London, February 12th, 2003 - FINEOS Corporation, the leading innovator of
banking and insurance software, has just announced a major deal in which it
has delivered CORE, INC., with its multi-channel intake and claims management solution, FINEOS Disability Claims Manager. As part of the project, CORE, a leading provider of employee absence management, has integrated the FINEOS system with its existing WorkAbility® Online Absence Management application. This will enhance CORE's end-to-end claims management process for all FMLA, STD and LTD claims.
Seamlessly integrated with the company's clinically based back-office legacy
environment, FINEOS Disability Claims Manager acts as a central application
to effectively manage and streamline CORE's WorkAbility Division claims
process. By fully automating all relationship, contact, and workflow management, the FINEOS system co-ordinates and manages the various parties
in the claims process and enables claims personnel to access customer,
policy and involved-party information in real time, whether claims intake is
conducted via internet, telephone, letter or email. eForms allow staff to
instantly augment or update existing claims data.
With advanced workflow, end-users can automatically route and manage claimants' tasks and the flow of claim-related data, while work volumes can be monitored, balanced and adjusted. The advanced letter-writing module of the system automatically creates and distributes all claim-related correspondence to the claimant.
The FINEOS system will also enable CORE's WorkAbility Division to reduce the
manual costs associated with processing claims. By cutting down error-prone,
paper-based processes and the time-consuming hand-off of tasks, while at the
same time enabling concurrent claims processing, FINEOS Disability Claims
Manager will significantly reduce the overall time needed to service a claim
and greatly increase efficiency. The end result will be a reduction of
overall claims administration costs by 10-15%. The quality of service
received by claimants will also be improved.
Jay Menario, Managing Director for CORE's WorkAbility Division, said: "By
delivering an integrated, seamless claims management process across our
business, the FINEOS system will enable us to significantly reduce our
costs, while allowing us to service claims in a much shorter space of time.
Cost reduction is definitely a serious driver for us in this project, but
perhaps more importantly, we can now differentiate ourselves from the
competition by significantly improving the customer experience in the claims
process. All of these factors will allow us to greatly enhance our
Michael Kelly, CEO, FINEOS, said: "With effective claims management being
such a serious issue for many insurance carriers, forward-looking companies
such as CORE are viewing the process as something that can enhance their
business rather than hinder it. By automating the whole process and removing
many of the associated manual tasks, they will not only be able to reduce
costs and increase efficiencies but will also be able to use the claims
process to differentiate themselves from other claims providers by providing
better customer service and satisfaction."
Commenting on the deal, Leo Corcoran, Senior Vice President for Business
Development for FINEOS in North America said: "To have secured our second
North American customer in such a short space of time is a great achievement
for FINEOS. Our intimate knowledge of the issues and demands facing carriers
in the disability insurance niche is really starting to pay dividends. I
have no doubt that this expertise, coupled with the real benefits that our
system delivers, will shortly allow us to realize our vision of becoming the
No.1 provider of disability claims management systems in North America."