Looking to retain your customers and cut your costs? In the commoditized, competitive, and price sensitive insurance industry, a streamlined FNOL process, technology, and analytics are the keys
After falling victim to auto theft, burglary, or home damage from a natural disaster, one of the first things policy holders do to regain some semblance of normalcy is contact their insurance company, setting the wheels of the claims process in motion. At such a traumatic time, they want to easily connect with their insurer in the way they prefer, to get simple and straightforward answers about their claim, and to be assured of a quick resolution. An ample dose of compassion for their loss will also help reduce stress and improve customer satisfaction.
If your first notice of loss (FNOL) capability is backed by the efficiency, effectiveness, and technology to deliver this customer experience, you stand to win in following ways:
- Amplified customer loyalty towards the company
- Reduction in cycle time and associated expenses
- Improved claim mitigation efforts
- Positive impact on loss and expense ratios
- Claims resources aligned to more complex, higher value activities
If, on the other hand, your FNOL claim process can't meet your customers' expectations, you run the risk of losing customers, suffering negative social media coverage, and increasing your expenses.