Transformational change is like throwing a rock into a lake: it makes an initial splash, but then the waves radiating out from the center affect the larger world around it. Just think of how the smartphone has affected society, from how we communicate to how we shop. The world is changing at an ever-increasing pace, and insurance claims management is not immune. Your claims handling process must evolve to meet the needs of a consumer base that demands faster, more flexible service, tailored to their needs, schedule and lifestyle.
First Notice of Loss
Buying a new shirt used to involve driving to the mall, fighting traffic, finding parking, browsing the racks and waiting in the checkout line — a time-consuming, inconvenient process. Now, however, we can purchase clothing — and countless other items — with the click of a button and have it all delivered to our door. We see the impact of online shopping in the many brick and mortar stores closing across the country as Black Friday gives way to Cyber Monday.
How does this relate to your claims handling process? Well, we can compare the First Notice of Loss (FNOL) process to the process of buying a shirt. The First Notice of Loss process may be your customers’ first impression of your claims process, and just as the perfect shirt makes a great first impression, so should your customers’ FNOL experience.
Suppose a customer, Michael, is on his way to the mall and is involved in a hit-and-run accident. Before the vehicle leaves the scene, Michael obtained its plate number. He contacts his carrier, waits on hold for a while, and when he finally gets a representative, they ask him a lot of questions and key his answers into the claims system. The claim is assigned to a claims adjuster, who contacts Michael and takes his statement, asking him for all the information he already provided to the FNOL representative. The Adjuster then logs into a portal, completes manual searches, and comes up with the insurance information for the person that hit Michael. This process takes a long time and is a significant inconvenience for both Michael and the adjuster.
If, however, the carrier utilizes LexisNexis® Claims Datafill, the FNOL experience works quite differently. Claims Datafill captures the party, insurance and vehicle information and can provide it to Michael, then transfer that call to the at-fault party while Michael is still on the phone, providing a smooth customer experience. Just as with the modern shopping world, Claims Datafill gives you the world of data at your fingertips.
Transforming your claims handling process doesn’t stop at FNOL; it’s all about real-time data injected into your workflow when you need it. To that end, let’s look at another vital piece of data: the police report, a valuable part of the claims process that helps to adjudicate your claims correctly.
Back in the 1990s renting a movie involved a drive to the local movie rental store and hunting the shelves for the video you wanted to see, sometimes only to find that the store was out of copies. The transformational change brought by websites allowing users to stream thousands of movies instantly without leaving home put movie rental stores out of business. Historically the process of procuring and using police reports has been much like renting a movie before the age of online rentals. Adjusters log into a portal, key in information and send the request to the carrier. The request is then physically delivered to the police agency to fulfill the order.
LexisNexis® Risk Solutions is changing the police report procurement process in much the same way websites transformed the movie-renting process. With LexisNexis® Police Reports through Claims Compass, you can obtain police reports, including images and data, in an electronic, standardized format delivered directly into your claims system. Instead of it taking days to log into a portal and place the order, you now have immediate, actionable data that can be used in analytics, to triage a claim to an injury adjuster automatically or to identify a subset of claims that can be fast-tracked based on the contributing circumstances.
Transforming Your Claims Process
With a single point of entry into the LexisNexis infrastructure, you get access to the data you need to improve your claims process — anywhere in your continuum, from FNOL to subrogation. Claims Datafill can help automate and streamline the data collection process, and Police Reports through Claims Compass can inject image and police report data into your workflow to fast-track the ordering process and help automate claims.
Where does your current claims workflow fall on the spectrum of the shopping mall to online shopping, of brick and mortar rental stores to online rental stores? Consult your account representative to find out how the power of data and advanced analytics can help transform your claims handling process today.