What is FNOL & how can dash cams help?
In simple terms, first notification of loss (FNOL) means contacting your vehicle insurer as soon as is safely possibly following an incident. The quicker your insurer has been notified, the quicker they can start to capture all the necessary third-party details and start working on recovering the damages. A quick and accurate reporting can help to reduce insurance premiums as insurers will take these efforts into account when assessing the claim and aim to get you the best possible outcome.
How can FNOL affect insurance premiums?
Accident management provider FMG estimates that failing to capture third-party information and delays in reporting the incident can drastically reduce the opportunity to capture and control the third-party costs. This can inflate overall incident costs by 965%, for example, turning a £1,000 bill into a painful £10,650 bill.
John Catling, Commercial Director of FMG, says ‘the key to keeping costs as low as possible when it comes to FNOL, is providing high quality information to your insurer as soon as possible following an incident. Poor management of incidents can lead to costs spiralling out of control due to delays resulting in higher replacement vehicle costs and lengthy liability decisions.’
How can dash cams help with FNOL?
Dash cams can effectively help with FNOL as they can capture key details your insurer needs to assess the claim - such as vehicle registrations, weather conditions and road markings etc. But possibly most importantly, they also provide the most accurate proof of the chain of events leading up to, during, and sometimes after the event. This will make it easier for insurance companies to access the incident which in effect, will speeds up the process and reduce overall costs.
What is the best dash cam for FNOL in fleet management?
RAM Tracking’s new live streaming dash cam - RAM Live – is a step ahead of the rest when it comes to FNOL. It has many features that can help in effectively and efficiently reporting FNOL, such as:
- Live streaming recording – meaning fleet managers can review the incident as it plays out in real time.
- Email notifications – Fleet managers can customise notifications so both themselves and insurance brokers are notified in the event of an incident (including the live footage of incident) so they can start working on your claim as soon as possible, resulting in a potentially large cost saving.
- GPS tracking – allows fleet managers and insurance broker know the exact location where the incident occurred.
- Night vision – ensures clear footage is available for evidence purposes both day and night.
- Ultra-wide 150 degree viewing angle – provides the insurance broker with a clear and detailed view of the scene.
If you’d like to know more about RAM Live, visit www.ramtracking.com/dash-cams/ram-live/.