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.
- 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.
- FNOL – Abbreviation for First Notice of Loss
- First Report of Injury – The initial report of a claim or incident resulting in injury to an employee. A employer practice required by law.
- FROI – Abbreviation for First Report of Injury
- 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.
- 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.
- 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.