How to Offer Superior First Notice of Loss Support

Posted on

July 6th, 2020

When a customer first contacts their insurance provider to report an accident, theft, or other covered incident, they’re initiating first notice of loss (FNOL). Most insurance carriers know that FNOL is critical to securing customer satisfaction. However, insureds are often upset when they begin FNOL as they’ve just experienced a loss so their tolerance for mistakes or delays is low. Inefficient processes, clunky communication, and data intake errors will further upset them as well as lower customer approval and erode loyalty.

Thankfully, insurance providers can take the following steps to improve FNOL and customer satisfaction:

Identify workflow bottlenecks. One of the most common customer complaints regarding their insurance company is a delay in claims processing. Whether the adjuster is missing critical information, the claim requires a specialized adjuster, or there are documentation errors, delays can derail customer satisfaction. Finding common headache sources during FNOL and rectifying them can keep customers happy.
Provide options for FNOL. When an insured needs to report a loss, they don’t want to jump through several hoops to get to the right person. Providing several options for reporting FNOL allows insured customers to initiate FNOL when, where, and how they prefer. This means offering intake options via telephone, a web portal, text messaging, etc.
Engage with customers digitally. Even with optimized claim intake processes, insurers may require more information than they captured during FNOL. Sending missing information alerts via text messaging allows customers to provide the information quickly and keeps the claim on track. Digital channels of communication such as chat support improve transparency as well as customers can receive updates on their claim status, settlements, and more.

Implementing chat and text functionality is of particular benefit to insurance carriers. It creates a new channel for claims intake while providing superior service to insured customers experiencing a loss. Chat support can also answer common questions regarding claims, which allows insurance adjusters to focus on processing claims faster.

If your FNOL process is creating more headaches than its solving, Actec can help. Contact us to learn more about enhancing FNOL, implementing new communication channels, and improving claims management.

Are Your Call Centers Improving FNOL or Hurting Customer Retention?

Posted on

June 15th, 2020

Andrew

It’s a well-known industry fact that first notice of loss (FNOL) is the single greatest opportunity to secure customer satisfaction during a claim. It’s also often a distressing time for the customer as they are reporting a loss. With emotions running high, a lackluster or poor FNOL experience can stain a customer’s perception of and loyalty to his or her insurance provider.

Uncontrollable elements also affect FNOL, such as the time the loss occurs. Accidents, thefts, and other damages don’t always occur during normal business hours. In order to offer customers around the clock service, many insurers invest in call centers. This gives them the ability to offer assistance to insureds whenever their loss may occur as well as handle a large volume of calls to prevent delays. However, many of these call centers operate through offshore channels. While offshore call centers typically come with a lower price tag, they also include several hassles that can damage customer satisfaction and retention.

The Benefits of Nearshore Call Centers

Nearshore call centers share many similarities with offshore options with a few key differences. Nearshore call centers still offer 24/7 service all year round, but the intake agents work in much closer proximity to the insurer than many traditional offshore entities. Because these agents are in a similar or closer time zone, communication with the insurer is much easier and faster. This expedites the claims process, allowing insurers to begin the next steps on a shorter timeline. It’s also easier to guarantee the quality of customer service.

Actec’s Nearshore Contact Center Solution

Customers need to have the ability to file claims whenever they occur. Following a loss, many customers will only have access to their phones. This likely means they will initiate FNOL through their insurer’s call center. Actec understands customers expect a hassle-free experience and having a high-quality call center contributes enormously toward that outcome.

Actec’s nearshore call center operates 100% through US-based phone systems and any recorded data remains within the US. In addition to adhering to stringent IT standards, our nearshore facilities are also PCI compliant. We strive to provide secure, high-quality call center services that offer scalability to keep pace with your company as it grows. To learn more about improving the call center experience at an affordable rate, contact the experts at Actec.

FNOL Claims Process: How to Reduce Severity

Posted on

May 11th, 2020

Andrew

First Notice of Loss (FNOL) is the single greatest opportunity an insurance provider has to establish good

customer satisfaction. If the FNOL process is clunky, stressful, or in any way frustrating when the insured is already in an agitated state, it’s very difficult to regain their confidence. However, much of the problem lies with when an insured initiates FNOL. Few opt to report a loss at the scene of an accident often because the accident rattled them or they aren’t sure who’s at fault.

Capturing On-the-Scene FNOL Data

When an insured begins FNOL from the scene of the loss, it allows the insurance provider to take immediate steps to begin the repair process. They can dispatch a tow truck and coordinate a direct delivery to a repair facility. This reduces the overall time it takes to close the claim as well as reduces expenses related to retrieving inoperable vehicles on the insured’s behalf.

