If you’re interested in transcription work from home, look into insurance transcription. There is a lot of work in insurance transcription and the pay is higher than many other types of general transcription work.
Insurance transcriptionists transcribe insurance-related information. The transcribed documents then become part of the insurance records.
Examples of insurance transcription include:
- A wide variety of recorded statements, dictation, telephone conversations, meetings, interviews, memos and general correspondence.
- Insurance claims, field investigations, medical insurance, property insurance, legal and workers compensation documents.
- Insurance reports may include summary reports, personal reports; property theft reports; property, casualty and liability status reports; holdings, and assets; medical consultant reports, fraud investigation reports, case management reports and workers’ compensation reports.
Recorded statement transcription
The majority of insurance transcription work involves recorded statements. Statements may be taken in person or over-the-phone. Insurance companies, legal professionals and medical professionals record statements that are part of their investigation from claimants, insured parties, defendants and witnesses. Those statements document the case and become part of the record.
Transcription of those recordings expedites the claims process and provides quick, transcribed recorded statements.
Example of recorded statements include:
- Recorded statements from claims adjusters.
- Recorded statements from investigations, accidents and insurance claimants (auto and home). For example, statements of an accident are recorded of plaintiffs, defendants and witnesses to document what happened. These recorded statements are then transcribed into a printable format that can be used in the court of law.
- Recorded statements for Workers’ Compensation (injured employees).
Clients who need insurance transcription include:
- Insurance companies covering Errors and Omissions, property and casualty insurance, homeowners insurance, life insurance, medical insurance, business insurance and car insurance.
- Independent adjusters.
- Private investigation services.
- Human resources departments.
How to get insurance transcription work
You can get insurance transcription work through large transcription companies who hire work-at-home transcriptionists. This is the easiest way to get into this type of work and become familiar with it.
To get your own clients, contact the claims department of insurance companies and contact attorneys in your area who specialize in auto accidents and workers’ compensation.
Many insurance transcriptionists work from home.
Qualifications vary depending on the type of recordings you’re transcribing and whom you’re working for.
For example, transcribing recorded statements doesn’t require any special training but some employers prefer to hire transcriptionists who have completed training in insurance, legal or medical transcription. Others may require an associate’s degree, completion of a certification program or coursework in insurance or legal matters.
Insurance transcriptionists must have a working knowledge of insurance terminology and the standard industry procedures for insurance claim processing, health insurance processing, coding, billing and records collections. Some knowledge of anatomy, physiology, medical and legal terminology are also helpful. That’s why insurance companies often recruit medical transcriptionists although your medical knowledge doesn’t have to be extensive.
Financial terms will often come up in insurance recordings. To become familiar with financial terms, you can go to your local library and read financial books or business magazines like Business Week. You can also listen to financial TV channels like MSBNBC or Bloomberg.
Confidentiality is important in insurance transcription.
As for any transcription, you must be a fast, accurate typist, a good speller, and have a good grasp of proper punctuation. You have to have a minimum typing speed of 45 words per minute. Hearing acuity, good listening skills and accuracy are important. You will be transcribing exactly what people are saying, including bad grammar so grammar doesn’t matter for this type of transcription.
Transcription applicants typically have to take a skills test before getting hired.
Formats vary according to company. Just ask for instructions. Insurance transcription is often verbatim. Recorded statements should be transcribed verbatim and include all filler words, including you know, uhs and um.
Some clients may allow intelligent verbatim transcripts (which omit unnecessary words that are not relevant) to transcribe some types of recordings e.g. for dictations of investigators.
Pay varies depending on the type of transcription work you’ll do and your experience.
The average annual earnings of insurance transcription occupations In the US was $30,091 to $53,336 in 2010 according to national income trends from CareerBuilder. Sorry, I don’t have more recent numbers. The average expected salaries for insurance transcriptionists in the US is $37,386. Incentives for extra production or overtime work may provide additional earnings.
There is a lot of work in insurance transcription and the pay is higher than many other types of general transcription work.
Companies recruiting insurance transcriptionists
Allegis Transcription is often recruiting insurance transcriptionists.
Not sure if legal transcription is right for you?
Find out what’s involved in getting started as a legal transcriptionist working from home. Get answers to frequently asked questions.