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First Notice of Loss
The First Notice of Loss (FNOL) is the critical point in the claims process that determines time frame for the settlement of the claim. Over the past five years, the insurance industry has seen success with improved fraud detection reducing claims frequency and improved subrogation processes reducing claims severity. In addition, workflow tools that are making use of analytics and external data have reduced cycle time and improved loss adjustment expenses.
Just as these techniques can identify likely problem claims early, they also allow for the identification of claims that are not problems, giving the carrier the ability to consider settling these claims more quickly without fearing that speed will result in additional fraud cost or missed recovery opportunities.
ChoicePoint offers a variety of solutions to assist you with FNOL during the claims process. Our products can help you can make smarter decisions for your business and your customers. ChoicePoint helps you meet your goals by providing comprehensive tools designed to give you the information you want, when you need it.
For more information on the many solutions ChoicePoint offers, please click on one of the topics below:
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