Financial Translation Services in Insurance Industry

Posted by feoart1 on January 11th, 2015

Financial translation services are useful in developing ethical and professional relationships between companies. The scenario where these services may be required include: If a company wants to expand globally, if looking for new avenues to get revenue, when seeking to establish new relationships in foreign countries or when launching a new product or service to the market. Insurance companies hire trained professionals to take care of their banking translations, financial translations and for translation of various solutions. As a company seeks to expand its horizons in the insurance industry, financial translation services are crucial to help cope, understand and adjust to the new terms and ways of doing business.

Types of financial translation services

* Insurance Claims. If an insurance policy holder resides in a foreign country as the insurance company, it is probable that the policy issues and terms of insurance were processed in a foreign language and in a foreign country. Therefore, for these claims to be made and paid, the insurance claims must be translated to make every aspect and concept of the claim clear. This eliminates any form of misunderstandings that may result to legal battles which will bring about negative publicity for a new foreign company.

* Financial Statements. Once a company goes international, the financial statements in the many foreign countries are not prepared in the language of the parent company. For it to be possible to comprehend the operations activities and financial structure of a foreign country or branch of a company, the financial statements like balance sheets and income statements must be translated.

* Annual Reports. Insurance companies prepare annual reports as required by law to auditors, other third parties and also for the annual general meetings. If the company is global, it means that the various branches will prepare the annual reports in different languages, hence they will have to be translated.

* Negotiations and Seminars Sessions. Companies frequently hold seminars, counseling sessions and negotiations including during shareholders meetings and loan interviews. Financial translators will be needed during these meetings to interpret to the interested parties, the discussions and procedures of the meetings. Clients will also need to understand insurance policy issues before committing to any contract.

* Investor Research. When a company expands into foreign markets, it will have to make foreign purchases. A thorough research of the foreign market done will be in the foreign country's native language. In order for management to understand well the research documents on the new market's policies on insurance, they will have to be translated.

* Mortgage Applications. As a foreign investor in a foreign country, a company's financial history is in a foreign language. For other financial institutions to validate credit worthiness and financial position of the investor, various documents must be translated. 

Financial translation services are very necessary for any company wishing to invest in foreign countries to enhance better understanding with clients, authorities and other companies. Globalization management, machine translation, website localization and translation of financial statements all aid to form basis of new and long term healthy relationships between the company and the new foreign market. Read More