Survey explores how policyholders' FNOL experience impacts the entire claims lifecycle; uncovers preferences, pain points and opportunities for carriers to make better first impressions
BOSTON, MA / ACCESSWIRE / May 29, 2024 / Hi Marley, creators of the only intelligent conversational platform built for the P&C insurance industry, today unveiled research that explores how policyholders' experience with first notice of loss (FNOL) impacts their overall claim satisfaction.
FNOL, the first step in the claims process, can make or break the entire claims experience, presenting the opportunity for carriers to make a positive first impression. Hi Marley recently commissioned an independent survey of 800 U.S.-based adults who filed an insurance claim for their home, dwelling or automobile in the past three years to understand just how much that first step sets the tone for the entire claim lifecycle.
The data showcases several takeaways for carriers looking to improve FNOL and overall claim satisfaction, including:
The initial reporting experience impacts satisfaction. For respondents who said they were "very satisfied" with their claim experience, 80% said their initial reporting experience positively impacted their satisfaction. For those not satisfied with their claim experience, 52% said their initial reporting experience negatively impacted their overall satisfaction.
Claimants prefer to use their voice when making the initial report. Making a phone call to their insurance carrier was the top method for initially reporting a claim (51%), followed by reporting the claim through their agent (17%), also likely via phone call. The popularity of reporting an incident via phone call could indicate that claimants want to be able to tell their story in their own words rather than fill out a generic document or other form.
Initial conversation length affects overall claim experience. When conversations took under 10 minutes, only 7% of respondents said their FNOL experience negatively impacted their overall satisfaction; that number jumped to 19% when the conversation took longer than 20 minutes.
The ability to share photos and videos with the initial report streamlines the claims process. The majority of respondents (54%) said they had to work with two to three people throughout the claims process and repeat basic details about their incident multiple times. However, respondents who could send photos and videos with their initial report (56%) were more likely to only tell details of their incident once.
While the survey shows that policyholders are generally satisfied with their claim experience (77% of respondents were either "very satisfied" or "somewhat satisfied"), gaps still exist at FNOL that impact the overall claim experience through resolution. For example, the number of times someone needed to repeat basic details about their incident and the number of individuals they had to work with to resolve the claim directly impacted overall satisfaction. For those who only had to tell their story just once, 53% reported being very satisfied with their claim experience. Carriers should prioritize a seamless claims journey with fewer steps, and it starts with data capture in that initial interaction.
"The policyholder's reporting experience at FNOL is a major driver of overall claim satisfaction," said Alex Burgess, Principal Industry Strategist at Hi Marley. "This survey shows just how important it is for claimants to feel heard-from the preference for phone calls to make their initial report to frustration when they need to repeat details multiple times. They want to tell their story in their own words and trust that the carrier can capture the details they need upfront, and get things resolved as quickly and seamlessly as possible. Many carriers are clearly doing a good job, but there is still room to improve the experience by meeting the customer in their preferred channel, and by gathering critical information and photos that can help to immediately move the claim forward."
To read the full findings, please download the report: Voice of the Policyholder Survey: FNOL's Impact on Claim Satisfaction.
Methodology
Hi Marley commissioned an independent survey of 800 U.S.-based adults who filed an insurance claim for their home, dwelling or automobile in the past three years. Market research provider Pollfish conducted the survey in Q1 2024.
About Hi Marley
Hi Marley is the first intelligent conversational platform built for P&C insurance and powered by SMS. Designed by insurance professionals, Hi Marley enables lovable, convenient conversations across the entire ecosystem, saving money and time for carriers while building customer loyalty through delightful interactions. Hi Marley's industry-leading collaboration, coaching and analytics capabilities deliver crucial insights that streamline carrier operations while enabling a frictionless customer engagement experience. The solution is made for the enterprise; it's fast to deploy, easy to use and seamlessly integrates with core insurance systems. Through its advanced conversational technology, Hi Marley reduces friction and empowers innovative carriers to reinvent the customer and employee experience. Learn more at www.himarley.com
Contact:
Escalate PR for Hi Marley
himarley@escalatepr.com
SOURCE: Hi Marley
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