Claims reporting can happen whether something minor, like a fender bender, or something catastrophic, like a house fire, occurs. We’ve outlined some of the basic steps to go through when filing a claim.
I. Assignment of claim:
After the claim is received, a professional will be assigned based on the type of claim it is.
II. First contact:
Claim professionals will contact the victim to gather facts, assess the total loss, and evaluate coverage. They’ll then run through everything with the victim and identify ways to protect the property from further damage.
III. Valuation and estimation:
A claim professional will check and document the damages to determine whether the loss is covered by the policy. Photos are sometimes taken, and if needed, witnesses are interviewed — after which the claim can be evaluated.
IV. Declaration:
After reaching a resolution, the customer is either compensated for the loss or they’re denied payment because of lack of coverage.
V. Shutdown the claim:
Once the claim is resolved under the terms of the policy, it is closed. However, it can be re-opened for investigation if any additional expenses are discovered.
To learn more about how Actec can assist your business in claims management, click here.
Tag: claim handling
9 Tips for Better Claims Management
The best claims management techniques will control costs, and improve a company’s employee retention. Mentioned below are 9 tips to do exactly that:
Understand the people and responsibilities of all participants involved.- Ensure that all individuals understand their roles and responsibilities.
- Document all injuries, whether they are major, or minor.
- Report everything without leaving out any detail.
- Train staff on filing claims, and encourage employees to take the appropriate steps.
- Work-related, and non-work-related claims must be treated equally.
- Do not be biased with employees, and ensure equal treatment of all claimants.
- Document, document, document everything.
- Cultivate your relationships with the claimants, even after settlements.
Companies should encourage their employees to be honest with the management. At the same time managers need to be respectful and patient with the concerned parties. To know more about Actec and how we can assist your business’ claim management procedures, click here.
FNOL: The Backbone of Claims Handling
FNOL is the backbone for claims handling, outlining fundamental strategies to organize and improve tracking methodology. Though it speaks to the fundamentals, FNOL can be very complex.
The process of claims handling can cause anxiety for internal and external customers alike. They need care and compassion on your part. Yet it’s crucial that you ask the right questions to collect appropriately detailed information. These details must then be uploaded into a claims management system in a timely manner.
One mistake can prove costly to both your bottom line and your reputation.
It’s vital to have staff and employees trained in claim handling. They need to be equipped with the know-how of the situation. All the while being able to comfort the customer and carry out his/her job.
A capable FNOL specialist should provide:
- An extraordinary representative who is well informed about the process
- A representative who is always ready to talk to a customer
- A representative who can provide instant care for critical situations
Contact us to find out even more about Actec and our services.
FNOL Case Study
Actec handled a large-scale catastrophic event for a large multinational oil company. Total call volume was above 147,000 (in the first few days calls came on a general claims line until a dedicated 800 number was published) – over 60% received the first month, a daily average of more than 3000, peaking at over 8000. We captured more than 90,000 claim reports, 66% reported telephonically, the remaining 34% captured via a custom Internet report we developed and rolled out about eight hours after notification to proceed. We also participated in daily conference calls and supplied the client with detailed management reports four to five times daily, seven days a week, over a period of four months. To learn more about how these solutions can help your business, contact us.