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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". 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.
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