{"id":5590,"date":"2023-01-18T13:08:03","date_gmt":"2023-01-18T13:08:03","guid":{"rendered":"https:\/\/in4mo.com\/?p=5140"},"modified":"2024-11-24T15:55:42","modified_gmt":"2024-11-24T13:55:42","slug":"fnol","status":"publish","type":"post","link":"https:\/\/www.in4mo.com\/support\/fnol\/","title":{"rendered":"Benefits of First Notification of Loss (FNOL)"},"content":{"rendered":"

Ben Arthur\u00a0<\/span><\/b>
\nCustomer Success Manager @ in4mo Solera
\nPublished on January 18, 2023 | 3 min read<\/p>\n

The foundation of any claim is the FNOL (First Notification of Loss) process. Achieving success in executing this part of the process and the remainder of the claim has a high probability of progressing with little to no challenges.<\/span>\u00a0<\/span><\/p>\n

Of course, any incident to a Policyholders home or business is a stressful situation. In some cases it is devastating. Insurance is invariably purchased with little knowledge of what the small print entitles you to, and there is hope for many that they\u2019ll never need to claim. If a Policyholder has to claim there is trepidation in what awaits them. This is why FNOL is so important. For many, the personal touch of being reassured, and comforted that the damage will be dealt with and that their well-being is accounted for is a reassurance that goes a long way to customer satisfaction.\u00a0<\/span>\u00a0<\/span><\/p>\n

As technology develops Insurers are constantly presented with new and exciting concepts that demonstrate the potential to improve processes for all parties involved in the claims process. As a new generation comes of age we\u2019re met with an appetite for more digital transactions, less patience, and self-sufficiency for the \u201cmundane\u201d. The new breed of Policyholders requirements is focussed on accessibility and ease of use. In response we have seen Insurance companies invest in apps, chatbots, and webforms to provide options alongside the traditional reporting method(s). Insurers continue to develop to satisfy customers, but what about the processes they need to undertake?<\/span>\u00a0<\/span><\/p>\n

Insurers priorities are serving the customer in the most effective, efficient, and economical way possible. The principles do not change but how countries operate do. We recognise from the conversations we have that geographically the approach can be different with the west traditionally favouring extensive supply chains, whilst the east focusses on process efficiency and predominantly agreeing cash settlements. Both are attempting to solve the same challenge, managing cost.\u00a0<\/span>\u00a0<\/span><\/p>\n

For other countries, the development of industries connected to property damage has led to further innovation and segmentation. Taking the same principles as the CEE example, and the Motor line of business (LOB), companies are now exploring how to increase straight-through processing (STP) opportunities and engagement thereafter of suppliers for the remaining claims. A tough balance that is assisted by technology. In McKinsey\u2019s article, <\/span>\u201cClaims 2030: Dream or Reality?\u201d<\/span><\/a>, they are at pains to advise: \u201c<\/span>We expect people to remain essential to the claims process and, thanks to the use of digital enablers and AI, work more productively and effectively<\/span>\u201d.<\/span>\u00a0<\/span><\/p>\n

The challenge is delivering solutions that can work in harmony with core systems, new innovations, with the foresight and willingness to evolve. Some Insurers have embarked on extensive in-house projects to deliver against their requirements. Many still want to engage the expertise of companies where integrations play a core role.\u00a0<\/span>\u00a0<\/span><\/p>\n

Having deployed against a several platforms in4mo recognises the demands and offers opportunities to integrate and then configure:<\/span>\u00a0<\/span><\/p>\n