Insurance is a complex and sensitive industry. Policyholders are seeking to protect the things and people that matter most to them in the world, and each has several points of contact with an agency or company, from quoting to enrolling to filing a claim to updating coverages.
Communicating the details of an insurance plan or a claim can be difficult enough in English, but when the policyholder speaks another language, the conversation can become even more challenging. This situation calls for a professional business interpreter.
If language isn’t on your mind when thinking about the future of your organization, it should be. Finding a reliable language services provider is critical to the success of your organization.
Consider this: More than 65 million U.S. residents speak a language other than English at home. Another 10 million are Deaf or Hard of Hearing. The complexity of communicating with these individuals will only increase, given that immigration is expected to account for nearly 90 percent of population growth in the U.S. over the next 40 years.
Believe it or not, the linguistic and cultural hurdles you may be facing can be turned into enormous opportunities. To accomplish this, you’ll want to partner with a language services provider that has the interpretation and translation solutions necessary to take on these challenges with ease.
When trying to decide which language services provider (LSP) is right for you, the first thing to know is that not all LSPs are created equal. Much like companies within your industry, some players in the language services space are more formidable than others.
The pace of globalization is accelerating, to the extent that half of customers for U.S. businesses will come from overseas by 2025.
Meanwhile, three-quarters of internet users already speak a language other than English, and that percentage is expected to grow.
This reality could pose a stumbling block for some businesses. According toThe Economist, nearly half of 572 senior executives interviewed said that misunderstandings and “messages lost in translation” have stalled major international business deals for their companies. More than 60 percent of these executives also said that poor communication skills have negatively affected their plans to expand internationally.
In a separate study, a quarter of U.S. employers said they have lost business recently because of a lack of language skills. This trend is bound to grow, given that 56 percent of American businesses say they expect their foreign language demand to increase in the next five years.
As organizations try to adapt to this new reality and optimize their language strategies, most are asking: Which business languages are the most important?
The U.S. Hispanic market is massive – and growing larger at a dizzying rate.
There are more than 130 million multicultural Americans, making up nearly 38 percent of the total population. One out of five of these multicultural Americans is Hispanic. There are nearly 60 million Hispanics living in the U.S. today, and that number will grow by 12 million over the next five years. In fact, by 2050, the U.S. is expected to be the world’s largest Spanish-speaking country.
These are a lot of numbers, but what does it all mean to the average American business?
“Minority” consumers won’t be in the minority for much longer in the United States. By 2045, ethnic minorities will be the majority throughout the U.S. In other words, America’s future is “majority minority.”
Given the current size and future growth of these consumer groups as a larger part of the market, market research firms are making a careful study of the buying habits of multicultural consumers. Paying attention to multicultural buying habits, as well as the media and cultural preferences of these populations, will benefit businesses now and in the future, as these statistics show.
The battle between humans and artificial intelligence has been portrayed as pitched warfare in the media—an “either/or” battle for which there can be only one victor.
The reality is much more nuanced when it comes to interpretation and translation. If we were asked to predict who the winner will be between man and machine when it comes to language services, we would answer, “Both.”
Multicultural patients face multiple barriers to receiving care for depression such as scant referral options.
A Virginia-based health center's quality improvement project was able to significantly improve depression care for a vulnerable multicultural population, research shows.
Annual societal costs associated with depression are estimated at $210 billion, and depression is the top cause of disability globally. For minority, immigrant, or refugee patients,cultural factors often impede depression treatment.
"Improving depression screening should lead to measurable outcomes for those who screen positive, including referral to mental health specialists, prescription of appropriate medications, and perhaps most importantly, scheduling of follow-up appointments to monitor signs and symptoms of depression," said Ann Schaeffer of the Harrisonburg Community Health Center.
"There are multiple barriers. These include clinics not prepared with screening tools in multiple languages; providers not culturally aware of the stigma attached to depression; lack of provider confidence in client engagement; and few referral options for multicultural populations."
For years, organizations tracked sales based on where the prospect was in the “funnel,” which focused on generating traffic, then converting and closing leads.
The problem? Funnels produced customers, but they didn’t consider how those customers could help an organization grow. The momentum that was built in acquiring the customer was gone once the sale closed. Each day, funnel-devotees had to start anew; meanwhile, the customer became an afterthought.
Enter the flywheel, which puts the customer at the center. In this model, just as much attention is devoted to servicing and delighting the customer as the prospect.