Insurance has evolved as a process of safeguarding the interest of both individual and companies to reduce or eliminate risk of loss to life and property. As the world brings people closer than ever, human activities are no longer restricted within a country. Insurance providers must then cater to clients of different nationalities and languages, contributing to the need for translation in the sector.
Global Business Nature
Facing the stiff competition in the insurance sector, insurance companies have no choice but fight for customers around the globe. In order to target the global market and strengthen customer relationships, companies strive to develop internationally-targeted products and services. Various legal-binding documents such as insurance policies and reports require accurate translation into different world language with a professional syntax. Product information and advertisements posted on the internet targeting younger generation require localisation services meeting local culture and needs. Only by speaking customers’ native language, can the agency win a strategic competitive advantage in a highly contested marketplace.
Multiple Touchpoints Requiring Interpreting Service
The insurance sector is a world which several specialist markets come together. Customers have to come across different companies from quoting, enrolling to filing a claim whereas insurance companies serve customers in a variety of other ways. For instance, when a customer files a claim, the agency has to appoint a professional interpreter to accompany him to assess damage and communicate with foreign staff.
Medical insurance is one of the biggest sectors within the industry where customers expect an all-around support and full cover for hospital and surgical expenses. Over-the-phone medical interpreting service is always seeing a huge demand as it is crucial to help patients communicate with doctors speaking foreign language. Qualified interpreters with healthcare knowledge are required to convey information and put patients in a stressful situation at ease. Elite Asia possesses a team of experienced interpreters who are familiar with insurance procedures and industry-specific terminology and its solid supporting system provides seamless over-the-phone interpreting services.
Continuous and Substantial Demand
Due to its unique business nature, the insurance industry has a substantial need for translation like no other. Large amount of documents being generated through insurance companies’ activities require translation, such as accident reports, written and recorded statement, invoices and medical transcriptions. Translation of these documents are not only an approach adopted by agencies to strengthen their customer relationships, but also a requirement set by the governing regulatory body for legal validity. Besides, to address the needs generated from new businesses or environment, new products launched by insurance companies require localisation service to convey message to customers as well.
Businesses around the world are becoming more reliant on insurance service as it provides stability to financial systems and protection from risk and loss. In this modern globalised world, agencies are inclined to work with language service providers than ever to meet customer demand and thrive in the competitive industry.
In such a competitive scenario, how can translation aid and benefit banking and financial firms to stay relevant in a globalised business landscape?