Using Metrics Data to Improve the Claims Process

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October 10th, 2016

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shutterstock_251707783 smIntegrating 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.

Why First Notice of Loss is Important to Policyholders and Insurers

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October 3rd, 2016

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shutterstock_138016598 - CopyWhen a policyholder first contacts their insurance after an accident or theft, they are contacting a first notice of loss (FNOL) call center. These call centers operate all year round to make the claim process go as smooth as possible for the policyholder. FNOL call centers also benefit the insurance companies as well. They guarantee the insurer receives the relevant claim information as soon as possible

FNOL and the Policyholder

FNOL is important to the policyholder for a number of reasons. The most important is it gets the ball rolling on their claim. Some insurance companies have different procedures for various types of claims. This can be confusing for a policyholder, especially while they are dealing with a stressful situation like an accident or theft. The FNOL agent can help guide the policyholder through the process to reduce stress and confusion.

FNOL and the Insurer

Efficient FNOL call centers enhance a policyholder’s trust in their insurer. An FNOL call center agent is the first person the policyholder will speak with during the claim process. This presents the opportunity to show policyholders that their insurer can handle their claim with competence and care. As a result, the FNOL process can play a big role in customer satisfaction and retention.

Full-Cycle Claim and Incident Reporting

Proficient FNOL call centers are only the first step to ensuring excellent claim management. Taking a full-cycle approach to the claim process shows policyholders their insurer cares more about delivering satisfactory service than transferring information to the appropriate department. Actec is the premier leader in full-cycle claim and incident reporting. To learn more about implementing a full-cycle claim management process, contact the experts at Actec.

Automated FNOL and Claim Intake

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September 20th, 2016

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absence management video image borderMany companies are looking for ways to improve their claim intake process. Technological solutions are often a high priority. Such technology boasts electronic crash detection, automated first notice of loss (FNOL), prognostic solutions that aid in the vehicle repair process, and more. It works for insurers similar to how OnStar functions for drivers. However, while there are benefits to such technology, there are a number of drawbacks as well.

 Benefits

  • Collision injury support. The technology includes contacting rescue support in the event of a collision. Even if the driver is not injured, knowing that assistance is on the way can help keep them calm. This is helpful for drivers who do not have security systems like OnStar.
  • Automated claims. Many policyholders are shaken up after an accident. They may not think to contact their insurance right away or may be too panicked or injured to do so.
  • Reduce hit and run incidents. This technology can help eliminate hit and run collisions. If the policyholder flees the scene of the accident, their insurance company will still know about it. The police will be able to subpoena the insurance company for the information and help aid the other individual involved in the accident.

Concerns

  • Fender benders. If an accident is not severe and the damage caused is negligible, the policyholder may not wish to contact their insurance. Accidents increase insurance rates, so some policyholders opt to pay for repairs out of pocket. This technology would inform the insurance company regardless, triggering the first notice of loss.
  • Overtaxing law enforcement. While the technology can assess the severity of the crash, it will always notify local law enforcement. Minor incidents do not often require a police presence.
  • Damage to the vehicle. In order to get the most accurate damage estimates, a physical person should inspect the vehicle. If the predictive technology is imperfect then the policyholder may not receive adequate money to repair the vehicle. The vehicle may even be beyond repair.

To achieve similar benefits without the significant drawbacks of such an implementation, it’s best to develop in-house solutions that work and improve your FNOL and claims process. To learn more about how to improve your claims management process, contact us.

5 Ways to Personalize First Notice of Loss Reporting

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July 5th, 2016

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shutterstock_306793247 - CopyYour FNOL team will be seen as the voice of your company by your customers. It’s essential to personalize the way your organization handles First Notice of Loss reporting by following these five tips.
Communicate with Sincerity
You want to make sure all of your communications with customers are sincere, especially when handling a claim. Have live operators to handle FNOL calls and have them identify themselves to the customers. Hire representatives who have people skills as well as technology skills and who share your company values.
Handle Claims Proactively
Make sure claim representatives don’t just take down information and fill out forms. Train operators to be able to notice potential underlying issues and resolve them immediately or pass the information on to the right department. Solving problems before they occur will help the claims process run smoothly and increase customer satisfaction.
Offer Convenient Communication Channels
Multi-channel FNOL reporting has become an essential element – leverage this strategy by having the same operator help process the claim from start to finish, even if this occurs over multiple channels. If one representative answers a customer’s tweet, email and phone call the customer will feel a personal connection to the employee and this will improve their experience.
Offer Multiple Methods of Form Delivery
In addition to allowing customers to file their claims on multiple channels, your company should also be prepared to deliver forms in multiple ways.  Attaching a jpeg to a tweet, texting information or attaching forms in an email can help customers receive the paperwork they need sooner so they can begin the recovery process faster.
Don’t Promise What You Can’t Deliver
In an effort to calm an upset customer, a customer service representative may make promises the company can’t keep. Not only does this not improve the situation, it can hurt the company’s reputation. Train your representatives to only make promises the company can keep and to always tell customers the truth, even if it is something they don’t want to hear.
Learn more ways you can improve your First Notice of Loss reporting by contacting the experts at Actec.

