7 Key Terms in the Field of First Notice of Loss

Posted on

March 2nd, 2011


There several important terms when discussing first notice – they may seem esoteric, but their meaning and execution have enhance many businesses and improved the quality of many lives. A positive FNOL interaction is key to successful business operation, but also makes the difference between brightening someone’s day and besmirching it.

  1. First Notice of Loss – The initial report of a claim or incident resulting in loss of an insured product. A crucial element of insurance coverage.
  2. FNOL – Abbreviation for First Notice of Loss
  3. First Report of Injury – The initial report of a claim or incident resulting in injury to an employee. A employer practice required by law.
  4. FROI – Abbreviation for First Report of Injury
  5. Claim Management – The conveyance of an insurance-related claim through a system of communication and investigation to ascertain the appropriate compensation. The more adept and timely the claim management, the less shrink for insurers and the higher satisfaction for clients.
  6. Incident Reporting – A system of documentation for FNOL in which specific details must be thoroughly recorded to ensure proper claim management. Well-trained personnel and a modern, sophisticated incident reporting medium significantly reduce costs due to slow resolution, shrink, and other organizational issues.
  7. Claim Intake Specialist – Personnel cross-trained in claim management and incident reporting to deliver maximized resolution for client and insurer with minimized investment of time and resources.

There are other component of FNOL , but familiarity with these 7 key terms will illuminate much of our industry and its purpose.