Insurance Translation: Services for Insurance Companies

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.