First Notification of Loss Management Services
Responding to an initial notification of loss can be time consuming and costly if you don’t get the right processes in place. Many large insurance companies have their own systems and procedures but others find it challenging to put in place the 24 hour service that is required for modern FNOL management.
Outsourcing is, of course, becoming increasingly popular as a way of getting the service you need at a price that is affordable. The insurance industry is no different and for First Notification of Loss it is one of the immediate ways that smaller and medium size companies can compete with larger organisations and still deliver a high quality service to their customers.
The Benefits of FNOL Management Services
1 – The first thing that a third party FNOL should deliver is reliability. You want a customer to be able to notify a loss and for the right services to be delivered without delay. It not only adds to the customer experience but benefits your business in numerous ways.
2 – An FNOL management service takes the heavy lifting off your business and allows you to concentrate on other factors such as growing your company or attracting more customers.
3 – It improves productivity because you have access to all the expertise and services that you need to deliver on customer expectations and handle a wide range of responses and claims.
4 – You don’t have to worry about building up relationships and monitoring services such as garages and vehicle recovery as this is covered for you by the service.
5 – You can tailor the FNOL service to your exact needs, for example, to handle claims and carry out things like repairs with greater access to a bigger network and expertise.
Outsourcing is the cheapest way to get additional services that benefit your business but it’s also helps you stay competitive and relevant in today’s insurance marketplace.
What to Look For in a FNOL Management Service
There are a growing number of outsourced services that are available to businesses. The good news is that it’s much easier to find one that can be tailored to your company needs and will hopefully deliver upon expectations. At Proximo, for instance, we focus on the motor industry and provide incident management services that both insurers and brokers can easily access when they need it.
When looking for a management service, you must ensure that it covers all the bases you want it to, whether that’s simply providing incident response across the whole of the UK or handling claims and repairs as well. For any third party service, you should check which dealers and garages the provider works with and how they maintain and monitor quality control. You want, of course, to ensure that your customers get value for money and the best service but that you also keep those costs down as much as possible yourself.
At Proximo, we pride ourselves on providing the bespoke solutions that insurers and brokers need including white-labelled FNOL and third party end to end claims handling. Contact our friendly team today to find out more.