Insurance is generally a social system that seeks to save in reserve to address unexpected losses to institutions or individuals. This article aims to identify some critical points related to insurance translation services and translation for insurance companies. We will highlight the importance of CCCI as a Professional insurance translation service to translate insurance documents. 

Key Takeaways:

• The Sun, the first insurance company to ever come to life, was founded in 1710 by Charles Povey.
• In 1735, the Friendly Society was established as another insurance company in the United States.
• The current trend in the insurance market is that foreign customers check online for the best rates of services.

Table of content

• Translation in Insurance Industry  
• Nuances in Insurance Translation
• Translation and Processing of Linguistic Differences in the Insurance Industry
• Translation for Insurance Companies 
• CCCI – Professional Insurance Translation Services

Insurance is a means most people depend on to mitigate the risks beyond their control and mitigate the effects they may be exposed to. There are plenty of things people insure themselves and their properties against. The insured pays a monthly contribution to the insurer. Insurance works in the way that all the insurers’ money is paid to those exposed to an accident beyond his control.

The idea of this system came from England. The concept of insurance against fire was launched in many countries, including France, where offering this service was established in 1750. It should be noted that insurance against fire was initially limited to real estate only without transportation, but the development of the field led to its inclusion as well.

Insurance translation services mean translating all sorts of personal and business documents required. To translate insurance documents, they must be viewed by a specific specialist or personnel in the target industry. To accurately translate insurance documents, one should activate insurance terms and build the document’s sentences to align with the target translation system. However, translated documents are reviewed and approved by a certified insurance translator, a linguistic expert whose mother tongue must be the target language that is intensively trained to deal with complex functions.

Insurance translation services have experienced rapid professional progress. Therefore, the intellectual and cultural structures globally require companies to act towards providing the service to different customers, regardless of their nationalities, social or professional positions. 

In this context, insurance translators have become questioned about their location and the effect of their role in managing the nuances in translation. Throughout time insurance translation has been a strategic bridge between insurance companies, their knowledge and scientific system, and their industrial services. How does insurance translation contribute to managing multiple differences to build communication and dialogue between insurance companies? What is its role in developing knowledge and service to achieve development and progress in the insurance industry?

As in other fields, the translation in insurance is to transfer the original text from the source language to the target language. According to Italian thinker, writer, and translator Umberto Eco, it is also a process of negotiation and dialogue with the text to reach the translation of its content, contributing to the enrichment of language and culture and an expression of its ability to serve the target customer. The translator starts from the original text’s language to reach the target text’s language using the mechanisms of understanding and reformulating the meaning of the original text in another language to build a new text in a different language and culture. He should keep in mind the customer’s demand for insurance. 

When the translator translates into Arabic or any other language, he activates this language and its compositional and semantic structures to make languages interact with each other. It determines the areas of understanding and difference and presents the possibility of linguistically and culturally addressing, considering that the translation of the text, in the absence of its context, gives it an incomplete translation of meaning. 

Note: There is a great demand to translate insurance documents into languages other than English, Spanish, and Chinese. These three are the most translated languages.

Insurance translation services providers consider the text to be a living discourse in its inner and dialectic structural dimension, with its reality produced in its external context and intellectual, cultural, and social dimensions. Thanks to translation, languages have been able to open up to other language formats with their dictionaries and terminology, interact with them in various linguistic situations, and propose alternatives and solutions for translation to fill the semantic void in concepts and contents, both in general and specialized translation.

Therefore, when we translate a text in any knowledge or scientific field, including insurance translation, we build a dialectic and interpretive dialogue with the text and its facts and data in its internal format and its compositional and semantic structures to formulate the inner meaning.

Also, its external sociological context completes the semantic construction of the meaning of the text or discourse in its various dimensions. “We understand in a different style and reposition the discovered truth and the meaning formed because of language, with what is a dialogue and understanding. It does not stop at a limit and does not live to a certain truth and significance, but is in an unsettled journey and a permanent process framed by the dialectic of question and answer,” says Hans Kadamir, speaking of the interpretation of the text.

This industry merges diverse specialties, which is why it is hard to classify insurance customers according to their priorities and needs. That makes the companies reach experts in the field for help to be accurate when translating a specific document. This process entails a tremendous amount of work where companies need to translate their complex documents by law. Therefore, when insurance companies hire specialists, they should be trustworthy in the target language they need to translate to and in several fields. Insurance companies have reached the global market, and customers from different nationalities are checking online the rates for insurance. 

That led to fierce competition in the market of insurance. Business and society have changed, and so is the insurance field. Companies are doubling their service and targeting the global market. Meaning there will be an endless list of situations that foreign customers will face. Insurance companies should be prepared to provide their service in this regard in diverse languages. Therefore, there will be a need for specialized translation services in each area.

CCCI has seen them all, from translation and localization challenges to epic fail to best outputs! As a translation company operating across Europe, Asia, and the US, we deliver language services in 30 languages in various industries. Our expertise specializes in insurance translation, game localization, manga translation, content creation, and BPO services. Yes, we are your translation and localization one-stop shop!

CCCI has been working with top insurance companies. We have also collaborated with licensed manga distributors and publishers in Japan and other parts of the world. Our language experts cover a wide range of services, ensuring good quality and excellent partnership. May it be professional Korean translation services or Mandarin Chinese, Thai, or Russian, we can provide them for your business expansion.

Your business does not need to get lost in translation and go through costly translation and localization fails. CCCI is here to jumpstart your globalization with our services. Stay on top of the translation and localization trends for 2022 with us. Get in touch today!