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