Dublin, Ireland – FINEOS Corp. a provider of enterprise software solutions for insurance, bancassurance and government, recently concluded its annual FINEOS Claims Global Summit in Boston. This year’s event, sponsored by FINEOS, IBM and other FINEOS partners, was attended by representatives from over 20 organizations from the USA, Canada, Australia, New Zealand, Europe and Africa. The Summit is a unique, interactive event for FINEOS clients and partners to come together to share claims best practice and hear how their peers are driving improvements with innovative approaches to claims management.
FINEOS CEO, Michael Kelly said, "This has been a tremendous success for FINEOS. More than ever, insurers will be looking at ways to cut costs by increasing automation and straight-through processing, while also focusing on enterprise flexibility and agility. We know that in this challenging economic environment, insurers can expect to see an increase in claims. This is why strong claims management is so crucial. It was great to see our clients and partners sharing knowledge with one another and learning from real-world experiences. We look forward to continuing to offer this industry-leading event in the years ahead".
The Summit kicked off with an address from Michael Kelly, highlighting recent FINEOS successes in North America, Europe, Australasia and Africa. Since last year’s Summit in Chicago, FINEOS has:
- Celebrated 15 years in business
- Continued to increase year on year revenues and profits
- Grown employee headcount by almost 20%
- Won ICT Company of the Year
- Invested significantly in R&D
- Signed recent deals with four top tier insurance clients
- Gone live at over 12 client sites during the past eight months
- Released FINEOS Claims Version 6, which has had positive customer and market feedback
- Made significant appointments to strengthen the FINEOS board and the FINEOS team in North America
This was followed by a keynote address by Gartner analyst Steve Forte, who discussed the importance of customer relationship management and customer experience in the claims process, especially given the more challenging economic climate. He also talked about the crucial link between the underwriting process and the claims process, stressing the importance of the information feedback loop between the two groups to ensure better underwriting using claims trend experience.
Andrew Saunders, CEO of ITSS, the IT shared services centre for the Transport Accident Corp. (TAC) and Victoria Workcover Authority (VWA) in Melbourne, a combined claims organization of 3,000 people serving the state of Victoria in Australia, gave a presentation on how FINEOS was implemented at TAC in a single phase to replace 19 IT systems with the FINEOS solution.
Andy Albano of Assurant gave an insightful presentation about how Assurant have extracted significant benefits from their FINEOS Disability claims solution. He outlined how the Assurant business team have used the FINEOS configuration tools to deliver crucial productivity gains in throughput over the last four years with zero IT development. He also discussed Assurant’s current project to move to FINEOS Version 6. Assurant have been live with FINEOS for more than five years, and have driven significant process improvement and business change benefits from FINEOS.
Julie Vincent gave a presentation about how Comminsure, Australia's largest insurer and existing claims user, implemented FINEOS for new business straight-through processing. The project targeted a team of 400 new business users and, since go-live, the FINEOS system has supported 40% extra growth in new business throughput with only a 5% increase in workload.
Source: FINEOS Corp.
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