Article Synopsis :
First notice of loss (FNOL) is the first step in the claims process. Usually, based on call centre data gathering, it is a labour and time intensive process. It is therefore expensive.
However, it is one of the most important touchpoints in insurance, as the customer is already under considerable stress. They will be looking for empathy when reporting a loss, not the third degree.
Making claims better
Capgemini’s World Insurance Report 2018 shows that while most auto and small commercial carriers still undertake this process manually, those using digital channels will experience a reduction in their cycle time by anything up to 80%.
A digital FNOL provides multiple channel options include self service but the whole journey has been created using the Human-Centric Experience Design method.
Claims can be reported via the web, mobile, email, chatbot, or even by speaking to a flesh and blood contact centre agent.
Saving time and money for the benefit of all
Capgemini says its omni-channel customer engagement solution provides agents with a complete contact centre desktop and web based phone/email/chat connection to their customers.
Call times are reduced as contextual and holistic data is provided to the agents and carriers can anticipate saving up to 30% on operational costs by using the Capgemini’s business services team.
A back-office claims preparation team backs up the contact centre by dealing with the non standard data collection and validations. It also supports email and chat channels as well as:
- reducing claim related expenses by between 25% and 40%;
- reducing loss adjustment expenses by up to 70%;
- settling claims 20% to 50% faster;
- retaining up to 15% more customers; and
- improving the loss ratio by reducing fraud by 1% to 2%.
Digital FNOL can not only greatly improve the customer experience, helping businesses drive profitability and growth. It’s a win/win for both insurer and end-user.
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Digital Insurer's CommentsThe claims process is one of the most important times any insurer will engage with a customer.
It also presents an opportunity for the insurer to destroy that relationship.
Making claims easier and simpler reinforces the concept of an insurer being a friend in a time of need, boosting confidence and cementing the economic relationship.
Improving processes to make things better for customers can also have a tremendous impact on internal efficiencies and therefore the bottom line.
Digital FNOL clearly has a role to play in digital transformation and Capgemini’s case study shows some encouraging results.
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