Tag: Adaptable Claim Management

7 Key Terms in the Field of First Notice of Loss

Posted on

March 2nd, 2011

by

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.

  1. 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.
  2. FNOL – Abbreviation for First Notice of Loss
  3. First Report of Injury – The initial report of a claim or incident resulting in injury to an employee. A employer practice required by law.
  4. FROI – Abbreviation for First Report of Injury
  5. 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.
  6. 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.
  7. 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.

Actec Publishes Article on FNOL in Inclement Conditions

Posted on

February 28th, 2011

by

When utilizing FNOL (first notice of loss) operations, it is critical to stay technologically astute, harnessing all available venues to maximize the client experience. This is seldom more apparent than during times of inclement meteorological conditions, which will be explored in a specific case below. Data must be integrated across all contact methods, including telephonic, e-mail, fax, and direct web entry, for consolidated reporting and may be filtered by contact method if needed. Individual notices should immediately transmit via automated e-mail or fax to any number of recipients, based on the location, type of report and other criteria. Scheduled summary reports must also be available, allowing regular electronic distribution of reports daily, weekly, monthly, or by custom period to multiple recipients based on level of management within an organization. For more, read the article.

Actec’s FNOL (First Notice of Loss) Claim Management Operating in Inclement Conditions

Posted on

January 17th, 2011

by

Although most of Atlanta, including schools, had been shut down for 3 days, Actec’s FNOL was open for business and maintaining top level first notice of loss. Though uncommon for the Atlanta area, strong snowstorms do sometimes occur, crippling the region. Lack of snow removal equipment combined with a storm that dumped nearly 6 inches in less than 3 hours created numerous problems. Here is a breakdown of our claim reporting statistics for Tuesday 1/11/2011. In the face of these conditions, we managed an average answer speed of 33 seconds and an abandon rate of only 2.7%!
Through careful planning by Actec staff, hotel rooms were secured near the FNOL Call Center in Atlanta. Most of the staff had stayed at the hotel since Sunday night and were within shuttle or walking distance. Additionally, we utilized remote employees to ensure maximum customer call reception. Thank you to all our employees who took time away from family to make sure our customers were taken care of.