STATE OF CALIFORNIA RELEASES (FROI) First report of injury state filing statistics for 1 year period 9/2009 to 9/2010

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November 16th, 2010

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The state of California recently released statistics to all companies filing Workers Compensation(FROI). Actec had a success rate of 99.1% of all reports submitted were accepted by the state on the first submission.

The industry average for the 1 year period was 77.4% acceptance on first submission.

Actec works diligently to make sure your reports are filed timely and accurately thus avoiding re-filing, and potential fines. If you are not using Actec for state FROI filings feel free to call Paul Neleman at 770-916-6847.

What is First Notice Of Loss And Why Is It Important To Both Policy Holders And Insurers?

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November 16th, 2010

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Most people and companies are often unaware that when they first contact their insurance provider to report theft, loss or damage that they are actually contacting a first notice of loss (FNOL) call center. FNOL call centers typically operate 365 days a year, round the clock, ensuring policy holders can easily report a loss, and further, that the respective insurance companies receive timely and accurate claim loss data.   

First notice of loss operations are sometimes staffed internally, but more frequently these days, the operations are outsourced to a specialist. As one can imagine with any 24/7 by 365 day a year operation, staffing, training and accurate claims intake are challenging for any organization. There are different types of vendors which offer solutions for FNOL, some offer software, others offer a comprehensive call center based on a proprietary application, and still others customize their call center operation to accommodate any platform. These are platform agnostic vendors who claim to work with insurance companies’ existing platforms.

Why is first notice of loss important to both policy holders and insurance companies? Obviously the key function of a notice of loss is to alert the insurance entity as to the theft or destruction of something which is covered under the terms of the policy. In some cases, notification will precede the filing of a formal claim. In certain circumstances, the insured may contact a FNOL representative and follow specific rules of engagement relating to the policy parameters. This is happens often when a provider underwrites different types of insurance coverage and uses a specific format for each type of policy offered to consumers. Herein lies the challenge for many insurers, and the frustration for many of those insured, as policy specifics dictate both the necessary information intake, and the resulting claims processing process. In many cases, speed is of the essence. For example, theft relating to jewelry would require very specific loss notification, and further, rapid notification to the authorities and insurance provider can help result in improved odds of recovery.

First notice of loss has also been undergoing a metamorphosis offering insurers an opportunity to demonstrate their relative professionalism at a time where their policy holders are likely upset and under stress. This is an optimum time, regardless of whether the call center is in house or outsourced to demonstrate a customer centric attitude increasing customer satisfaction and loyalty. Thus, first notice of loss (FNOL) is a critical component of client satisfaction and customer retention.

FNOL Intake Specialists are key to Closing Claims Quickly

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November 10th, 2010

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Close claims quickly and manage risk at all levels of your organization with Actec’s Full-Cycle Claim and Incident Reporting Solutions. Actec FNOL Intake Specialists are available 24/7,365 days a year to be there when incident occur and to handle after-hours incidents and overflow. Actec is changing the rules of claim and incident reporting management with Claim and Incident Reporting solutions that improve productivity and reduce costs for commercial and personal insurance carriers, self-insured companies, third party administrators, and managed care organizations. Our highly customizable claim and incident reporting approach moves beyond just transferring information from policyholders to designated stakeholders to provide you with total information management.

Proper Claim and Incident Reporting is Critical

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November 3rd, 2010

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First Notice of Loss

Proper claim and incident reporting is critical.  When an accident occurs, it is important that all information is gathered and processed correctly – the first time.  If not, this will slow the reporting process.  Slow reporting then leads to slow claim payment and repairs.

Knowing what information is necessary and how to obtain it are paramount.  Most business owners are not claim management experts, and although their intentions are good, they do not possess the experience needed to build a complete claim and incident report.  This causes a lag in claim processing, leading to a delayed payment.

Do not let a failure to capture all relevant claim information slow down your business.

Case Study: After-hours, holiday and overflow backup

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October 27th, 2010

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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.

Full Cycle Claim Reporting

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October 22nd, 2010

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When the first notice intake and dissemination process is handled correctly, you can focus on what you do best. Full-cycle reporting adapts to your needs, differentiates your service level, and increases your productivity. It’s structured, yet flexible; professional yet personal; thorough, yet efficient. Discover how full-cycle reporting can help your business.