First Notice of Loss

The insurance industry has experienced tremendous change in the past few years.

When a vehicle is deemed a total loss, it can take days or weeks for the auto insurers to notify and pay the lienholder.

The future of claims is about elevating the customer experience, and insurers that aggressively pursue digital enablement today will be primed to excel tomorrow.

Insurers are turning to AI to detect claims fraud automatically – but to get the most from their analytics, they need to understand an anti-fraud system.

Customer expectations are continually evolving, no more so than in the world of insurance. Customers are increasingly digital-first and choosing services based on convenience. They’re seeking easier methods to both purchase an insurance policy and make a claim when they experience a loss.

Claims adjusters are charged with a difficult task: They have to process claims quickly and efficiently, but sometimes they don’t have the necessary information to do so. Without critical entity or event details, claims stay open longer, cycle times extend, costs escalate, and customer satisfaction declines.

Robotic process automation (RPA), machine learning, and AI can be embedded in processes throughout the claim life cycle—from triaging through settlement.

Claims operations have evolved over the past several years, achieving greater efficiency by embracing innovation. But one key area remains an outlier in the trend—subrogation.

NYCM has implemented Verisk’s newly enhanced ClaimDirectorSM and NetMap for ISO ClaimSearch® solutions to assist in accurate and early detection of insurance fraud.

When it comes to liability claims, managers want fast, fair, and consistent resolutions that keep loss costs under control.