FNOL: Jump ahead of customer expectancies
Start with customer expectation at the first notice of loss
With an increasing demand in customers seeking digital
solutions that improve the claims process and their experience interacting with
insurance carriers, the insurance industry is rapidly adapting to the changing
marketplace.
When choosing insurance policies, customers today are
carefully considering insurers’ websites and portals as a part of the
decision-making process. Customer
satisfaction is also important to conserving customers as more and more
customers are ceasing business with a company simply because of a negative
customer experience.
As the insurance industry continues to move toward a more customer-centric approach, insurance companies need to start relying heavily on
data analytics and insurance technology tools to keep pace with ever growing
customer expectations. The focus on customer interaction and experience should begin
as early as the first notice of loss (FNOL).
Starting with a user-friendly and effective experience for the insured
helps providers be more confident in customer satisfaction and retention.
First Notice of Truth
Now more than ever, the means in which an insurer handles
the first notice of loss comprises a great percentage of an insurance
customer’s satisfaction. This vital moment is often the first interaction between a policyholder and adjuster and
typically occurs during a very stressful time for the claimant.
However, insurers who provide relaxed, professional assistance
during a normally difficult time for the insured can radically boost customer
satisfaction and retention.
The significance of brand loyalty is not new to insurance
providers, yet customer expectations are ever-growing while traditional
solutions are not sufficient anymore.
Insurers are expected to now take their service a step further than
standard practices of recording statements and putting claims into action.
From the first notice of loss, policyholders want smooth
communication with their adjuster and expect it to be accelerated by the
insurer. Guaranteeing accuracy in
claims processing with an improved schedule of estimates during the FNOL
exchanges will boost customer confidence.
A recent survey found that 80% of customers are highly
influenced by friends and family recommendations as well as online reviews when
deciding on their insurance. Satisfied
insurance customers are 80%
more likely to renew their policies than unsatisfied customers. These digital platforms give customers more
control over their experiences while business intelligence tools help enhance
adjuster efficiency and improve field service schedules.
FileHandler Enterprise Modernizes Customer speed and
savings
A critical time for the insured and insurer is at first
notice. While the former deals with the
damage or loss itself, the loss may deliver exceptional customer service to
relieve the pressures of the client.
That first interaction alters the claimant’s perception and ultimately
defines the levels of customer satisfaction and retention. By embracing a digital solution like
FileHandler where the first notice of loss is easily captured, companies can
ensure a quick turnaround on times and reduce costs. Get started with our team
to schedule a full walkthrough and demo.
About JW Software
JW Software was started in 1989, as a software company
designed to create custom business applications for small businesses in the St.
Louis area. The company found a niche in the insurance industry, specifically
Third-Party Administrators that needed Claims Management Software to manage
their business needs and launched the claims management software. FileHandler™
has become a trusted software solution in the claims and risk management market
for the past 31 years. JW Software is continuing its growth and evolution in
2020 with the launch of FileHandler Enterprise™, the newest claims management
solution incorporating the newest technology and security to the system.
FileHandler Enterprise™, the flagship claims management software, and
PolicyHandler, a complete Workers’ Compensation Policy Management System, have
evolved to develop a comprehensive web-based software solution for businesses
to effectively manage policies and insurance claims.
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