FINEOS announced today that it acquired six new customers in the second half of 2012. The six insurance organizations, three in North America and three in Australia, will use FINEOS Claims to streamline their disability, life, and supplemental health claims processes, helping achieve more efficient, effective and competitive claims management.
In the US, FINEOS now counts nine of the top forty Life and Health carriers as customers with similar market penetration seen in Canada and Australia.
The announcement coincides with the release of FINEOS version 7.5, a landmark release which combines FINEOS’ feature-rich claims management platform with industry best practice processes. It includes a newly designed user interface (UI) and a comprehensive set of out-of-the box features to improve ease of use and promote faster adoption.
Commenting on today’s announcement, CEO of FINEOS, Michael Kelly said, “The addition of six new customers and the release of FINEOS 7.5 consolidate our global market leadership in the Life and Health industry. FINEOS Claims is a full feature ‘out-of-the-box’ claims system which is delivered with industry best practice business content, documentation and business training to enable organizations to quickly exploit the product within their business. The system can be configured and implemented quickly for the large enterprise carriers as well as smaller claims organizations and this is testament to the maturity, leadership and solidity of the product.”
FINEOS 7.5 offers the following key enhancements:
- Automation of complex payment-related calculations including US FICA, FIT & SIT taxes, partial & optimum earnings offsets, index-tracking cost of living adjustments (COLA) and statutory interest on payment of a death benefit
- Pre-configured processes to manage each stage in the claims lifecycle including information gathering from third parties, eligibility rules, mandated timeframes for the initial claim decision, benefit approval authority limits and associated workflow and low-touch processing.
- Pre-configured claim intake scripts designed for use in both a call center environment and in the back-office where the ability to transcribe rapidly from a manually completed paper claim forms is key.
- New Vocational Rehabilitation Plan component to the electronic claim file, providing a structured approach to the vocational rehab process from planning through goal-setting to the measurement of outcomes.
- New Claimant Viewpoint providing 24/7 self-service access to live claim status and payment data, as well as secure document submission and messaging facilities.
- New User Interface built using HTML 5 to create an ultra-clean look to improve user efficiency. Key information is available at-a-glance with fewer clicks to access common actions and navigate around a multi-benefit claim. A single chronological view is provided of all events and activity that have taken place over the life of a claim.
- Ability to use solution on a desktop or tablet is fully supported out-of-the-box.
FINEOS CTO, Jonathan Boylan added, "FINEOS 7.5. enables Disability and Life insurers to benefit from the massive investment we have made in features and capabilities, allowing them to get up and running quicker. This solution offers a compelling option for insurers using increasingly costly legacy systems or those dealing with the challenges of systems not designed especially for Disability and Life claims”.