Posted by Andrew on September 24, 2018
Customer loyalty is harder to achieve than in years past thanks to aggressive competitor pricing and the ease of purchasing insurance online. It’s not new information that first notice of loss (FNOL) represents the single greatest moment to improve customer satisfaction during the claims process. However, creating a positive FNOL experience can turn a customer into a brand ambassador via word of mouth.
When a customer makes a claim, they are likely in a state of distress. They’re reporting a loss of some type, and are relying on their insurer to navigate the complexities of the claims process for them in a quick and efficient manner. If an insurance company suffers from a poor claims cycle, they are more likely to lose customers to competitors with more streamlined claims practices. From FNOL to claims resolutions, customers want the following from their insurance provider:
Above all, though, claimants want to know their insurance company will respond as fast as possible. Customers can initiate FNOL over the phone, via an app, an online website, and more. The moment they begin the FNOL process, the clock is ticking for the insurance company to assure the customer that they will take care of their needs.
What this really boils down to is superior communication. Now more than ever, customers want to know what is going on with their claim every step of the way. They want updates on each stage of the claims process as well as next steps. Customer-centric insurance providers know this and offer customers several ways to receive updates. Some customers prefer texts while others want a direct phone call.
An insurance company that takes the time to reassure their customers at the outset of a claim as well as maintains effective communications through the claim cycle is more likely to retain customers. While competitive pricing may lure customers briefly, superior services will win out in the end. Although insurers need to make certain their entire claims process is effective, FNOL sets the tone for the entire duration of a claim. If your FNOL processes are lacking, you run the risk of losing customers. Contact the experts at Actec to learn how we can help your company implement groundbreaking FNOL solutions.