With so many complicated differences—and as we become more connected through globalization—translating insurance policies has become very important.
Insurance agents and brokers are tasked with representing consumers to find the best policy that satisfies their clients' needs. However, insurance is regulated differently in every state and country.
With so many complicated differences—and as we become more connected through globalization—translating insurance policies has become very important, which brings up an interesting dilemma: Can we make insurance policies available in more languages?
First, why offer translated documents? The U.S. population has become more and more multicultural over the years and language gaps can present significant errors & omissions exposures. Also, because language diversity is here to stay, insurance professionals need to make their agencies more multiculturally friendly to cater to growing consumer segments.
Because of this, insurance providers and professionals need to overcome issues surrounding poor communication and lack of documentation when they face clients with limited English proficiency (LEP). Frequently, LEP clients bring an interpreter when they visit insurance agencies. However, there's a risk that certain insurance terminology may be lost in translation.
One way of resolving language barriers between insurance providers and clients is by translating their insurance policies. By making insurance more readily available in different languages, you're establishing trust with your client.
Implementing translation services into your business, such as through websites, will help you widen your clientele and retain them. More than three-quarters of respondents preferred purchasing products if the information was in their language, according to a 2020 survey from CSA Research of over 8,700 consumers from 29 countries. Companies that failed to localize or translate their customers' buying experience had lost 40% or more of their total addressable market because many would prefer to "think, act, and buy in their own language."
Despite the pandemic wreaking havoc in different parts of the world, Tomedes, a technology-driven language service provider, saw an increase in the demand for translation services in various media formats, such as websites, digital marketing and more.
But when it comes to finding a translation service for policies, agents and brokers should look for a service that is accredited by the American Translators Association (ATA) and the International Organization of Standards (ISO). The ISO's translation accreditation is ISO 17100, which the ISO technical committee prepares. This standard started in 2011 and is reviewed every five years.
Standard accreditations for translation help agents find translation services that are of high quality and can be easily traced back to the language service provider.
If you're planning to translate your policies, here are some considerations to look into—after you've researched the translation service providers who specialize in translating policies and legal documents:
- Make sure the translation service is properly accredited.
- Consider whether the service is reasonably priced for the quality of the translation.
- Ensure the provider has a localized understanding of the insurance regulations in the state or region you're in
- How many languages you plan to translate your insurance policies into.
Ofer Tirosh is the CEO of Tomedes, a technology-driven language service provider that offers translation services and language-based solutions in over 120 languages and 950+ language pairs. Tomedes has helped over 95,000+ businesses and private clients regarding translation services for insurance policies, legal documents and many more.
This article is intended for general informational purposes only, and any opinions expressed are solely those of the author(s). The article is provided “as is" with no warranties or representations of any kind, and any liability is disclaimed that is in any way connected to reliance on or use of the information contained therein. The article is not intended to constitute and should not be considered legal or other professional advice, nor shall it serve as a substitute for obtaining such advice. If specific expert advice is required or desired, the services of an appropriate, competent professional, such as an attorney or accountant, should be sought.