There several important terms when discussing first notice of loss. Though many are unfamiliar with the concept, it stands as a crucial component of many successfully operated large businesses.
- FNOL – Abbreviation for 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.
- FROI – Abbreviation for First Report of Injury, the initial report of a claim or incident resulting in injury to an employee. A employer practice required by law.
- 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.
Numerous other components comprise a comprehensive FNOL program, but familiarity with the basic terms makes it much easier to understand the process of first notice of loss and the benefits of leveraging FNOL in large businesses.