FNOL

What is FNOL?

FNOL in its full form is referred to as First Notice of Loss, this is a claims-related term referring to when a report is made to an insurance provider after an insured asset or item has been lost, stolen or damaged.

 

Why FNOL is important?

FNOL is important because it’s the first step taken when processing a claim and investigating the incident.

 

How does FNOL work?

The end insured / broker can make a First Notice of Loss to one of the call centres provided by their insurer, which will then be filed in a claims handling system.

Alternatively, they fill in a web form FNOL, connected via API to the claims handling process. The claims process then gets initiated, a reserve will be put aside until decisions are made by the parties involved and a payout occurs.

 

What technologies are used for FNOL?

Web-FNOLs are the future of claims filing as it bypasses paper submissions and call centres, reducing the amount of touchpoints needed and speeding up the process to payment.