subrogation opportunities earlier, and shorten claims cycle times for higher customer satisfaction. Insurers can also use analytics to compute a litigation propensity score to establish which claims are more likely to lead to litigation.
- The internet of things (IoT) – Leveraging IoT is helping insurers gather important information and offer more profitable and accurate coverage plans. Janrain, a leader in the Customer Identity and Access Management (CIAM) market, explains that insurance providers can increase safety among customers by using wearable health trackers to monitor alcohol levels and prevent their car from starting when the driver is under the influence. Some auto insurance offer customers the option of installing sensors in their vehicles to track driver behavior and performance. Customers who demonstrate safe driving behavior are rewarded discounts on their insurance costs. This is also a great way to create a competitive advantage over other providers.
- Mobile apps – With the increasing use of mobile devices, insurance companies are using applications to deliver claims-related information right to the user’s smartphone. This reduces the complexities of paper work and makes claims processing easier and faster. It is reported that mobile apps can improve the efficiency of handling insurance claims by 25-30 percent. Apps are also great sources of customer data, offering scope for targeted engagement to increase customer satisfaction, user engagement and loyalty, helping insurers gain an edge over competitors.
- Insurance dashboards – In the competitive insurance landscape, insurers need access to actionable, timely information. Insurance dashboards provide an immediate view to help insurers evaluate risk and reward related to customer policies and their agency’s operations. Data visualization software quickly converts spreadsheets with claims data into highly interactive, customizable charts, graphs and scorecards and displays key performance metrics on the dashboard. This allows insurers to monitor sales, client profiles, receivables and new customers. Real-time access to accurate and up-to-date information promotes effective decision-making.
- Enhanced customer experience – Digitization is helping customers vet complex policy coverage and costs at the click of a button. They can enroll then and there and get coverage in minutes, without even having to an insurance agent. Customers can also transfer from one company to another easily as all their history and data is digitized and available to all authorized agents. Blockchain is a trend that can further enhance the customer experience and minimize fraud. With all of a person’s insurance policies and relevant information stored on a secure, decentralized database, enrollment and claims processes will become even easier to complete.
- Marketing automation – Marketing automation software is one of the most powerful tools available for insurance companies today. It allows insurance agents to keep in touch with prospective customers and gain potential leads through social media, website inquiries, and other sources across the web. The software rates the leads, allowing agents to focus on targeting prospects that are most likely to produce results. Automated systems alert agents when consumer complaints arise so that they can respond quickly.
The new PwC report also stresses the importance of digitizing back-end processes to support a digital environment. In the rapidly advancing insurance industry, competitively positioned companies are those that are automating their repetitive, routine work. Outsourcing back-end tasks like insurance transcription, for instance, ensures that digital audio or video files transcribed into the required format. Partnering with an experienced digital transcription service provider will facilitate comprehensive documentation of data while helping insurers reduce costs, improve quality and increase efficiency.
Businesses may need to file insurance claims for loss or damage of property, and the entire claims processing could be a complex and long-drawn out one. Insurance transcription involves transcription of recorded conversations regarding insurance claims that is needed for claims processing, legal purposes, and future reference. A common form of insurance claim made by businesses is that related to employee fraud. Organizations use professional transcription services to transcribe their claims related recordings into comprehensive transcripts that help adjusters and fraud investigators evaluate insurance claims.
Employee Fraud – a Major Issue
According to the US Chamber of Commerce, American companies lose between $20 billion and $40 billion each year due to employee theft. Employee theft or dishonesty is a major issue faced by almost every organization. Tech-savvy employees, electronic transactions and other conveniences offered by this digital age make it easy to engage in fraud and keep it under cover. Therefore it is important for every organization to have fraud insurance that is designed specially to protect your business against employee fraud. Employee fraud can be two types, theft of property which means theft of company property, from office supplies or inventories and the second is misappropriation of money such as embezzlement of company funds like payroll frauds, unauthorized transactions, and misuse of credit cards among others. With fraud insurance policy, financial losses caused by the criminal acts of your employees are insured. It helps in avoiding cash flow issues and secure business profitability.
The Sedgwick County Example
A typical example of employee fraud, misappropriation of funds, is that which occurred in Sedgwick County recently. The County officials filed an insurance claim and a property loss notice within a week of discovering that they had lost more than half a million dollars to fraud. According to reports by The Wichita Eagle the county lost around $566,088.90 following fraudulent activity supposedly by an employee. This huge amount that was paid as electronic payment to a Wichita construction company never reached the company. It went through the automated clearing house (ACH), which is the electronic network for financial transactions in the US. This network is used by governments and businesses to batch transactions together to pay for things like business transactions, benefits, bills and payroll. The county could not however, release the details of how the loss occurred because it could interfere with the ongoing criminal investigation by the sheriff’s office and the FBI.
In such cases involving fraud, the insurer would need all details and the organization will be required to provide a complete description of the circumstances up through the loss discovery. The organization that is victim to fraud will have to provide a statement, which is usually recorded and entered into the investigation report. This is what makes claims statement transcription very important. Other recordings that are transcribed by a digital transcription service serving the organization include field investigations, telephonic conversations, and general correspondences. Witness statement recordings are also important, and are considered a critical element of the investigation.
Unfortunately, a large percent of employee fraud goes undetected. A single employee or a group of employees may be involved in the theft. The fraudulent activity can take place over several years, bringing huge losses to the company.
Fraud Insurance – Major Considerations
There are insurance policies available that protect businesses from employee fraud. Some policies automatically include crime coverage but many companies are still underinsured for losses from theft. Here are some the steps that organizations should take if they discover/suspect employee fraud.
- Identify whether their insurance policy covers crime losses due to occupational fraud or employee theft.
- File a timely proof of loss with the insurance company. Generally, the companies require the insured to notify them when there is a loss. Filing a claim in a timely manner will ensure that it is reimbursed under the policy.
- Conduct a thorough and accurate investigation which will minimize the chances of destroying evidences. Check if the insurance policy covers the cost of investigation and claim preparation.
- Hire someone who is an expert in getting confessions and have all witnesses interviewed individually and document the interviews.
- It is important to ensure that the investigation satisfies the “manifest intent” clause which is important for covering crime losses due to employee theft. This clause specifies that the employee theft has the “intent” to wrongfully rob the company of money or property.
Dealing with employee fraud can be very challenging. In the present digital age you have technology-savvy, more educated employees who have greater access to your sensitive company data. There is no way to tell who will engage in fraudulent activity, and it may be quite late by the time it is discovered. Employee fraud cannot be completely avoided. However, as the business owner what you do immediately after discovering/suspecting fraud and the type of fraud insurance you carry are very important when it comes to recovering losses.