Don's Discussion

Are you a member with a question? Contact IA&B Legal & Corporate Affairs Director Don Bankus at 717-918-9204 or DonB@IABforME.com.

QUESTION:

Could utilizing translation and interpreting services enhance our agency’s business opportunities?

ANSWER:

In today’s increasingly globalized world, insurance agencies are recognizing the value of translation and interpreting services (T&I services) to expand business opportunities. With the rise of multicultural communities and the need for clear communication, T&I services could be an integral tool for the insurance industry. By leveraging these services, agencies may be better able to reach, serve and retain customers effectively who speak different languages, thereby enhancing market reach and fostering a sense of trust and loyalty within the community.

At times, using T&I services also may play a role in assisting with regulatory compliance and transparency. Accurate translation of policy documents and other critical information can help in establishing and maintaining trustworthy communication with customers, which could be essential for avoiding misunderstandings and ensuring customers more fully understand their coverages and obligations.

Using T&I services can also enhance the customer experience. Customers are more likely to feel valued and understood if they can communicate in their preferred language. Such a personalized approach may improve customer satisfaction and set an agency apart from its competitors.

The integration of T&I services could also be a stimulus for new marketing ideas. Marketing materials and advertising campaigns could be tailored to resonate with different cultural groups and assist with engaging a more diverse audience. As a byproduct, by actively seeking to serve customers from various linguistic backgrounds, agencies can promote inclusivity and diversity, which not only benefits the customers, but also enriches the insurance industry.

While likely not a pragmatic or cost-effective option for everybody, the use of T&I services can be another tool for enhancing business opportunities. By effectively communicating with customers in their preferred language, improving customer experience, and, hopefully, expanding market reach, an agency can build a more successful business.

Of course, for agencies located in more integrated areas, the above concepts could be weaved directly into the fabric of the agency by hiring a bilingual or multilingual individual, if the right opportunity presented itself.

When considering T&I services, protect your agency with a translation agreement. IA&B members can access a template agreement at IABforME.com/EO-prevention.

This document is not a legal opinion and should not be relied upon as such. The intent of this document is to provide a general background regarding the topic or topics discussed, not to provide legal advice. Producers and agencies should consult an attorney regarding specific situations and specific questions with respect to the topic or topics covered in this document. Neither the Insurance Agents & Brokers nor any of its employees shall be responsible for any errors or omissions regarding any statements made in this document, nor any errors or omissions regarding any statutes, regulations, court rules, and/or any other government documents cited in this document.