Technology Expedites FNOL Claims

Posted on

January 3rd, 2017

shutterstock_138016598 - Copy First Notice of Loss (FNOL) is a great opportunity to ensure customer satisfaction with their insurance provider. It sets the tone for the duration of their claim and can help put the customer at ease during a stressful time in their life. The longer a client has to wait on their insurance to resolve their claim, the more frustrated they become. As such, it behooves insurance providers to process claims quickly and efficiently. However, antiquated methods of assigning claims after FNOL causes delays and aggravates clients.
Manually selecting an agent interrupts FNOL processing because the individual assigning the claim has to look at all agents’ caseloads, licensing, and availability. To address this problem, companies can invest in customized, in-house FNOL solutions to meet their customers’ wishes. Actec understands the need for this kind of service and provides Full-Cycle Claim and Incident Reporting Solutions.
In addition to custom designed in-house FNOL solutions, Actec’s system can address clients’ needs as they occur rather than on a predetermined schedule. Actec’s Full-Cycle Claim and Incident Reporting Solutions provide a variety of additional benefits as well. Some of these include:

Call logging from start to finish
Timestamped FNOL activity tracking, notice entry, and more
An FROI and maintenance system specific to each state
Tracking catastrophic escalation

Actec knows FNOL is vital to customer retention. Having an effective, streamlined FNOL process helps guarantee customer satisfaction. To learn more about Actec’s custom in-house FNOL solutions, contact us.

Technology a Critical Component in FNOL Solutions

Posted on

October 24th, 2016

Andrew

shutterstock_229854826 1920x750 First notice of loss plays a critical role in many organizations. The manner in which data is reported, transmitted, managed, stored, organized, and used will dramatically impact the efficacy of an FNOL operation and everything it touches. Whether in use by an insurance carrier, an airline, or other FNOL-dependent organizations, success has been redefined by the widespread implementation of technological advancement. What kinds of technology play such an important role?
Electronic Data Interchange – FROI, SROI and medical bills can be carefully reviewed before submission to avoid delays. This can improve customer service while decreasing costs and reducing error.
Adaptable, Cloud-Accessible Database Functionality – Keep data in the form most conducive to its users with unique, cloud-accessible implementations of data intake, organization, and management.
Multifold Communication – Leveraging modern communication tools like social media and texting to communicate reduces lag time in reporting and management while increasing customer and employee satisfaction.
High Fidelity VoIP – Increase bandwidth, record communications for further analysis, and decrease costs with internet-based telecommunications.
To learn more about first notice of loss and technology-based implementations, read our blog posts or contact us.

Why First Notice of Loss is Important to Policyholders and Insurers

Posted on

October 3rd, 2016

Andrew

shutterstock_138016598 - Copy When a policyholder first contacts their insurance after an accident or theft, they are contacting a first notice of loss (FNOL) call center. These call centers operate all year round to make the claim process go as smooth as possible for the policyholder. FNOL call centers also benefit the insurance companies as well. They guarantee the insurer receives the relevant claim information as soon as possible

FNOL and the Policyholder

FNOL is important to the policyholder for a number of reasons. The most important is it gets the ball rolling on their claim. Some insurance companies have different procedures for various types of claims. This can be confusing for a policyholder, especially while they are dealing with a stressful situation like an accident or theft. The FNOL agent can help guide the policyholder through the process to reduce stress and confusion.

FNOL and the Insurer

Efficient FNOL call centers enhance a policyholder’s trust in their insurer. An FNOL call center agent is the first person the policyholder will speak with during the claim process. This presents the opportunity to show policyholders that their insurer can handle their claim with competence and care. As a result, the FNOL process can play a big role in customer satisfaction and retention.

Full-Cycle Claim and Incident Reporting

Proficient FNOL call centers are only the first step to ensuring excellent claim management. Taking a full-cycle approach to the claim process shows policyholders their insurer cares more about delivering satisfactory service than transferring information to the appropriate department. Actec is the premier leader in full-cycle claim and incident reporting. To learn more about implementing a full-cycle claim management process, contact the experts at Actec.

Automated FNOL and Claim Intake

Posted on

September 20th, 2016

Andrew

absence management video image border Many companies are looking for ways to improve their claim intake process. Technological solutions are often a high priority. Such technology boasts electronic crash detection, automated first notice of loss (FNOL), prognostic solutions that aid in the vehicle repair process, and more. It works for insurers similar to how OnStar functions for drivers. However, while there are benefits to such technology, there are a number of drawbacks as well.

Benefits

Collision injury support. The technology includes contacting rescue support in the event of a collision. Even if the driver is not injured, knowing that assistance is on the way can help keep them calm. This is helpful for drivers who do not have security systems like OnStar.
Automated claims. Many policyholders are shaken up after an accident. They may not think to contact their insurance right away or may be too panicked or injured to do so.
Reduce hit and run incidents. This technology can help eliminate hit and run collisions. If the policyholder flees the scene of the accident, their insurance company will still know about it. The police will be able to subpoena the insurance company for the information and help aid the other individual involved in the accident.

Concerns

Fender benders. If an accident is not severe and the damage caused is negligible, the policyholder may not wish to contact their insurance. Accidents increase insurance rates, so some policyholders opt to pay for repairs out of pocket. This technology would inform the insurance company regardless, triggering the first notice of loss.
Overtaxing law enforcement. While the technology can assess the severity of the crash, it will always notify local law enforcement. Minor incidents do not often require a police presence.
Damage to the vehicle. In order to get the most accurate damage estimates, a physical person should inspect the vehicle. If the predictive technology is imperfect then the policyholder may not receive adequate money to repair the vehicle. The vehicle may even be beyond repair.

To achieve similar benefits without the significant drawbacks of such an implementation, it’s best to develop in-house solutions that work and improve your FNOL and claims process. To learn more about how to improve your claims management process, contact us.

FNOL: Is Your Claims Process Hurting Customer Retention?

Posted on

September 6th, 2016

Andrew

shutterstock_174875483 When a customer first contacts their insurer, this is the best chance to have a lasting and positive influence on their experience. However, if the notice of loss process is not efficient or requires a lot of leg work on the customer’s part, they will likely have a long-term negative association with their insurer. Once the customer initiates the process, other factors begin to affect their overall perception as well. Communication with employees, ease of understanding the claims process, and how fast the insurer handles their claim all contribute to the customer’s final opinion.
Ineffective claims processes are often the root of customer dissatisfaction. Traditional claims processes segment the claims manually which can lead to delays. Another element that slows down the claims process is high employee turnover rates. This reduces work quality and further interrupts the process.
A major way to improve customer satisfaction is to meet their technological expectations. Many customers want a digitized claims process that is clear and progresses without their continued input. While dated systems can hinder this, there are ways to improve the customer’s experience.
To improve the FNOL process, insurers can:

Automate the initial claims process by going digital. Automating segmentation can reduce the amount of effort required for both the customer and the insurer.
Engage in proper staff management and forecasting. If an insurer knows what time of year is busiest, they can fill labor gaps without overtaxing their permanent workforce. This will reduce turnover and training time as well as increase work quality.

By focusing on meeting the customers’ needs and expectations during their time of crisis, insurers can improve customer satisfaction and retention. To learn more about claim management, contact us.

Do Your Customer Relationships Have Spark?

Posted on

July 19th, 2016

Andrew

shutterstock_138016598 - Copy The First Notice of Loss process is an important part of your relationship with your customers. If you want your relationship with customers to have spark, then you need to have these four key elements.

The willingness to be flexible: FNOL Strategies and the claims process need to be iterative. If your company always looks for ways to exceed customer expectations, then you will have a strong relationship with your customers.
The willingness to work together: If you want to know how to improve customer satisfaction you need to work with your customers. They will be able to provide you with insights that are impossible to gain any other way.
The willingness to increase loyalty: Don’t think that just because a customer doesn’t complain that they are happy. Always work on increasing the loyalty of your customers to make sure they have bought into your organization wholeheartedly.
The willingness to respond positively: Don’t respond negatively when a customer complains. If they didn’t care about your organization, they would leave. Take their criticism as it is intended and work on improving your processes.

Sometimes changes in FNOL processes don’t start within the organization. There are times when your customers are signifying that your company needs to change certain procedures with complaints on social media, via emails and customer service phone calls. Learn to listen to these criticisms and have a mechanism in place to make improvements based on customer feedback.
And for more valuable information on improving your FNOL processes, contact the experts at Actec.

5 Trends in FNOL Processes

Posted on

April 19th, 2016

Andrew

shutterstock_252811903 - Copy There have been recent changes in five main areas of FNOL management. These five trends are in the area of pricing, technology, customer behavior, regulation and staffing practices. These five trends in FNOL processes will require companies to adapt if they want to guarantee continued success.
Pricing
Companies need to balance reducing expenses against ROI of potential investments. This has become important due to the need for FNOL processes to be flexible, available on multiple channels, and responsive against the need to maintain profit margins in an environment where premium growth is slower.
Technology
Companies continue to seek better data analysis tools and predictive modeling in order to improve underwriting practices and detect fraud. Better technology is also important to reduce claims cost and increase consistency while providing access on more channels.
Customer Behavior
Connectivity is important to meet customer demand of better pricing, better customer service and increased accessibility. Companies need to be able to understand their customers better in order to enhance the FNOL experience, which is often a key touch point with customers.
Regulation
Since regulatory intervention and scrutiny is on the rise, companies need to increase key aspects of the FNOL Process:

Greater transparency
Improved reporting capabilities
Streamlining compliance processes

By being proactive when addressing multiple regulations, companies can eliminate the risk of fines and penalties due to compliance issues.
Staffing Practices
The aging workforce is leaving behind a skills gap that is difficult to fill. Most companies don’t have plans in place to meet their future staffing needs nor do they understand the intricacies of recruiting the millennial workforce. Businesses have to start creating recruiting policies today to ensure they have a skilled workforce that will be able to handle FNOL processes quickly and efficiently.
With the changes in pricing, technology, customer behavior, regulation and staffing practices, many businesses are finding it difficult to maintain an efficient FNOL process. Contact Actec today to learn how they can help you manage this vital customer touch point.

The Five Critical Steps of Managing the FNOL Process

Posted on

April 5th, 2016

Andrew

shutterstock_138016598 - Copy When a customer submits a claim, it is important for you to remain in control of the FNOL process. This will help you in the later stages, such as negotiation and settlement. Here are five mission-critical steps of the first notice of loss process that are essential for maintaining control of a claim. When the process begins, it’s vital to cultivate a positive relationship with the customer. This happens by:

Having good listening skills
Knowing the details of the file
Understanding how to develop the claim
Considering all relevant information factors
Determining how to handle the initial investigation

A positive relationship will help your company work through the process with the claimant. This will prevent the claim from stalling because the customer resists part of the process or holds the company hostage during the negotiation process.
Managing the FNOL process puts your company in control but still creates a positive experience for the customer. Not all claims will progress smoothly, but utilizing strategies that manage first notice of loss will help you work with your customers if the process gets rough.
If you are looking for ways to put your company in control with FNOL management, contact the experts at Actec.

5 FNOL Terms You Need to Understand

Posted on

March 10th, 2016

Andrew

shutterstock_252811903 - Copy As with any industry, insurance is filled with abbreviations. The abbreviations regarding FNOL call centers are important for businesses to understand if they want to improve customer satisfaction and handle claims efficiently. Here are five terms you need to understand for your FNOL Call Center.
ASA
ASA stands for Average Speed to Answer. This is the amount of time it takes for your intake specialists to respond to inbound calls. If your ASA is too long you may have issues with ATA.
ATA
ATA is an abbreviation for Average Time Abandonment. If a customer is on hold too long they will disconnect the call. If a customer hangs up because they receive a recorded message, the phone rings for a long time without being answered or the individual is left on hold too long you will have to deal with dissatisfied customers. Two reasons for increased customer disconnects can be ATB and CHT.
ATB
ATB or All Trunks Busy is a term used when all lines are engaged so the call center can’t receive additional inbound calls or make outbound calls. ATB often occurs when a company doesn’t have the right infrastructure to handle call volume.
CHT
Call Handling Time (CHT) is the total time it takes for a call center representative to handle a claim, including time on the phone with the customer and time after the call to complete the necessary paperwork. If an intake specialist takes too much time handling one claim, the ASA is increased, which affects the companies ATA. EDI may also impact CHT, thereby decreasing the quality of the entire intake process.
EDI
EDI is the Electronic Data Interchange used by all claim management parties. The more efficient a company’s EDI is, the faster a call center can complete a FNOL intake form. Efficient EDI also reduces penalties, fines and customer dissatisfaction.
Understanding these five terms and managing their impact on your call center will create an efficient FNOL intake process. Some companies have a handle on these five terms, while others need to find ways to improve their FNOL management. Contact the experts at Actec for more information about our proprietary intake solution, and how you can use it to improve workflow and improve customer satisfaction

FNOL Predictions 2016

Posted on

February 15th, 2016

Andrew

shutterstock_138016598 - Copy As insurance and technology evolve, the FNOL workflow process is undergoing important changes. We expect a number of shifts to take root in 2016, including:

Consumer Engagement Key Metric: Consumer engagement will become a key metric for both buying criterion and performance metrics. FNOL call centers will need to engage customers and ensure satisfaction in addition to filing claims.
Processes that Can 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, it will also allow companies to supply more information for FNOL processing to reduce the time it takes to complete documentation.
All in One Place Platforms: The availability of all in one place platforms for FNOL processing will increase efficiency while decreasing the need for multiple systems.
Sophisticated Data Modeling: Improved analytics and data modeling will help companies refine the FNOL process.

2016 will see insurance technology improvements that will effect FNOL process management and enhance customer engagement. 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. With better data and faster processing, companies will be able to hit customer engagement goals and ensure satisfaction.
Contact the experts at Actec to learn how our proprietary solution can help you increase customer engagement with scalable solutions and improved data management.