A digital FNOL process needs to be not only intuitive but also intelligent, with a dynamic workflow and omnichannel experience
Boston, MA (July 9, 2021) – How an insurer treats its customer during the claims process can have a significant impact on the long-term relationship, and the first notice of loss represents the first opportunity for a carrier to make a lasting impression with its policyholders. A digital first notice of loss enables the policyholder or claimant to submit a claim via multiple channels, such as an insurance company’s customer portal or a mobile device, but an omnichannel user interface alone does not make for a better experience. In fact, it is imperative that the process leverages new technologies to capture information about the loss.
“The claims process is arguably the most important process within the insurance life cycle,” explains Aite Group senior analyst Stuart Rose. “How an insurer treats its customer during the claims process can have a significant impact on the long-term relationship, and a digital FNOL represents the first opportunity for a carrier to make a lasting impression with its policyholders,” he explains.
This report explores customers’ ability to submit a claim through multiple digital channels to technologies that support the FNOL process and the claims journey. It is based on 41 interviews conducted in April and May 2021 with claims executives at insurance carriers in the United States and Europe, industry experts on the topic of claims transformation, and executives at insurance technology firms across the globe.
Click here for the online summary or to download the table of contents.
This 39-page Impact Report contains three figures and five tables. Clients of Aite Group’s Property & Casualty Insurance service can download this report, the corresponding charts, and the Executive Impact Deck.
This report mentions Assured, Capgemini, Claims Genius, Duck Creek Technologies, EasySend, Flyreel, Guidewire, Insurity, Majesco, Metromile, Omni:us, RightIndem, Sapiens, Snapsheet, Tractable, Ushur, and World Programming.
About Aite Group
Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us at www.aitegroup.com.
Source: Aite GroupTags: Aite Group, Capgemini, Duck Creek, Guidewire, Insurity, Majesco, MetroMile, Omnichannel, Sapiens, Snapsheet, Tractable