Why is insurance translation important?

by Target Language Translation Services

- January 14 2022

There's fierce competition in the insurance sector, and socio-economic shifts have driven companies to substantially broaden their service offerings and expand their policyholders' coverage to foreign countries. This means that all documentation required to cover potential customer incidents should be offered in any world language to very tight deadlines.

The Importance of Insurance Translation

Insurance companies' activities lead to a huge amount of documentation being generated that needs translating. Some documents need translating for customers' convenience, and others because the regulations governing the industry compel companies to have them translated. And what's more, some documents need an accompanying sworn translation for them to be legally valid in another country.

Among the many documents that may need to be translated into several languages are: insurance policies, accident reports, financial reports, written and recorded statements, medical records and reports, invoices and medical transcriptions. etc. And on top of that, we should add all the content brands generate in terms of marketing and communications. Due to the global scope of insurance companies it's vital to go for localization services, both for marketing campaigns and products and services marketed in other countries.

Not Translating Policies Can Result in Losses

Not providing insurance policies in the language a customer requests can on many occasions result in lost sales, given that these are often sensitive documents, it can generate a lack of trust.

In addition, in some cases specific conditions of an insurance policy are not translated into the language requested by the customer, which means they will not be read, and not be signed. This can create issues for insurance companies - if they need to attend court after an accident due to issues with compensation, and the specific conditions haven't been signed, a judge may reject the claims, and it will be up to the insurance company to bear the costs. So ultimately, in the insurance sector, skimping on the costs a translation represents could result in much more significant losses than any savings made.

Specialist Insurance Translators

At Target Language Translation, we work with specialized insurance translators who have relevant qualifications and experience in the field of insurance, meaning they are well-equipped to translate the complex insurance terminology that insurance translation services require.

Our internal production team will always hand-pick the most suitable translator for your insurance translation once your documents have been reviewed and assessed. From individuals seeking small-scale car insurance translation services to prove to foreign employers that they are covered, or home insurance translation services before they move abroad, to larger companies seeking help with indemnities or policy document translation on behalf of their clients.

This article is reprinted from AT Language Solutions, TEMPLE TRANSLATIONS and ESPRESSO TRANSLATIONS.

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