FNOL: Jump ahead of customer expectancies
October 20, 2020
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.
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.
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 who 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 32 years. JW Software is continuing its growth and evolution in 2021 with 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.
