The value of translation in the insurance sector

Why is there an increasing demand for translation in the insurance sector? The insurance sector is a world in which several specialist markets come together. The different types of customers and varying needs of each one make it almost impossible to classify them as a single group. And this makes it even more important for companies to use professionals who have a mastery of the rigorous terminology used daily in the industry. Insurance company activities generate a huge volume of documentation, which in many cases must be translated by law. And given the complexity of the majority of cases, translation for the insurance sector should be put in the hands of professional native translators who specialise in diverse areas. We'll now look at some of the reasons why translation is of pivotal value to the insurance sector.

The importance of translation in the insurance sector

Insurance companies have a global scope and there is fierce competition in the sector. Socio-economic shifts have driven companies to substantially broaden their service offerings and expand their policyholders' coverage to foreign countries. This means that all the documentation necessary to cover any potential situation that customers may find themselves in must be available in any world language; This is why translation in this sector is so important. If we add to this the infinite number of cases insurance companies can find themselves involved in, and the specialist terminology these documents contain, it's imperative that the translation is carried by a professional translator who specialises in each of the fields involved.

The insurance industry is one with a substantial need for translation

As we mentioned above, 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

And on top of that, we should add all the content brands generate in terms of marketing and communications. Due to the globalisation of insurance companies, localisation is essential both for marketing campaigns, and for products and services marketed in other countries.

Not translating policies can lead to financial losses

Even though the eighth article of the Insurance Contracts Act stipulates that policies must be written in any language the insurance policyholder requests, some companies find this problematic. This is particularly important in those cities where there is a large number of foreign residents who speak a language other than the country's official language.

Not offering insurance policies in the language a customer requests can on many occasions lead to 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 lead to much more significant losses than any savings made.

At ATLS, we have more than 20 years' experience helping companies to internationalise their products and services. And what's more, we work with native professional translators who specialise in the terminology and type of documentation insurance companies generate. If you need us to help you cover all your translation needs, don't hesitate to contact us.