How soon do "Incidents" get reported on the CUE Database?

Annemos

Good morning. 

My question is about how soon things are logged, rather than if they are logged at all. 

Does anyone have any info on this? 

Will any incident that is reported/notified to an Insurer as a Potential Claim, immediately get logged on the Insurance Company's systems and then flow into the CUE. 

(I am not referring to where a homeowner calls up about a THEORETCIAL set of circumstances, for example.) 

DullGreyGuy

Many "theoretical" end up in CUE as insurers systems can be relatively basic and processes require all claims conversations to be logged and generally people dont call up about what happens if their mate stole something unless thats what's really happened and they are just trying to be coy. 

Speed of reporting will depend very much on the companies involved... some in principle could be doing real time reporting in other cases FNOL is outsourced to a third party with claims handling authority and so claims only come into the insurer systems on a monthly or quarterly basis and then go to CUE on a batch process.

Annemos

I am so ignorant., Had to Google FNOL!

First Notification of Loss. 

Many thanks DGG

DullGreyGuy

Annemos said:

I am so ignorant., Had to Google FNOL!

First Notification of Loss. 

Many thanks DGG

All part of your insurance industry training Annemos. 

Yes, FNOL is the initial logging of the claim... some companies do it in house on their own systems and at the opposite extreme is those that outsource the whole claims process to a TPA who use their own system and just send a quarterly bordereaux so it can be 3 months before it goes into the insurers systems and even then in some cases they are booked as a block claim so no policy by policy view of claims (not common in personal lines unless underwriting authority sits with the same third party)

Personally... block booked claims scare the hell out of me but that'll be covered in a later lesson

Annemos

This is very interesting DGG, because I have gone to the FOS, over the recording of a "claim" for which I never made an FNOL !   And the FNOL that the Company is recording, is not even within my Policy Dates with them. 

DullGreyGuy

Date of report and date of loss are two separate things and you will find cases where one, the other or both are outside the policy period... there can also be other dates like date of logging (eg if FNOL is given to the broker then that's the reported date even if the insurer logs it 10 days later). Depending on the terms of the policy and its basis of cover multiple dates could be relevant. 

You get a fair proportion of cases around renewal date where a policyholder calls up to say they want to make a claim on their new policy but date of loss is predates the inception of the policy and so its logged and immediately declined on a standard "losses occurring during" policy (which personal line policies are) in a similar way if they had called the right insurer for the time period to say they've dropped their laptop and its instantly declined as there is a no accidental damage cover.