Of course, this is reliant upon the insured initiating FNOL immediately after an accident. While insurance carriers can’t control the insured’s behavior, they can utilize FNOL automation technology and vehicle telematics from in-vehicle sensors to detect that an accident occurred before the insured places the call to their insurance provider. Whether through on-board diagnostic devices, data from connected vehicles, or relying on smartphone sensors, insurance carriers have a number of options for detecting accidents and getting ahead of a claim.

Reducing Fraud During FNOL

Telematics can be particularly helpful as the data can provide details the insured may not remember following an accident such as the exact time and location of the crash. Having these details within the hour of a loss is also an effective means of reducing fraud. Details can become sketchy or incomplete the longer an insured waits to report an accident and telematics eliminates several areas of ambiguity.

FNOL is a critical moment during any claim for both the insured and their provider. When managed swiftly and efficiently, insurance providers can reduce claim costs while improving customer satisfaction and loyalty. To learn more about improving claim intake and management, contact the experts at Actec.

How to Leverage Data to Improve Claims Processing

Posted on

April 20th, 2020

Andrew

Insurance companies don’t often have frequent communication with their clients until a claim arises. While most insureds are fine with this limited interaction, how their insurance providers handle claims is the single most meaningful and telling interaction they have. If an insurance company mishandles the claim or fails to bring it to a satisfactory resolution quickly, they run the risk of losing a customer.

What Claimants Want

High-quality claims processes have three things in common: they’re fast, they’re efficient, and they’re transparent. Customers are no longer willing to accept vague or murky answers regarding where their claim is in the process. They also expect an error-free claim to receive their settlement quickly. Delays, mistakes, or confusion all cause insureds to reconsider their insurance provider.

Better data and automation can help insurance providers streamline their claims processes. The following are some of the ways insurance providers can utilize data:

Automatic first notice of loss (FNOL). First notice of loss occurs when the insured first reports the incident to their insurance provider. However, many vehicles come equipped with telematics that can detect accidents and injuries. While some vehicles will dial emergency services in the event of an accident, insurance providers can use this same technology to trigger a claim on the insured’s behalf. Vehicle sensors and video imagery can give insurance companies an idea of the extent of the damage to make sure the most relevant adjuster receives the claim.
Drones and satellite imagery. Similar to using vehicle telematics to initiate FNOL for car accidents, insurance companies can pull data from drones and satellites following major storms to identify damage to the insured person’s property. When the customer calls to report the loss, their provider can already be several steps into the claim to expedite the process and improve the insured’s experience during a stressful time.
Greater accuracy on repair timelines. When insureds file a claim for a vehicle loss or property damage, the first question on their minds is how long it will take to fix so they can resume their lives as usual. Insurers can pull from historical data to see how long certain repairs will take based on the type of damage or loss the insured reports.
Reduce fraud. Fraudulent claims increase costs, which increase premiums for all customers. By harnessing data from social media, insurers can identify fraudulent claims. Utilizing AI can also red flag cases that score high for fraudulent behavior.

Most insured don’t think about their insurance provider until they need to make a claim. How smoothly and quickly that claim processes play a significant role in customer satisfaction and retention. If your claims processes are frustrating customers or costing your insurance company business, Actec can help. Contact us to learn more about improving claims management.

How Will COVID-19 Affect Insurance Claims?

Posted on

April 13th, 2020

Andrew

So long as policyholders are up to date on their insurance, their coverage remains in effect. However, with the novel coronavirus, business as usual has taken on a drastically different meaning. Processing insurance claims requires greater connectivity and technological solutions than ever given the social distancing protocols recommended by the CDC.

Expect a Surge in Virtual Claims

Mobile apps and online dashboard are nothing new for many insurance providers. However, few are fully equipped to manage the entire claims process through the customer’s smartphone uploads. While touchless claims have been gaining in popularity, it’s been slow to implement for many carriers. Facing the realities of social distancing, many insurance providers are going to need to play catch up to allow customers to submit claims in a timely manner as well as receive fair compensation.

Some examples of how to implement virtual claims include:

Allowing customers to submit pictures from their phone to the mobile app
Allowing customers to take video footage to provide a closer look at damages related to their claim
Submitting police reports via the mobile app

For smaller claims, it’s possible that the customer can provide the appropriate photo or video documentation to assess the claim, identify the appropriate vendors or service providers to address any damages, and pay out applicable settlements.

What Insurance Providers are Doing to Help Clients Affected by COVID-19

Many insurers are taking steps to help relieve the pressure COVID-19 has put on many individuals and businesses. Some examples of the steps they’ve taken include:

Keeping policies active despite non-payment due to epidemic-related job loss
Establishing payment plans to reduce monthly statements for individuals who can’t make full payments due to the coronavirus
Allowing insurance employees to work remotely to prevent the spread of COVID-19 while still providing services to customers
Keeping call centers fully operational

Policyholders have high expectations of their insurance providers. A bad claims experience can lose customers, particularly during an already difficult time. Contact the experts at Actec to learn how we can help your insurance business improve claims management.

