Insured drivers are usually under a significant level of stress when they first contact their insurance company to report a car accident. Their mind often races ahead, and they overwhelm themselves before the process begins. Insurance adjusters can calm frazzled nerves and help guide the insured through the claims process.
For example, many claimants do not know what information insurance companies need before they can process the claim. Below are several common pieces of data insurance companies require:
- First notice of loss (FNOL) and the insured’s version of events
- The other driver’s statement
- The police report
- Statements from any witnesses
- The damage at the accident site
- Medical records for any injuries
Phase 1: Site of the Incident
Insurance companies need to stress to their customers the importance of FNOL at the scene of the accident. Many individuals assume they do not need to contact their insurance company if they were not at fault, but this is not the case. The insurance company will not know who is at fault until after they gather and review all of the above information. This process happens much faster when all involved parties report to their insurance company.
Phase 2: Collecting Information
Insurance companies begin gathering data almost immediately upon FNOL. This is because the information is still fresh in the individuals’ minds. Agents should instruct their customers to record as much information as possible (i.e. time of the accident, which direction the parties were driving, how fast each person was driving, etc.). This is also a good time for the insured to take pictures of any damage to their vehicle or person.
Phase 3: Resolving the Claim
Once the individual’s insurance company has all of the relevant information, they can prepare a settlement offer. How insurance companies handle claims helps determine the customer’s overall satisfaction. It can also affect customer retention, so it behooves agents to provide quality support. For example, to ensure a smooth claims resolution, agents should do the following:
- Recommend that the insured keep track of any injuries, pain, and medical records for treatment.
- Recommend the insured document any time they took off work to recover from the accident.
- Recommend that the insured track their travel costs to and from medical appointments. They should keep receipts for any co-payments and prescriptions as well.
Agents should stress that all of the above information helps them determine a fair settlement. By positioning themselves as a concerned party rather than a combatant, agents can pave the way for a smooth resolution. To learn more about improving FNOL and claims management, contact the experts at Actec.
As Hurricane Irma recedes from Florida, residents begin to return to their homes to assess the damage. Insurance companies are on high alert, preparing to try to manage the influx of assignment of benefits (AOB) claims. Homeowners need to act fast and file their claims as soon as possible. Insurance experts are also cautioning homeowners to be wary of “bad actors.” These bad actors are individuals who swoop in after a disaster and offer home repair deals that seem too good to ignore.
With Harvey and Irma making landfall over the past 30 days and wildfire racing through the western states, all facets of the insurance industry are in overdrive. As Jose heads north and Maria further decimates the Caribbean, the importance of accurate first notice of loss can’t be overstated. Here at Actec we’ve had multiple Florida-based organizations move all of their calls to our center here in Atlanta. Some of them started as early as 7 days prior to the storm’s arrival.
Natural disasters and catastrophes are proving grounds for insurance providers. When a customer submits a claim, it is usually during a stressful event. During catastrophic weather incidents, customers need swift resolutions more than ever. This past Friday, Hurricane Harvey began wreaking havoc in and around Houston, TX. The degree of loss is much larger than a standard claim incident and presents a large challenge for insurance providers.
Insurance claims, much like hospital patients, require proper triaging. For example, an emergency room will tend to an individual with a bleeding head wound before they treat the patient complaining of a persistent stomachache. Unfortunately, claims do not always follow appropriate triaging upon first notice of loss (FNOL). Inefficient systems and limited data are often the cause of misrouted claims and delays. This aggravates customers and can result in increased costs as well as lost business.
Insurance companies have to balance several priorities while managing claims. They need to ensure the loss information is accurate, control costs, and keep customers happy. Thankfully, there are several new technologies designed to help insurance providers improve their performance.
Customers never think about insurance until they need it. When it comes time to file a claim, consumers want the process to be fast, streamlined, and accessible. By modernizing your FNOL processing you will be able to improve the customer experience.
As insurance and technology evolve, the FNOL workflow process continues to adapt in significant ways. Failure to capitalize on these shifts can leave organizations at a competitive disadvantage, and even affect customer satisfaction and employee morale. Trends to keep an eye on in the next year include: