How Powerful Telematics Technology is Changing FNOL

Posted on

December 18th, 2017

Car driver The auto industry is no stranger to technology. Automotive technology has allowed for drastic improvements in driver safety as well as increased connectivity. With the rise of telematics, first notice of loss (FNOL) underwent a significant transformation.

Understanding Telematics

Telematics is more than just data. It is a connection between onboard computers and wireless technology. This connection allows the vehicle’s computers to share information with several platforms, improving safety and forever altering the FNOL landscape. One of the first major uses of in-vehicle telematics was with communications and security systems. If an individual was involved in an accident, the vehicle’s communication system could call for help on the driver’s behalf.
Another use for telematics was adjusting car insurance prices based on driver behavior. Insurance companies use a variety of factors to determine each individual’s insurance rate. However, with telematics, a driver could secure better rates by proving they do not speed, make hard brakes, and so on. Now, insurers can use telematics to establish FNOL as well.

Telematics and FNOL

Vehicles equipped with computers and sensors can do more than dial out for help in the event of an accident. Those sensors can pull details adjusters need to start the claims process such as where the accident occurred, how fast the vehicle was traveling at the time of the accident, what areas of the car were damaged, and more. This can allow the adjuster to begin working on estimates, expediting the claims process.
FNOL telematics allows insurance adjusters to resolve more claims in less time, which provides a boost to customer satisfaction. Happy customers are also more likely to recommend their insurer to friends and family, which can increase the customer base as well. To stay up to date with the latest FNOL technologies, contact the experts at Actec.

Technology Expedites Claims During Catastrophic Events

Posted on

September 5th, 2017

Andrew

shutterstock_306793247 - Copy Natural disasters and catastrophes are proving grounds for insurance providers. When a customer submits a claim, it is usually during a stressful event. During catastrophic weather incidents, customers need swift resolutions more than ever. This past Friday, Hurricane Harvey began wreaking havoc in and around Houston, TX. The degree of loss is much larger than a standard claim incident and presents a large challenge for insurance providers.

Simplifying FNOL

Thankfully, insurance companies are no longer pen and paper operations limited by their number of employees. For example, technology can now help adjusters manage claims without inspecting each one in person. This increases the number of claims a single adjuster can take on by a significant margin. Technology also simplifies first notice of loss (FNOL). Customers can submit claims by chat, video, or online portals.

Reducing Fraud and Expediting Claims

Technology reduces fraudulent claims as well. For instance, data mapping can allow insurance companies to determine if an individual’s home was in the path of destruction to corroborate their claim. Once the storm system moves on, adjusters can deploy drones to survey and assess the damage without having to travel to the location themselves. This not only improves safety for adjusters, it expedites claims. Customers no longer have to wait for adjusters to examine the damage in person before releasing funds.

Staying Connected with Customers

Technology serves one last major purpose: constant connectivity. Insurance companies can provide live updates on their social sites. Displays of compassion are vital to nurturing the customer’s experience during disastrous events. They help show customers that their provider cares about their plight. Actec understands insurers need working systems to speed up claims resolutions. To learn more about claims management, contact us.

More Insurers Turn to AI for FNOL

Posted on

June 5th, 2017

Andrew

Many industries make use of Artificial Intelligence (AI) for basic customer service tasks. This frees up associates’ time to help customers with details that are more complex. This improves the customer’s experience and boost their loyalty. It is no surprise that AI is making headway in the insurance industry as well.
However, AI is not without its limitations. Issues such as imperfect speech recognition, incomplete historical data, and a general distrust of artificial intelligence programs prevent insurance companies from fully embracing the technology. For now, those companies that do use AI only do so for tasks their mobile apps or web portals can accomplish. For example, several insurers now make use of virtual assistants for their chat portals.

A Need for More Data

The largest hang up by far is a lack of claims data. AI programs cannot make informed decisions without historical information. Once companies have amassed enough data, AI can make decisions to speed up the claims process. For example, AI could handle first notice of loss (FNOL) and file the necessary information much faster than an agent can. This would allow insurance agents to skip to the next step in the claims process. The faster an insurance company resolves a claim, the happier their customers are.

Speech Barrier

The next problem halting a full AI integration is inadequacies in speech recognition. Speech recognition programs do not understand idioms or long, involved sentences. However, most individuals do not speak in a concise manner after an incident. Fortunately, technology is catching up to this; however, until it is fully functional, insurance companies will only trust AI to perform simple tasks.

Legacy Systems

The main goal of incorporating AI is to improve the customer’s experience by speeding up the claims process. The final obstacle to this is legacy systems. Many insurance companies rely on dated programs and technology to complete their claims process. Some tried retrofitting their data to work with newer technologies, but this provides limited functionality. Actec can help insurers overcome these issues by implementing in-house solutions to improve claims management. This includes complete FNOL tracking, escalating claims when necessary, call logging, and many other features. Contact the experts at Actec to learn more.

Using Metrics Data to Improve the Claims Process

Posted on

October 10th, 2016

Andrew

shutterstock_251707783 sm Integrating your claims process with technology can provide a number of benefits. Your company can reap most of these benefits through the collection and analysis of data. Simply having the data is not enough, though. Claims management should use the data to improve operations, discover trends, and forecast future claims.

Data to Improve Operations

Metrics can locate areas that need improvement within your claims process. They can also show you where your claims process is performing at its best. You can leverage this information to implement practices that improve the areas where you are weakest. Relevant data include:

Open and close rates
Closing ratios
Age of claim (time it takes from receipt to move it forward in the claims process)
Workloads of employees

Data to Discover Trends

Discovering trends can help your company manage incoming claims. It allows you to take a more aggressive approach to managing certain types of claims based on trend data. It can also allow your company to make changes to reduce the frequency of certain types of claims.

Data for Predictive Modeling

Knowing trends is great, but predicting the outcome is better. While predictive models will never remove the needs for a claims expert, it can help assist and expedite the claims process. For example. Predictive tools can alert the claims representative of a potential fraudulent claim.
Data collection can help you streamline your claims process. To learn more about claims management and custom claims solutions, contact us.

Electronic Data Interchange (EDI) is Now a Cost-Cutting Tool

Posted on

June 10th, 2015

Andrew

An electronic filing system allows you to transmit data electronically to other parties while minimizing mistakes and saving time. FROI, SROI and medical bills can be carefully reviewed before submission to avoid delays. Additionally, these are some other benefits of e-Filing:
Improved Customer Service: Timely, resourceful and cost-effective services that help streamline communication with customers.
Quick turnaround time: Mailing, handling and other paper documentation are eliminated as well as processed and reclaimed faster.
Minimizes cost: Compared to manual processing, EDI allows for cost reductions that give staff resources that can be redistributed to other areas.
Other probable savings: Costs associated with procurement, printing, postage, storage, replacement, stocktaking and distributing printed forms are minimized (and sometimes eliminated) with the use of electronic state filing.
Different states have various requirements for EDI filing, so always consult with a professional.
At Actec, we’re committed to helping you with your EDI filing requirements. To find out more about our services, contact us today.

Why So Many Claims Happen At Night

Posted on

December 19th, 2014

Andrew

Today’s society is now running all of the time, and people are now doing everything at all times of the day. This means great things for the output of our country and getting things done, but it also means that a claim can occur at any time of the day or night.

People now do things at night that they use to only do during the day, including working, running and just about anything else you can imagine. In addition the biggest claim areas most insurance companies worry about also have a very good chance of happening at night.

Though driving accidents have been down over 40% of fatal car accidents still happen at night. In addition, of the over 2,500 deaths caused each year by home fires most of them occur during the night time when the family is sleeping.

Given all of this, insurance companies need to be sure they offer optimal after hours claim services so their customers are well taken care of at their greatest time of need. To learn more about these services click here.

High Tech Claims Management and Incident Reporting

Posted on

September 15th, 2014

Andrew

In incident reporting and claims management, it’s critical to stay ahead of the game. This means leveraging all available methods of communication and organization to optimize the client experience. Data integration across all contact methods is crucial. This includes telephone, e-mail, fax, and web entry in order to ensure consolidated reporting and may be filtered by contact method. 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 available, allowing regular electronic distribution of reports daily, weekly, monthly, or by custom period to multiple recipients based on level of management within your organization. VoIP solutions are invaluable in enhancing telephonic intake by quickly connecting intake specialists with policyholder account information. Call switch statistics must be available for management reporting by individual incoming number. With these tools, complete call statistics and all associated time tracking may be summarized and archived down to thirty-minute intervals.

To maintain quality standards, Actec trainers and supervisors monitor daily, listening to live calls and recordings in conjunction with remote observation of FNOL intake. We record all calls, which are stored as .wav files and readily accessible. Using RightFax, we are also able to log and distribute in- and out-bound faxes and e-mails for efficient and fully accountable document management. Thorough, advanced organization is key to achieving FNOL success via claims management and incident reporting.

FNOL Technology Supports Uninterrupted Operation

Posted on

June 6th, 2014

Andrew

When leveraging FNOL (first notice of loss) operations, it’s crucial to stay ahead technologically, harnessing all available venues to maximize the client experience. 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 available, allowing regular electronic distribution of reports daily, weekly, monthly, or by custom period to multiple recipients based on level of management within your organization.

VoIP solutions are invaluable in enhancing telephonic intake by quickly connecting intake specialists with policyholder account information. Call switch statistics must be available for management reporting by individual incoming number. With these tools, complete call statistics and all associated time tracking may be summarized and archived down to thirty-minute intervals.

EDI Filing – A Vital Component of Claim Management

Posted on

February 12th, 2014

Andrew

Actec Systems is a leading provider of incident reporting and claim management services in the insurance industry. Having been in this field for many years, they have special expertise in handling workers’ compensation claim administration, short-term and long-term disability claims. The specialists pay special consideration to quick and accurate
capturing of complete information. It is vital that when an incident occurs, complete and critical details are collected. First Notice of Loss is the first report of a claim and forms an important part of your risk management program.

Whether it is commercial and personal lines claims, non-claim reports and inquiries or catastrophic events, Actec Systems is the best source for all of your risk management needs. The intake specialists are available 24/7, 365 days a year so that all vital details can be recorded in First Notice of Loss. The incident notices are then distributed to other
specialists for a quick turn-around. With Actec Systems, you need not worry about the security of the information as their internet self-entry is completely secure. It is integrated with a back-end intake system to ensure there is no loss of functionality. EDI filing is also a part of their services. Claims are submitted via electronic data interchange for the purpose of submission, dissemination and data consolidation.

EDI filing is required to be done by every company and most of them find it difficult to complete the complications involved. With the increasing role of e-commerce, no business can afford to ignore the relevance of the internet in the success of their enterprise. The requirements of EDI filing are different for different states and without the help of professionals; it can be a time-consuming task. Also, missing or invalid data or delays in filing can cause you more fines and troubles. The specialists at Actec Systems
are committed to helping you with all of your EDI filing needs. They carefully review FROI, SROI and medical bill filings before submission to filing to avoid delays and time-consuming submissions. The best practices followed by Actec reduce the need for follow-up. For more details, please browse through www.actec.net.

After hours, Overflow and Call Center Closure coverage for FNOL

Posted on

December 7th, 2011

Andrew

Since July 2004, Actec has provided all after-hours, overflow, holiday and unanticipated closure coverage for a large national insurance company. We currently have nearly 40 phone lines coming in for this client, for each of their claims offices, their primary care center and several large accounts with custom requirements. Calls range from 50 to 500 daily (primarily after-hours). When unexpected volume is directed to Actec, an additional several hundred calls can be offered during a 2-3 hour timeframe with short notice (if any). Our Intake Specialists enter claims real-time via Internet directly into the client’s claim system and take inquiry messages in our own application, which are automatically emailed to the appropriate recipients for prompt handling.