6 Things Adjusters Need to Tell Customers During FNOL

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April 15th, 2019

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First Notice of Loss (FNOL) sets the tone for a claim and has a huge effect on customer satisfaction. If the customer has a poor experience during FNOL, it is next to impossible to turn their opinion around. When a customer calls in to report property damage or loss, they’re likely in a sensitive emotional state and will need some guidance. The following instructions can help ensure the customer has a positive property claim experience as well as expedite the process:

  1. Secure the property to prevent additional damage. Some types of damage will only get worse the longer they are left in that state. Adjusters should encourage customers to take numerous pictures and then implement temporary solutions to prevent further damage. Not only does this help save some of the customer’s property, but it can also reduce the overall repair costs for the insurer later. The adjuster should also remind the customer to keep any receipts for items purchased to make the repairs. Of course, adjusters should only recommend this if the customer can safely access the property.
  2. Take pictures. Field adjusters will take pictures of the damage when they arrive. However, supplying an insurer with personal pictures can help adjusters assess the extent of the damage and expedite the claim if necessary.
  3. Retain all damaged property. While it may seem odd to hold onto damaged belongings, it helps adjusters determine the full extent of the loss. Throwing out items before an adjuster can see them can affect the total amount of compensation.
  4. Keep all receipts. Numerous expenses can occur following a loss. Adjusters should remind customers to retain all their receipts related to dealing with the loss as they may qualify for reimbursement.
  5. Generate a detailed list of lost property. When a loss first occurs, a customer may be able to rattle off everything they lost. As more time passes, it’s easy to forget various items, which can result in an unfair settlement. To ensure clients receive accurate compensation, have them write it all down on a list.
  6. Notify the police if applicable. Some losses are due to theft and adjusters should instruct customers to file a police report in that event as well.

When adjusters take the time to walk customers through the above, they improve their experience as well as help expedite the claim. To learn more ways to improve FNOL and the claim cycle, contact the experts at Actec.

Leveraging Analytics to Improve Claim Accuracy and Customer Outcomes

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April 1st, 2019

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Insurers have to go through a lot of information when working a claim. They receive notes from adjusters, details from customers, and then have to compare it all against fraud analytics. With each insurance representative handling numerous claims, there isn’t enough time in the day for them to sift through every piece of data they encounter.

With data analytics, insurance companies can better track claims escalation, priority, and potential fraud. The following are several ways data analytics can improve insurance claims:

  1. Fraud detection and prevention. Out of every ten claims that cross an insurance agent’s desk, one of them will be fraudulent. Prior to data analytics, fraud detection was limited to rules-based programming that fraudsters could easily trick. Now, insurers can use predictive analysis to apply rules, search databases, make models, and more for more accurate fraud detection.
  2. Handling litigation. Sometimes customers dispute claims and they end up in litigation. Data analytics can pinpoint factors that typically lead to litigation, which allows insurance companies to assign those claims to more senior agents. Their skillset can allow them to settle those claims faster and at a lower expense.
  3. Assigning claims. This isn’t limited to litigation. Agents have varying areas of expertise and ensuring claims are assigned to the best fit can be a challenge. Agents often receive claims based on very limited data. As a result, claims often end up being reassigned, which causes delays and irritates the customer. Data analytics can group loss characteristics to assign claims to the adjusters that fit best.
  4. Improving settlement accuracy. When claims come in at a regular pace, insurance agents can give each one more attention. Following a disaster, however, settlements often get fast-tracked to help customers sooner. However, issuing blanket checks can result in exorbitant or unfair settlements. Analytics can help balance settlements by analyzing claims against claims history.

Using data analytics can help insurance companies differentiate themselves from local competition. Data can also help improve the customer’s experience, boost retention, and save money. Contact the experts at Actec to learn more about improving your claims processes.

4 Soft Skills Insurance Representatives Need to Succeed

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February 18th, 2019

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Insurance customer service representatives have to familiarize themselves with the entire claim cycle from first notice of loss to claims resolution. However, knowing the ins and outs of the industry doesn’t mean an agent will automatically do well at his or her job. Insurance representatives need to possess a number of soft skills to succeed. Some of the more desirable soft skills include:

  1. Internal communication and teamwork. Representatives need to be able to communicate effectively with internal staff as well including coworkers and management. This allows them to express needs or challenges that are preventing customers from receiving the best possible care. In addition, good communication skills means being a good listener as well to fully understand the customers’ needs. Similarly, teamwork is vital for successful customer service. When representatives work together, they can find creative solutions for common problems as well as develop strategies that play to each other’s strengths.
  2. Conflict resolution. Customers approach insurance representatives with a multitude of problems. Many situations require creative solutions so insurance representatives need to be able to think outside of the box to solve their issues. If representatives are unable to provide a workable solution, they need to let the customer know they will reach out to management and get back to them.
  3. Efficient empathy. Customers calling in with a problem aren’t looking to hear similar stories. Trying to associate with customers by sharing a personal related anecdote is unnecessary and takes up valuable time. Representatives should be empathetic, but a simple “I know how you feel” will suffice.
  4. Remaining calm. Customers usually call their insurance provider when they need to make a claim. This means they are likely upset and will require delicate handling. Representatives need to remember the customer isn’t angry with them personally. Staying positive and optimistic can help the customer calm down and bring about a better experience for both parties.