4 Things Insurance Companies Struggle to Do Well

Posted on

March 23rd, 2020

Andrew

Insurance is one of those expenses that seem burdensome up until the policyholder needs to make a claim. Whether the individual is in a car accident, experiences a loss due to flood damage, or any other covered incident, insurance becomes indispensable. However, there are many pain points for customers when it comes to their insurance providers. If insurers don’t take steps to rectify these issues, they may find their customers leaving in search of better insurance options.

The biggest areas where many insurance providers fall short include:

Meeting young clients’ expectations. Millennials are more likely than other generations to shop around for a new insurance provider following a dissatisfying interaction. They expect emails or text updates about the status of their claims. They also expect to be able to access their claim information from the convenience of their phone on an app.
Explaining insurance rates breakdown. Several factors affect insurance premiums. Insurance providers consider the type of car the customer drives as well as his or her age, gender, marital status, credit history, miles driven per year, and zip code before offering a rate. However, most insurers don’t explain how much weight they give to each category and this can make it difficult for insured customers to understand their premium or how to reduce it.
Explaining coverage. Insurance providers know the terms of their policies inside and out. However, many insurance representatives struggle to present insurance products and packages in a way that is easy to digest for the average customer. Insurance jargon can confuse or mislead customers regarding their coverage.
Processing claims correctly the first time around. Insurance companies want to resolve claims quickly just as much as the customer does, but several issues can trip them up in the process. Health insurance companies are notorious for claims processing errors. While claims processing has improved over the past decade, there are still a significant amount of denials. This leaves customers frustrated and drags out the settlement process.

The competition among insurance providers is fierce, as millennials have shown they have no qualms switching companies. One sour claim experience can result in the loss of a customer as well as any potential referrals that customer may have provided. To learn more about improving claim management, contact the experts at Actec.

How to Simplify Your Claims Processes to Improve Growth

Posted on

March 9th, 2020

Andrew

Filing an insurance claim is often a frustrating time for customers as they’ve likely experienced a loss. A claims process that is difficult or slow to produce results can further those aggravations and can cause customers to look elsewhere for their insurance coverage. There are a lot of factors that contribute to customer loyalty, and the claims experience tops that list.

Technology Band-Aids No Longer Bridging the Gap

Customer Pain Points

Insurance providers know that customers expect a mobile application and an online portal to manage their bills, policies, and claims. However, simply developing an app is not enough. Many forms still require customers to download and print them out to complete. Then they have to scan and upload the document.

This process is time-consuming and no longer realistic. The setup of a desktop computer with a separate printer has faded into technology history as more people rely on laptops. The need to print things in general has decreased as more industries get on board with electronic documents and signatures. Add in the cost of buying a printer and ink, and owning a printer becomes costly and unnecessary.

Electronic forms still pose problems for customers as well as many aren’t responsive. If the customer happens to be home and have access to their laptop, they can fill out the form. If they attempt to do so on their phone or tablet, however, many begin to experience compatibility problems. In a high-tech world, these kinds of difficulties are unacceptable to most insured customers.

Insurance Provider Pain Points

Even when insurance providers offer forms, they often lack the ability to capture the information contained within it. This means they have to manually carry over the information the customer provided, which takes time and is prone to human error. Many forms also lack all of the details insurance adjusters need to process the claim so they end up contacting the customer to ask for the information again. This aggravates the customer as it comes across as redundant and delays the claim.

Switching from paper to a truly high-tech digital process can save insurance representatives’ and adjusters’ valuable time processing claims, expedite the claim for the customer, and improve customer satisfaction with the overall claims process. The experts at Actec understand what insurance providers need out of their claims handling processes. Contact us to learn how we can help improve your claims intake, FNOL, and more.

How to Harness FNOL to Improve Customer Satisfaction

Posted on

February 24th, 2020

Andrew

It costs insurance providers a lot more money to obtain new customers than it does to retain existing ones. That’s why improving customer satisfaction is an ongoing process for most insurance companies. However, customers aren’t going to care about great rates if their experience filing a claim is a disastrous one. When the claims process is more arduous than the event that triggered the claim in the first place, insurance providers will quickly discover they have a retention problem on their hands.

Whether a policyholder is calling to report the damage to their home, their vehicle, or some other covered item, first notice of loss (FNOL) represents the single greatest opportunity to influence customer satisfaction. Insurers that manage the stress of the claim right from the start can help customers feel at ease. Any claim that has a rocky start is unlikely to improve in the eyes of the customer so insurance providers need to make FNOL count.

