What is FNOL and why is it important?

FNOL – First Notification Of Loss is the initial report made to the insurer in the event of theft, loss or damage of an insured asset.

This is usually the first step in the claims process.

FNOL is a term widely used in the telematics industry to describe an automated alert triggered by G Force readings within the black box device. These alerts usually delivered by email are designed to assist transport managers through enhanced visibility of incidents as soon as they happen.

Why is this important?

FNOL alerts enhance an employer’s duty of care through automation of mission critical information and immediate awareness an employee may be in danger. The information can be used to manage the employee’s safety and alert the relevant emergency services, pinpointing the exact location of the driver and vehicle.

Where serious injury is involved reaction time is critical.

If camera footage is available, it will also provide an immediate replay of exactly what happened and who was involved. A valuable source of evidence to the authorities and insurer.

The average claims notification period (the time it takes the insured to notify the insurer of a claim) is often important to the insurer. The quicker this data is passed to the insurer the more opportunity they have to control costs of claims, which can have a positive impact on the premium renewal.

In addition, there is multiple operational benefits to knowing when an incident has occurred enabling the business to execute emergency procedures that minimise the impact on business continuity such as re-scheduling deliveries, vehicle replacements and employee absence cover.

What is your average claim notification period? Your broker should be able provide this information. FNOL alerts will help you improve this and reduce your premium.

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