At First Notification of Loss (FNOL) in the insurance claims process, the consequences of a bad first impression are rather more quantifiable. More than 30% of customers who endure a bad claims experience switch insurers within a year of the incident, according to Forrester.
Lost customers are a hefty price to pay for a bad day at the office. Luckily, the unwavering consistency of automation allows us to safeguard ourselves against those bad days we’re all prone to.
Scale human expertise
A common problem at FNOL is inconsistency in the application of standards across a business. Put simply, some know more than others – particularly in the high-churn field of insurance claims.
According to a 2019 PWC study, it’s common for new staff to start processing claims after only a couple of weeks of unstructured training without sufficient access to expert knowledge, leading to mistakes, job dissatisfaction and high staff turnover, which in turn makes it difficult to keep expertise within the business.
On top of this, any changes to legislation or the processing of claims means a time-consuming re-training process and more room for potential errors.
With resources stretched, employee turnover high, and frequently changing legislation, not every claims handler can be an expert in their given field – be that collision damage or work-related injury. But with a Rainbird map encoded with the best-practise methods of their company at their fingertips, each employee can access and apply the expertise of their most experienced and specialist colleagues.
Free up your team
Establishing this quality baseline for best-practise means that a department can shorten its cycle, and focus more of its energies on going the extra mile for its customers – and getting that first impression spot on every time.
An AI-enabled claims department means claims adjusters can spend 95% of their time optimising indemnity and customer service, according to Genpact. A recent EY study meanwhile found that 87% of policyholders reported that the initial claims experience significantly impacts their decision to remain with their provider. It doesn’t take a rocket scientist to do the maths here: if you nail the accuracy and efficiency of first interactions at FNOL, your customers will more than likely stick around.