First Notice of Loss Claim Automation
Introduction
The First Notice of Loss (FNOL) process represents a critical first step in the insurance claim handling procedure, marking the point where efficiency, accuracy, and customer satisfaction intersect. In the dynamic environment of the insurance industry, managing this process effectively presents a complex challenge. Companies are under constant pressure to process claims quickly and accurately, and a task made all the more difficult by fluctuating claim volumes and the intricate nature of the claims themselves. Recognizing these pressures, Ennuviz has pioneered the use of Enterprise Robotic Process Automation (RPA) to transform the FNOL Claim Intake process, setting new standards for operational efficiency and customer service in the insurance sector.
Challenges
- Peak Period Volume Management: Struggle to reduce backlog by more than 20% during peak times.
- System Integration Efficiency: Less than 30% improvement in processing time due to system
- Accuracy Rate in Claim Processing: Error rate reduction below 25%, affecting claim integrity.
- Regulatory Compliance Rate: Compliance improvements below target, risking financial and reputational loss.
- Reduction in Average Handling Time (AHT): AHT reduction not meeting the 40% target, impacting customer satisfaction.
- Service Level Agreement Fulfillment: SLA fulfillment rate below 90%, indicating delays and inaccuracies in claim processing.
Solutions
- Deployed an Enterprise RPA solution that streamlines application navigation and automates necessary data validation across 12 platforms.
- Consolidated various automation initiatives into a singular, comprehensive solution for First Notice of Loss (FNOL) processes, streamlining the utilization of UiPath Agent Licenses and infrastructure expenses for enhanced efficiency
Business impact
- Cost Saving
- $3.8M
- Hours Saved Monthly
- 51K
- Reduced Average Handle Time
- 50%
- Improved SLA
- 80%
Conclusion
Implementing an Enterprise RPA Platform transformed the FNOL Claim Intake process for the insurance company, demonstrating the power of automation in overcoming the challenges of manual, time-consuming tasks in the insurance industry. This innovative approach improved operational efficiency and accuracy and mitigated the potential for financial losses due to processing inaccuracies. Ennuviz has played a pivotal role in aiding customers facing similar challenges in the insurance sector and beyond. With a deep understanding of various industries' unique needs and complexities, Ennuviz has successfully implemented tailored automation solutions that streamline processes, enhance accuracy, and optimize costs. Through its expertise in leveraging cutting-edge technologies and RPA platforms, Ennuviz empowers businesses to overcome operational challenges, improve customer experiences, and achieve sustainable growth in an increasingly competitive landscape.