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 large amount of insurance transcription work involves recorded statements 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 provides quick, transcribed recorded statements and expedites the claims process.
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 and the transcript 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
Many insurance transcriptionists work from home.
- The easiest way to get into insurance transcription and become familiar with it is by working for large transcription companies who hire work-at-home transcriptionists. Allegis Transcription is often recruiting insurance transcriptionists. Transcription applicants typically have to take a skills test before getting hired.
- Work in-house for an insurance company.
- 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.
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. 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 is helpful. That’s why insurance companies often recruit medical transcriptionists although your medical knowledge doesn’t have to be extensive.
Insurance recordings may include financial terms. To become familiar with financial terms, you can read financial books or business magazines like Business Week and listen to financial TV channels like MSBNBC or Bloomberg.
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 (faster is better). Hearing acuity, good listening skills and accuracy are important. You will be transcribing exactly what people are saying, including bad grammar.
Confidentiality is important in insurance transcription. Provide an encrypted, secure file transfer service.
Formats vary according to company. Just ask for instructions. Recorded statements should be transcribed verbatim and include all filler words, including you know, uhs and um.
Insurance transcription is often verbatim. Some clients may allow intelligent verbatim transcripts (which omit unnecessary words that are not relevant) to transcribe some types of recordings (e.g. dictations of investigators).
Pay varies depending on the type of transcription work 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. 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.
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.