Today, insurance is a huge global industry. According to Deloitte, despite the impact of COVID-19, most insurers anticipate an accelerating economic recovery and additional digital technology investments in 2022, as one-third of the survey respondents expect revenues to be “significantly higher” next year and the global demand for insurance is expected to rise further. Not surprisingly, the U.S. is the world’s largest insurance market by premium volume. According to Swiss Re, of the $6.287 trillion of global direct premiums written worldwide in 2020, $2.530 trillion (40.3%) were written in the United States. Legal translation services and interpreting services are necessary to the insurance industry, especially in the United States. Here are three reasons why:
U.S. Language Diversity Requires Legal Translation Services
Because of the arrival of new immigrants from different nations, linguistic diversity in the U.S. is on the rise. According to Ethnologue, there are currently 337 languages spoken in the U.S. Amazingly, 1 out of 5 U.S. residents speak another language at home.
For an insurance company, communicating fluently with clients is the key to success. For example, when calling a non-English speaking client, having interpreting services ready can ensure that a client feels comfortable and earn the client’s trust. In addition, it is a plus to prepare client contracts in their native language
Legal Translation Services Require Accuracy
Due to its unique nature, the insurance industry has a significant need for translation.. Accurate translation is always vital when signing contracts with clients in different languages or if your company wants to expand overseas.
The definition of insurance policies is agreements between an individual or group and an insurance carrier. The insurance claim process also includes a lot of regulations and documents, such as accident reports, written and recorded statements, invoices, and medical transcriptions.
Additionally, insurance is a significant subject of concern for the law. A translation mistake could be financially and legally costly. Correct document translation services not only bring convenience to customers but also meet the requirements of laws and regulations.
Legal Translation Services Must Be Provided By Professionals
Using the skills of a bilingual employee to satisfy all language needs isn’t practical. However, a professional translation service agency can provide professional interpreting or translation services regardless of volume and/or complexity.
Working with a dedicated language services provider is essential for insurance businesses. At Language Connections, we’re passionate about providing interpreting services, legal translation and localization services, and contract translation services to help your business.
About Language Connections:
Language Connections is one of the top language service companies in the US. Over the last 30 years, we’ve focused on providing the best business translation services, interpreting services, as well as interpreter training and customized language training programs. In addition to top-tier corporate language training, we offer certified corporate interpreters and professional business translation services in 200+ languages. Our network includes linguists with backgrounds in all major industries. They’re ready to meet your needs, whether they’re for technical translation services, legal translation, government translation services, international development translation services, education translation services, life sciences translation, or something else. Reach out to us today for a free quote on our cost-efficient and timely translation services, interpreters, or other linguistic services.
Language Connections Inc.
2001 Beacon Street, Suite 105,
Boston, MA 02135