First Notice Systems Inc., the leader in claim reporting solutions for the insurance industry, and Guidewire Software Inc., a leading provider of claims solutions to property and casualty and workers' compensation insurers, today announced the formation of a strategic alliance that gives insurance carriers an end-to-end claims reporting and management solution. Customers of both companies can now easily leverage First Notice's expertise and value-added services at first notice of loss and Guidewire's downstream claims processing system to enhance claims handling procedures and improve customer service.
Efficiently transmitting first-report data into a core claims management system for immediate use by adjusters is critical to driving down loss adjusting expense (LAE) and shortening claims cycle time. But this is a challenge for many insurance carriers. Often a first-report is captured in a totally separate environment (e.g., by an independent agent) and must be manually inserted into the carrier's claims management system. Or, if a carrier uses the first notice of loss (FNOL) entry module of its claims management system, the data gathering process may be incomplete and critical information that could expedite claims settlement may not be available.
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