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Verisk Launches First Notice of Loss (FNOL) Service to Help Property/Casualty Insurers Improve Claims Processing Efficiencies

Verisk Launches First Notice of Loss (FNOL) Service to Help Property/Casualty Insurers Improve Claims Processing Efficiencies | Fintech Finance

Property/casualty insurers using Verisk’s ClaimSearch® solution can now append certain missing information with insurer-contributed first notice of loss (FNOL) data to help process claims faster and more efficiently. As part of the existing ClaimSearch service, the new FNOL initiative will leverage Verisk claims data to augment carriers’ own FNOL-contributed information.

The latest efficiency enhancement to this service will include telematics data from strategic partners, including Driver Technologies, an AI-based mobility tech company whose award-winning Driver App enables drivers to receive real-time, video-based safety alerts, roadside assistance and gas discounts, all while serving as an internal and external dashcam just by mounting their phone.

“We’re excited to work with Verisk to empower drivers to confidently share and manage their critical collision data with their insurers with just a click of a button,” said Rashid Galadanci, CEO and co-founder of Driver Technologies. “By providing video, telematics and analytics at first notice of loss, we enable insurers to better serve drivers after an accident. Our DriverCloud platform enables drivers, fleet operators and insurers to share and manage video and driving data from the Driver mobile app or any third-party video source. We pride ourselves on safety innovation and flexibility in working with partners, and we’re excited to collaborate with Verisk on this initiative.”

In the future, Verisk will look to make other optional third-party information available, including telematics crash detection data, public records data and data on lienholders, vehicle ownership and weather, all designed to continue to enhance the efficiency of claims processing.

The FNOL initiative is enabled by Verisk’s automated Universal Format (UF) record-sharing process, which is currently ingested by more than 30 commercial claim systems and over 700 insurers. The FNOL services will be designed to allow data to flow seamlessly between Verisk’s trusted virtual private cloud network and subscribers’ claim systems via existing APIs, requiring little or no insurer technology resources to integrate.

ClaimSearch has more than 1,600 subscribers, including insurers, self-insureds and third-party administrators (TPAs), which extends to more than 90% of the U.S. P&C insurance market.

“As a trusted steward of industry data for more than 50 years and custodian of the data in our ClaimSearch® database, Verisk is uniquely positioned to help the P&C industry share FNOL information in a highly automated, secure way,” said Carlos Martins, senior vice president of claim solutions at Verisk. “The FNOL data flow can help our customers streamline claims processing. In addition, opening ClaimSearch’s ecosystem to sources from third-party data providers like Driver Technologies will help create additional efficiencies and help lessen or eliminate data entry errors.”

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