omni-channel intake
capturing data from multiple sources (external and internal, structured, and unstructured)
the ability to define a complexity score based on similar history and patterns
claim segmentation based on those complexity scores
According to Insurance & Mobility Solutions, effective claims management including First
Notice Of Loss (FNOL), can reduce the average total cost of a claim by up to $800 if reported
within 30 minutes and enable insurers to detect and prevent fraud, which collectively cost US
insurers $5 – $7 billion annually.
The remainder of this paper discusses some of the innovations that are happening in the
insurance industry as carriers strive to create the "touchless claims" model.
First Notice of Loss (FNOL)
FNOL is the first step in the lifecycle of the claims process. And it is one of the key areas that
offers huge potential for digitization. More and more carriers are reducing -- or eliminating --
the manual (oft-times paper-driven) collection of data by claims or customer service agents.
In its place, they are adding self-service apps that capture critical information while
incorporating varying degrees of video, photos, and voice-to-text features. The benefits of
these apps include:
One example of an insurance carrier taking a true digital approach is Lemonade. Lemonade is
a start-up property and casualty insurance company that operates in New York, California,
and Illinois. It can also be considered a next-generation AI company offering home insurance
products. It leverages machine learning to drive a better customer experience, while enabling
the company to underwrite risks and manage claims.
And the benefits to the policyholder?
Personalized Experience Choice Transparency
Convenience Speed
Customer Satisfaction
TOUCHLESS CLAIMS | 5
