Having to file a car insurance claim is never a pleasant experience. A first notification of loss, or FNOL, is the first report made to an insurer when a vehicle is damaged, lost, or stolen. Customers will likely have higher expectations from their insurer and less patience than at other times in the life of the insurance policy.
Car insurers are seeking ways to reduce claims costs and improve customer service in the face of fluctuating margins. Being able to respond first to an incident provides insurers with an opportunity to control the FNOL process, by allowing them to tow the vehicle directly from the accident scene to a direct repair program (DRP) shop. Through this process, the consumer benefits from an expedited repair process, while the insurer saves on storage and towing costs.
First Notice of Loss (FNOL) on the scene provides insurers with this opportunity by allowing them to tow the vehicle directly from the accident scene to a direct repair program (DRP) shop. Through this process, the consumer benefits from an expedited repair process, while the insurer saves on storage and towing costs.
It's important to understand that an efficient claims process is beneficial to both the policyholder and insurer. Helping the insured deal with the aftermath of a car accident presents an opportunity for insurance companies to develop trust, build customer loyalty and word of mouth (WOM) marketing . A key element to reducing churn and maximising customer lifetime value is demonstrating empathy towards policyholders in stressful times.
Once the FNOL is in process and the vehicle is at the repair shop, insurers must act fast in offering the most accurate settlement values. This can be a significant challenge for insurance claims teams due to the lack of access to real-time data and valuations. In many cases motor engineers provide values using traditional manual trade guides, different tools, market research and varying data sets . This is time consuming and no doubt affects the customer's experience.
To resolve claims quickly and fairly, Cazoo Data Services provides insurers with access to the largest vehicle history database on the planet. Our unrivalled database combines historic vehicle data with information from the DVLA, DVSA and MOT history to give insurance companies all the available information on any one vehicle. Insurers can also identify pre existing damage, check for modifications and detect attempted fraud by viewing images, mileage, price and text from previous sale listings. In addition our data-driven valuations are backed up by comparable vehicles for sale in the current market.
All of this combined in our user-friendly Companion Tool means insurers have everything they need in one place to offer a fair and accurate vehicle valuation with detailed, backed up data that can be supplied as a customised offer, tailored to the customers' needs and location, further substantiating the offer.
As a result, your business can further cultivate an exceptional customer experience boosting loyalty while maintaining a competitive advantage.
If you’re ready to take that next step toward digital transformation with advanced innovations that enable a highly competitive business, contact one of our experts at sales@data.cazoo.co.uk or complete the contact form online.
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