First notice of loss (FNOL) represents the single greatest opportunity to improve a customer’s satisfaction with their insurer. However, when a customer initiates a claim, they are likely in an emotional state. Filing a claim after an accident, loss, or theft is stressful and customers have high expectations with diminished patience.
A customer’s experience matters for retention and recruitment purposes. If the customer has a negative experience, he or she may find a new insurer as well as tell his or her friends and family to avoid that insurance provider. In fact, customers are 60% more likely to talk about their bad experiences than their positive ones. Because of this, it behooves insurers to fine-tune their FNOL process to ensure their customers have the best claim outcome possible.
How Strong is Your FNOL Process?
The following questions can help insurers assess the strength of their FNOL process:
- Can customers start a claim through their smartphone? Technology has caused customer expectations to skyrocket, meaning they want to initiate a claim when they want, how they want, where they want. Customers want the ability to switch their methods of communication from phone conversations to digital interactions. This gives them the freedom to manage their claims from the palm of their hand.
- Do customers have several options for how to start a claim? Continuing with the above, customers like a variety of ways to contact their insurer about a new claim. Some prefer to speak to an insurance representative directly while others want to begin the process via digital methods. Forcing customers to initiate a claim in one specific way will frustrate them during an already stressful time.
- Can customers receive real-time updates on their claim? Customers don’t like to be left in the dark when it comes to their claim status. They want easy access to updates regarding their claim. This can allow them to stay up to date on verified documents as well as missing information notifications.
- Do employees have access to customer data? Allowing a customer to initiate claims from their smartphone is useless if employees don’t have access to that information. This requires customers to provide information multiple times, which frustrates them. If adjusters from various processes can’t connect to FNOL systems, they won’t have the data they need to progress the claim in a timely manner.
A poor FNOL process can cripple retention and recruitment efforts. Addressing the above points can help ensure a positive customer experience and continued customer loyalty. Contact the experts at Actec to learn how we can help you improve your FNOL process.