Completing the FNOL Process with Value Added Services

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June 7th, 2016

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shutterstock_138016598 - CopyPeople are taught that when they get into a car accident the first thing they need to do is call their insurance agent. What your FNOL call center and adjusters do when customers call to report an accident will help make the entire claims process easy or just another part of their new nightmare.
Putting People First
When a person calls to report an accident, the call center agent shouldn’t just open their computer screen and start asking questions so they can fill out the necessary forms. The first question anyone asks when they hear someone has been in an accident is “Are you all right?”
Before an agent event touches a form, they should ask the customer if they are all right and tell them how sorry they are that this has happened to the individual. Put the person first before the claim and this will help your company make a human connection with the customer.
Immediately Send Important Details
In addition to filling out the necessary paperwork, the FNOL specialist needs to let the customer know everything that will happen in the next several hours, days, and weeks. Let them know if they qualify for a rental car, explain how the car will be inspected, let them know how quickly the claim will be processed, and when the customer can expect funds for repairs or to pay off a loan if the car is totaled.
After completing the FNOL process, the agent needs to send a written copy of this information to the customer. The person will have many things going on in their heads at that moment and may still be in shock. They may forget what the call center agent said five minutes after they hang up the phone.
Sending a copy of a list of next steps and customer responsibilities will help increase customer satisfaction and make sure the customer does what they need to do to complete a claim. Sending it in multiple formats, such as text and email, in addition to updating their online insurance information, will offer an added value that your customers will appreciate as they try to get their lives back to normal.
Be Proactive
The FNOL specialist, adjuster and anyone else who handles the claim should be proactive throughout the process. Contact the customer via phone or email on a regular basis to offer updates and to check on how the person is doing. This will reduce the customer’s stress and help them understand what is going on with their claim without having to log on to the company website or call the insurance agent.
Offering value added services doesn’t have to be time consuming or expensive. Showing that your company cares about the individual, being proactive with claim updates and offering next step information across multiple channels are small improvements that will offer your company big rewards.
And to learn more ways your company can improve your FNOL process, contact the experts at Actec.

The Five Critical Steps of Managing the FNOL Process

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April 5th, 2016

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shutterstock_138016598 - CopyWhen a customer submits a claim, it is important for you to remain in control of the FNOL process. This will help you in the later stages, such as negotiation and settlement. Here are five mission-critical steps of the first notice of loss process that are essential for maintaining control of a claim. When the process begins, it’s vital to cultivate a positive relationship with the customer. This happens by:

  • Having good listening skills
  • Knowing the details of the file
  • Understanding how to develop the claim
  • Considering all relevant information factors
  • Determining how to handle the initial investigation

A positive relationship will help your company work through the process with the claimant. This will prevent the claim from stalling because the customer resists part of the process or holds the company hostage during the negotiation process.
Managing the FNOL process puts your company in control but still creates a positive experience for the customer. Not all claims will progress smoothly, but utilizing strategies that manage first notice of loss will help you work with your customers if the process gets rough.
If you are looking for ways to put your company in control with FNOL management, contact the experts at Actec.