No amount of skill can overcome a limited claims management system. If your claims processing is slow or irritating customers, Actec can help. Contact us to learn how we can help transform your claims handling processes.

How to Balance FNOL Fraud Prevention with Customer Service

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January 21st, 2019

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When customers file a claim, they want a rapid but fair resolution. Insurance companies that establish high-quality standards of service and consistently adhere to them experience better customer retention than those that don’t. In addition, implementing these standards can reduce the cost of claims as well as the amount of time it takes to process them. While most insurers know this, many struggle with how to achieve this on a regular basis.

This is in large part because of the many balls insurance adjusters have to juggle while handling a claim. They need to balance the risk of fraud against the need to provide excellent customer service. Otherwise, the first notice of loss (FNOL) process can rapidly get out of hand. How the FNOL process goes will color the insured’s opinion of the entire claim and their insurer, but adjusters need to remain vigilant against fraud as well.

Using Data to Improve FNOL and Fraud Detection

To achieve this balance, insurance companies need to gather a plethora of data on a short timeline. This information can provide vital insights into claims to help adjusters determine their next steps. For each instance of FNOL, adjusters need to gather the following information:

  • Policy data: Date, exemptions, renewals, etc.
  • Claim data: Date, time, etc.
  • Loss history: A customer’s claim history can provide important fraud insights
  • Public data: Third parties often provide insights into common claims, which can help insurers establish priorities
  • Extracted data: Insurers can flag claims for further review based on mined information such as an insured waiting several days to report a claim

Insurance providers can expedite many of these processes by implementing artificial intelligence (AI). Machines are able to compare vast amounts of data about claims much faster than humans can, allowing them to flag suspicious claims. Adjusters can then review the claim to determine if it bears further investigation or not.

If your insurance business is struggling with FNOL or the claims process, Actec can help. Contact us to learn how we can help you improve FNOL while streamlining your claim cycle.

How to Improve the Insurance Call Center Experience

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January 7th, 2019

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When customers dial their insurer’s customer service number, they usually go through a phone tree before connecting with a live person. More often than not, customers make use of this number when they have a problem. This means they’re likely on edge and customer service representatives need to be prepared to handle the call with finesse. A knowledgeable and friendly representative is likely to yield better results than an inexperienced and aloof one.

However, every customer service representative has to start somewhere; without practice, they can’t improve. The following are several methods representatives can utilize to improve the customer’s experience:

  1. Build representatives’ confidence. A customer service representative who isn’t sure of him or herself is likely to stumble through many of their calls. Insurance companies need to provide representatives with the right tools to help them gain confidence in their ability to answer any question a client might ask them as well as offer creative solutions for customers’ problems. Providing onboarding training is a good start, but implementing quarterly training can help keep their skills sharp.
  2. Emphasize soft skills. Most customers become frustrated with customer service representatives because they can come across as uncaring or robotic. Soft skills like communication, problem-solving, and adaptability are just as important as technical know-how. Insurance companies should provide training for soft skills to teach representatives how to be compassionate while providing accurate information.
  3. Offer peer-to-peer coaching. Training can provide representatives with the foundation they need to offer quality customer support. However, they will encounter situations or develop questions they may feel uncomfortable discussing with their supervisor. This approach to coaching also fosters better relationships between employees.
  4. Focus on quality. Several key performance indicators (KPIs) can help an insurance company pinpoint areas to improve. For example, the industry standard for answering calls within 30 seconds sits at about 80-85%. If an insurance call center is taking longer than this to answer calls, they are already at a disadvantage regarding customer satisfaction.

Customer service representatives field dozens of calls each day. Making sure that each conversation is a satisfactory experience for the customer is vital to customer retention. To learn more about improving the insurance claims call center experience, contact the experts at Actec.

Improving Engagement with Insurance Customers

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October 15th, 2018

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The insurance industry has a harder time interacting with its customer base than many other fields. The only time an insured thinks of their provider is when they receive a bill, need to renew their policy, or have to file a claim. Otherwise, the insured is unlikely to give their insurance company much thought.

Insurance companies often have impersonal relationships with their clients, and this creates significant retention problems. Most insurance companies hover at around an 80% retention rate. This means after one year, 20% of their customers find a new insurer. Traditional communications between an insurance company and their customers don’t allow for interpersonal relationships. Most customers don’t feel a strong loyalty to their insurer like they do for retail-based businesses.