How to Help Put Customers at Ease During FNOL

Customers filing a claim are likely to be in a turbulent frame of mind. Insurance representatives can help put customers at ease in the following ways:

Be empathetic to the customer’s situation
Answer all questions that customer may have
Provide a clear picture of the claims process
Be direct in how long the claim should take from FNOL to settlement
Provide information on the next steps to simplify the claims process for the customer

If an insurance company fails to put a customer’s mind at ease about the outcome of the claim, they’re unlikely to secure that customer’s loyalty.

One of the most challenging aspects is getting a handle on empathy. It’s easy to offer condolences following FNOL, but that does nothing to ease the situation for the customer. Reacting to the reality of poor customer satisfaction following claims, many insurers are overhauling their approach to FNOL. Some examples include helping arrange estimates or coordinating with contractors on the insured’s behalf.

Building loyalty is challenging in the insurance industry and FNOL is the key to getting started. Helping the insured customer feel secure throughout the claim process starts when they first report the loss. To learn more about improving your claims process, contact the experts at Actec.

4 Most Common Challenges of Insurance Claims

Posted on

February 10th, 2020

Andrew

Payers and providers are often at odds when it comes to filing insurance claims. While payers want clean claims free of errors, providers want prompt payment. These aren’t always adversarial goals, but frustrations and errors can happen if a payer or provider is hasty while processing a claim. Errors can take a while to fix which costs both parties in resources and time as they rework the claim.

Of all the challenges providers have to navigate while processing claims, the following are the most headache inducing:

No or slow information from the payer. Following any service, providers code the claim and submit it to their payer. However, waiting for an update can be a long process that leaves many providers wondering when or if they’ll receive payment. As a result, many providers follow up frequently, which takes up valuable time.
Claim denials. While a denial at least lets providers know where they stand in the claims process, it’s not the update they were hoping to receive. The denial process is often murky as payers aren’t always clear on the reason why they denied the claim.
Vague feedback. Continuing with the above point, payers return claims unpaid for a variety of reasons, but they always include a code as to why. However, these codes can be vague and frustrating for providers such as claim/service lacks information. Without any specification as to what is missing, providers have to hunt and guess for the reason.
Rules are different for every payer. Even if the services that providers offer never vary from person to person, the method of coding differs among payers. This makes it challenging to navigate the claims process as one payer may consider a submitted claim clean while another may reject that same claim. Compounding the problem, insurance claims rules change often with little notice, which can muddle claims as well.

Improving communication between payers and providers can help reduce rejected claims and expedite payment for services. However, submitting clean claims the first time around is also critical to saving time and reducing hassles. Implementing a full service claims management program can help achieve that goal. Contact the experts at Actec to learn more about improving claim management.

What Customers Want from Their Insurance Provider

Posted on

January 27th, 2020

Andrew

When it comes to selecting an insurance provider, whether for home, auto, business, or otherwise, customers look at several core elements when making their decision. Insurers that want to remain competitive need to analyze what these individuals want in order to implement practices that will retain existing customers while enticing new ones.

When choosing an insurer, people consider the following metrics:

Cost. Everybody has a price limit in mind for how much they’re willing to pay for the coverage they need. While some individuals will sacrifice coverage in lieu of a lower price tag, not many are willing to take this route. If a provider’s rates are too high, the individual will look elsewhere for coverage. While several factors influence what rates a provider can offer, insurance companies need to keep this fact in mind when considering their target audience.
Customer satisfaction. Even if an insurer offers great rates, potential customers will give them a wide berth if the reviews are lukewarm. Satisfaction ranks pretty high on customers’ priority lists and includes courtesy, how easy it is to reach a representative, and timely communication.
Discounts. With price being a significant influence on a customer, many insurance providers offer discounts to offset premiums. Many of these discounts benefit both parties, such as bundling services. The insurer secures two policies while the insured receives a discount. Other discounts include good student discounts, safety feature discounts, safe driver discounts, and discounts for individuals that belong to certain groups such as AAA.
Claims. Claim satisfaction is a significant indicator for customer retention and acquisition. Even if a provider offers fantastic rates and discounts, no one wants to rely on a company with protracted, lackluster claims services. Customers expect the claims process to be simple to navigate from start to finish. They will not hesitate to find a new provider after a negative claims experience.

A variety of factors affect what insurance provider a customer will choose as well as whether they will stay with their existing provider. While cost and discounts can fluctuate, satisfaction with the claims process can make or break the customer-provider relationship.

When a customer initiates a claim, they’re trigging first notice of loss (FNOL). This represents the single greatest opportunity a provider has to ensure a satisfying experience. If a customer completes FNOL and leaves the interaction unhappy, it is very difficult to improve that individual’s satisfaction with the claim from there. Contact the experts at Actec to learn more about improving FNOL and customer claim satisfaction.