FNOL Predictions 2016

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February 15th, 2016

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shutterstock_138016598 - CopyAs insurance and technology evolve, the FNOL workflow process is undergoing important changes. We expect a number of shifts to take root in 2016, including:

  • Consumer Engagement Key Metric: Consumer engagement will become a key metric for both buying criterion and performance metrics. FNOL call centers will need to engage customers and ensure satisfaction in addition to filing claims.
  • Processes that Can Scale: As companies try to lower costs and increase effectiveness they search for processes that can scale. Software that can scale the FNOL process will be a competitive advantage.
  • Quality Data For Processing: As wearable technology and the Internet of Things improves data collection, it will also allow companies to supply more information for FNOL processing to reduce the time it takes to complete documentation.
  • All in One Place Platforms: The availability of all in one place platforms for FNOL processing will increase efficiency while decreasing the need for multiple systems.
  • Sophisticated Data Modeling: Improved analytics and data modeling will help companies refine the FNOL process.

2016 will see insurance technology improvements that will effect FNOL process management and enhance customer engagement. Better data, analysis and modeling will help companies determine how to improve FNOL process management. All in one place platforms and software that can scale will help refine the management flow of claims by increase up to date information and decrease input errors. With better data and faster processing, companies will be able to hit customer engagement goals and ensure satisfaction.
Contact the experts at Actec to learn how our proprietary solution can help you increase customer engagement with scalable solutions and improved data management.

Article Exceeds 10,000 Views: What Is First Notice of Loss?

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February 9th, 2016

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shutterstock_229854826 1920x750First Notice of Loss (FNOL) is a crucial component of operating an insurance business, though few fully understand and leverage it. So it’s not surprising that an article on this topic written by Actec Systems has recently exceeded 10,000 views. A synopsis of this popular article follows:

Many are 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 policyholders 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 policyholders and insurance companies? Obviously the key function of a notice of loss is to alert the responsible 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 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 been undergoing a metamorphosis offering insurers an opportunity to demonstrate their relative professionalism at a time where their policyholders 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. First notice of loss (FNOL) is a critical component of client satisfaction and customer retention.

Actec specializes in first notice of loss, claim management, and absence reporting, and is a recognized expert in the industry. You can read the full article here. For more information on FNOL, absence reporting, and claim intake systems, call Actec at 1.800.862.2832.

Are FNOL Apps The Next Big Thing?

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February 2nd, 2016

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The saying “there’s an app for that” doesn’t apply to First Notice of Loss (FNOL). At least not yet. As insurance companies rush to maintain competitive advantage with top of the line service offerings, an FNOL app may be the next big thing. But is it what customers want?
People Don’t Think About Insurance
People don’t think about their insurance. Then, when something does happen, the last thing a person thinks about is contacting their insurance agent. FNOL reports are often delayed because the insured didn’t consider reporting the loss while in the middle of the situation.
An App May Fix That
People do love their smart phones and are always looking for new apps to make their lives easier. If they had an FNOL reporting app on their phone they may consider filing their claim sooner. It would also benefit companies because they wouldn’t have to have 24/7 call centers staffed with agents who specialize in FNOL intake.
Do Customers Want It?
Would customers want to use an FNOL app or does it just sound good to insurance companies? Older customers still feel more comfortable talking to people on the phone when handling important matters such as First Notice of Loss. Even millennials, who love DIY portals on websites, still prefer to call their insurance agents in certain situations, such as discussing their policy, payment issues and filing claims.
So for now an FNOL app doesn’t seem like a good solution to intake claim management. It is still important to have an effective FNOL intake strategy in place, which includes a 24/7 365 call center.
Contact the experts at Actec for more information about our proprietary intake solution, and how you can use it to improve workflow and improve customer satisfaction.

FNOL Workflow Enhanced With Tailored Solutions

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January 19th, 2016

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Costs related to data errors and processing inefficiencies are the most expensive elements of the FNOL process. If you can create a customized workflow with tailored software and intake management solutions, your company can improve return on investment and increase customer satisfaction.
Multiple Systems Involved with FNOLshutterstock_252811903 - Copy
First notice of loss reporting combines both customer relationship management systems and content management systems. Information updates aren’t always available in real time, which can impact the entire claims process. It can also lead to expensive situations, such as:

  • Delayed status reports
  • Processing delays due to verification from multiple systems
  • Data entry errors due to a lag in system updates
  • Processing mismanagement due to misfiling of claims

Intuitive and Customized Workflow
In order to increase efficiency, companies need a customized workflow that helps guide agents and documents through a customized system for specific business needs. This can help:

  • Guide agents through the correct process
  • Route claims through proper handling systems
  • Track activity to offer status updates
  • Offer a 24/7 touchpoint for the customer

A one size fits all software solution may not be right for your business. Contact the experts at Actec for more information about our proprietary intake solution.