This means insurance companies need to find new and effective ways to cultivate customer loyalty. Some methods to increase customer engagement include:

  1. Data corroboration. Insurance companies gather a lot of data about their customers. They know their addresses, their phone numbers, their assets, their financial statuses, and more. However, most insurers aren’t doing anything with that information. The data exists in oversized, unusable spreadsheets or some other antiquated data aggregation system. What insurers need is software to cleanse the data to validate its authenticity, remove duplicates, etc.
  2. Utilize analytics. Organizing data in a way that makes sense is just the start. Insurance providers need to invest in software that helps them gain insights into the information. Analytics can help identify trends to help prevent turnover. For example, analytics may reveal common signs that a customer is considering changing providers. The insurer can then reach out to that customer through a newsletter, poll, or some other method of communication to determine what they can do to improve their satisfaction.
  3. Targeted communication. Insurers don’t need to limit their customer communications to renewals, bills, claims, and attempts to retain their business. Personalized communication is often an effective tool to keep customers engaged rather than out looking for a new provider. For example, insurance companies can send newsletters about budgeting to customers going through difficult financial periods. The key is to send data that is useful to the customers’ life situation.

Developing deeper, more meaningful relationships with customers improves their loyalty and increases revenue. To put it another way, it’s difficult to send a believable heartfelt message alongside a bill statement. To learn more about improving customer satisfaction and client retention, contact the experts at Actec.

How to Turn FNOL into a Customer Satisfaction Opportunity

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September 24th, 2018

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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.

What Customers Want from Their Insurer

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:

  • Empathy
  • Efficiency
  • A clear plan of what to expect during the claims process
  • Reassurance

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.

Effective Communicate is Vital to Customer Satisfaction

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.

How Insurers Can Repair Damaged Customer Relationships

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September 10th, 2018

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smart devicesMuch like any other service-driven industry, insurance companies rely on customer satisfaction to stay in business. If customer satisfaction is low, insurers are at a significant risk to lose their customers to competing companies. Customer loyalty is no longer what it used to be, either. Forty percent of policyholders are unhappy with their current provider and they are considering switching to a new insurer within the year.
This is a significant risk for a few reasons. Insurance companies could see $400 billion in insurance premiums switch hands over the span of one year. That is a significant amount of destabilization in the industry. While some insurers may benefit from the change, many cannot withstand such a significant change in finances. One-fourth of customers are also willing to cancel an existing contract regardless of fees or penalties. Compounding this problem, customers are willing to shop online to purchase insurance rather than using their existing provider.

Stemming the Loss of Customers

Customer satisfaction is the key to loyalty. If customers aren’t happy, they have no incentive to stay with their existing insurance company. The following are several ways insurance companies can increase customer satisfaction:

  1. Offer personalized services. Customers dislike when they call their insurer to discuss policy options and a representative directs them to a website for assistance. Customers want personalized services so they can feel secure in their insurance policy decisions. While insurers may balk at this notion citing additional time and cost, 41% of customers are willing to pay extra for this level of care and service.
  2. Offer affordable solutions. Continuing with the above, just because customers are willing to pay more for personalized services doesn’t mean they are willing to overlook their policy’s price tag completely. Not all customers can afford Cadillac policies with all the bells and whistles. Many need realistic coverage that makes them feel safe in the event of a claim without gouging their checkbook.
  3. Up to date technology. Customers expect to be able to access information about their claim from any device, at any location, anytime they want. This means insurance solutions need to be mobile friendly including an app for ease of access.

If your insurance business is struggling with customer satisfaction or noticing problems with customer retention, Actec can help. Contact us to learn how our innovative FNOL solutions can help your company today.

Four Ways to Improve Your First Notice of Loss Process

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August 27th, 2018

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shutterstock_306793247 - CopyFirst 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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.

How to Settle Claims Quickly for Better Customer Satisfaction

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August 13th, 2018

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shutterstock_306793247 - CopyCustomers and insurers both want rapid resolution for claims. However, insurers have to balance risk and fraud with customer satisfaction, which can result in some delays. The longer a claim sits unresolved, the angrier the customer will become. To help resolve claims without increasing risk, insurers need to put a well-organized claims process in place. Some ways to achieve this include:

  • Keep claims loads manageable. When claims adjusters take on too many claims at once, they are likely to drop the ball on at least one (if not more) of them. Forming claims into sets or groups based on necessary resources can help expedite the process while keeping the workload practical.
  • Identify the bottleneck. There are a number of reasons why claims don’t reach settlement. These include disagreements over what insurance will compensate, requests for medical treatment, and overlooked simple requests. These issues can halt a claim so identifying and addressing them can help get it back on track.
  • Triage claims. The number of unsettled claims can spiral out of control if adjusters don’t manage resolutions appropriately. Adjusters should first focus on claims that are ready for settlement. After that, the next most appropriate claims to settle are the oldest in order to regain those customers’ satisfaction. New claims with complex intricacies should also garner rapid attention as well so that the details don’t get lost over time. Adjusters should avoid working on claims where the claimant is uninterested in settling in favor of the above types of claims. They can always return to those claims after resolving ones that are more straightforward.
  • Pinpoint ways to improve going forward. Some claims remain unresolved for long periods due to inefficiencies in the claims process. When working claims, try to identify the reasons for this and implement new practices to prevent them in the future. For example, if numerous delays are the result of unanswered medical requests, consider adding a step to check for these requests at regular intervals to make sure no one misses them.

Improving claims processing from first notice of loss to settlement helps improve customer satisfaction and close more claims. If your claims handling processes are causing customer retention issues, Actec can help. Contact us to learn more about our Full-Cycle Claim and Incident Reporting Solutions.