First Notice of Loss: Looking to 2018 and Beyond

Posted on

May 2nd, 2017


shutterstock_251707783 smAs 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:

  • All in One Place Platforms: Streamlining first notice platforms into a single, unified operation will cut costs and increase efficiency while reducing the likelihood of reporting and communication errors.
  • Consumer Engagement: Consumer engagement will become a key metric for insurance as it has in many other consumer industries. FNOL call centers will increasingly engage customers and ensure satisfaction in addition to filing claims.
  • Processes that Scale: As companies try to lower costs and increase effectiveness they search for processes that can scale. Software that can scale the FNOL process will be a competitive advantage.
  • Quality Data for Processing: As wearable technology and the Internet of Things improves data collection, companies will possess more reliable and multi-vectored data for FNOL processing to reduce the time it takes to complete documentation and verification.
  • Sophisticated Data Modeling: Improved analytics and data modeling will help companies refine the FNOL process.

Better data, analysis, and modeling will help companies determine how to improve FNOL process management. All in one place platforms and software that can scale will help refine the management flow of claims by increase up to date information and decrease input errors. Ensuring your first notice of loss solutions stay current is mission-critical when dealing with claim intake and management, enabling your organization to reduce loss and increase client retention.
Contact the experts at Actec to learn how our proprietary solution can help you increase customer engagement with scalable solutions and improved data management.