Demystifying First Notice of Loss Acronyms - FNOL, FROI and SROI - Mobile Cell Deals
All about Mobile Cell Deals
sprint cell phone plans, sprint cell phone deals no contract, sprint cell phone deals upgrade, sprint cell phones, sprint cell phone coupons, sprint unlocked cell phones, sprint cell phone deals at best buy, nextel deals, sprint wireless accessories, sprint family plans and phones, sprint cell phone offers, at&t cell phone deals no contract, at&t cell phone upgrade deals, at&t cell phone plans, at&t cell phone plan deals, at&t iphone deals, at&t cell phones, at&t cell phone coupons, at&t cell phone service deals, verizon cell phone deals, verizon cell phone deals for existing customers, verizon cell phone deals for new customers, verizon cell phone deals without contract, verizon wireless, verizon cell phone deals on upgrade, verizon cell phone deals iphone 6, unlocked cell phone deals online, unlocked cell phone deals no contract, unlocked gsm cell phone deals, unlocked at&t, unlocked iphone, unlocked android cell phone deals, black friday unlocked cell phone deals 2016, black friday unlocked cell phone deals 2015, shopcelldeals location, shopcelldeals review, tracfone cell deals, shopcelldeals ebay, shopcelldeals coupon, shopcelldeals amazon, shopcelldeals customer service, shopcelldeals redemption code, best cell phone family plans, best unlimited cell phone plans, best cell phone coverage, best cell phone plans 2015 family, best cell phone deals no contract, no contract cell phone plans, best cell phone service, best cell phone plans for two, best cell phone plans 2016 family, alltel cell phone coupons, alltel free cell phones, alltel verizon cell phones, alltel cell phone plan, verizon cell phone deal, at&t cell phone deal, sprint cell phone deal, alltel tmobile, best cell deal 2015, best cell phone deal 2015, best cell deal 2016, compare phone companies plans, best cell phone deal no contract, best verizon cell phone deal, best cell phone deal 2016, best prepaid cell phone deal, best cell phone service deal, shop cell deals,
18137
post-template-default,single,single-post,postid-18137,single-format-standard,ajax_fade,page_not_loaded,,qode-theme-ver-7.6.2,wpb-js-composer js-comp-ver-4.6.2,vc_responsive

Demystifying First Notice of Loss Acronyms – FNOL, FROI and SROI

14 Feb Demystifying First Notice of Loss Acronyms – FNOL, FROI and SROI

First Notice of Loss, like many insurance related niches, leverages a litany of acronyms in describing the methodologies and nuances relevant to both providers and “consumers”. It is complex for those who use it, including both the providers and consumers. For the purposes of this article, consumers can be considered claimants, and providers can include insurance carriers, TPAs and FNOL Call Centers. Let’s begin by defining First Notice of Loss. A First Notice of Loss alerts the responsible insurance provider as to the theft or destruction of something which is covered under the terms of a given policy. Notification can often precede the filing of a formal claim. Many insurance providers utilize a specific process and or documentation to log a first notice of loss, while others simply provide basic guidelines. The concept is simple enough, an individual or business encounters a loss (fire, theft, vandalism, healthcare, etc.) and contacts an insurance provider or third party representative to alert them of this loss. From here however, there are a litany of acronyms utilized in this process. Some of the more common acronyms and definitions are noted below in alphabetical order:

Absence Reporting Systems (ARS): Employee feedback systems which can increase employee satisfaction while decreasing employer costs.

Average Speed to Answer (ASA): The metric used for determining efficiency in which a company responds to incoming FNOL calls and claims.

Average Time to Abandonment (ATA): The average amount of time a claimant waits before they disconnect their call.

All Trunks Busy (ATB): A telephone status, indicating limited call throughput, denoting that all trunks are in use. It means the trunk group cannot accept any new inbound or outbound calls.

Call Handling Times (CHT): The amount of time an FNOL call center representative spends with a claimant including post call processing. This is also referred to as Average Handling Time.

Electronic Data Interchange (EDI): An industry standard for transferring data electronically, allowing efficient and accurate communication for all parties involved in claims management. Accurate EDI integration is important with FNOL as missing or inaccurate data can result in fines and penalties.

First Notice of Loss (FNOL): A compressive process which can or should include incident reporting, claims management, state filing, data recording and retrieval, and customer service.

First Report of Incident (FROI): The instant that the claim handling begins or notice of absence is provided.

First Report of Injury (FROI): FROI relates to workers compensation compliance. Regardless of whether or not an employer agrees with a claimant an FROI must be filed. These reports are typically required when an injury causes an employee to miss 5 or more paid workdays, and must be submitted within seven business days of the fifth missed day of work. Each state uses its own FROI form.

Full-Cycle Claim and Incident Reporting (FCCR): Solutions that improve productivity and reduce costs for commercial and personal insurance carriers, self-insured companies, third party administrators, and managed care organizations.

Incident Reporting (IR): Well defined incident reporting procedures help with claims processing and to reduce claims paid out, handling expenses, and administrative costs. Both medical expenses and litigation can also be mitigated through effective incident reporting.

Intake Specialists (IS): FNOL call center personnel trained in the procedures relating to claim handling and FROI.

Subsequent Report of Incident (SROI): Reconciling the status of the reported issue with the status and methodology of resolution.

Third Party Administrators (TPA): An organization which processes insurance claims or certain aspects of employee benefit plans for a separate entity. A TPA typically handles the claims processing for employers that fully self-insures its employees.

Accurate, timely and efficient First Notice of Loss response, intake and reporting are important for both employer and employee. Some of the most important work can take place in the first few minutes. A well documented FNOL process and procedures dramatically improves data accuracy and reduces the amount of work required later in the process. An efficient and automated process can mitigate costs and reduce errors. This can result in consistently better outcomes for all involved.

By Paul Neleman

No Comments

Sorry, the comment form is closed at this time.