Imagine this all too common scenario: your customer has been involved in a frightening road accident. Physically they are fine, but they are an emotional wreck. As for the car, well, that’s a write-off. It goes without saying that at First Notice of Loss (FNOL), that customer – shaky, shocked and potentially tearful – needs the claims handler to act as counsellor, not interrogator. Obviously, questions must be asked about a potentially costly claim, but how can data enrichment help claims handlers support their customers – both motor and home – during a time of heightened stress?
It’s all about enriching the journey with the right data to smooth the process for the customer, and only asking for information you cannot enrich. As such, this liberates the claim handler’s time from focusing on admin to supporting the customer so they feel ‘looked after’. Meanwhile, claims teams’ efficiencies are increased and fraud is reduced; all while allowing the customer to feel supported in the way they need and deserve. Logging a motor FNOL can take up to 40 minutes; a protracted process that not only impacts the operational efficiency of a claim, but also does little for maintaining good customer relations. The main problem is that claims providers need to rely on using limited sources of data intelligence, namely the customer.
Yes, customers need to give their version of events during the claims process; however, data enrichment could, for example, allow them to simply verify pieces of information about their asset. In flood and storm claims under household insurance, the benefit of this approach is obvious when you consider the damage that may have occurred to the customer’s home.
Data enrichment can also help claims teams understand a customer’s past experience with their brand. Details about other policies held or previous claims experience can provide valuable signposting on how to handle their new claim. What’s more, having the right data at their fingertips can help the claims handler explain the cover limitations, options, the impact of the claim on their policy, and what happens next.
It makes sense that the more insight you can inject about the person and the asset at claim, the more chance you have of delivering a personalised service. Take the example of the claimant in the opening paragraph. If you can confirm the identity of the customer through data, no past links to fraud, the accurate value of the vehicle, its MOT history or its mileage, you are in a far more powerful position to help expedite the claim.
Of course, reliable data can help drive an insurance provider’s claims strategy by alerting them to impending impacts to the industry. Even at a granular level, data insights into claims can help insurance providers become more proactive in dealing with those claims.
Ultimately, as with any data solution, data enrichment at FNOL must be viewed holistically. It is not THE solution in itself. Used wisely however, in a balanced way to the circumstances presented at the time, it provides the potential for seamless, efficient claims handling. What’s more, it delivers the ideal environment for positive relationships between customer, claims handler and broker, at what could otherwise be a negative or distressing time.
Content provided by Kajal Vakas,
Senior Manager of Claims, LexisNexis Risk Solutions, UK and Ireland