3 Ways To Cut Time, Frustration, Cost In Accident Claims
Wednesday, March 30th, 2022 AutoMotorists are involved in an accident every 60 seconds in the U.S., and the damage, injury and stress can complicate an already difficult situation. Insurers face the challenging task of getting accurate information as quickly as possible to manage loss cost and additional expenses, while supporting policyholders in their moment of need.
However, only half of drivers involved in an accident end up filing a claim. Of those claimants, just 9% to 13% provide first notice of loss (FNOL) from the scene of the accident.
Receiving FNOL after the vehicle leaves the accident scene can lead to much higher costs and longer cycle times for insurers.
Rather than the insurance company initiating a tow directly to the repair shop, the vehicle will likely spend five to six days captured in tow storage, lengthening the process (and frustrating the policyholder) while also increasing transport and storage fees.
With the right tools and accident scene management processes in place, insurers can quickly receive notice of an accident along with the information needed to enable earlier loss determination and ensure proper vehicle routing to streamline the claims process and avoid secondary expenses.
