New component-based sales, servicing and claims management solution to significantly reduce costs and increase efficiencies for P&C industry
Dublin/London/Portland (ME), 10th October 2003. FINEOS Corporation, a leading innovator of insurance and banking software, has just announced the release of version 4.0 of FINEOS Insure(tm), the enterprise-wide platform for managing a property & casualty (P&C) carrier's primary business processes, including claims handling, lead management, new business, and customer service.
FINEOS Insure delivers several key benefits for P&C insurers. By combining
multi-channel claims intake and business process automation with case management, document management and CRM components, FINEOS Insure reduces the time and money spent on processing claims, giving insurance carriers the ability to reduce claims leakage and detect claims fraud, while at the same time optimising their sales and service processes.
FINEOS Insure incorporates the following pre-integrated product components,
which can be deployed individually or combined together as a complete
- Claims Manager: a central hub for the claims handling process;
- Payment Manager: generic outbound payment management facility, which supports one-off and recurring payments;
- New Business Manager: management of the full lifecycle of P&C products, from initial inquiry on any channel, quotation and application through to approval and the establishment and servicing of a policy;
- Renewals Manager: component platform for managing the insurance renewal cycle;
- Sales and Servicing Components: generic functionality for single view of the customer, case management, campaign management, imaging and document management which enables users to update customer profile data, input proposals, follow up on sales leads, answer queries about a range of back-office activities and execute various other servicing tasks;
- Portals: a family of user-specific J2EE portals for remotely based staff, customers and intermediaries; and
- Integrators: a set of pre-packaged integrators for back office systems.
With an integrated workflow and process design engine, FINEOS Insure allows
users to seamlessly hand off work to the appropriate area. All hand-offs are
recorded and tracked and become part of a case. This helps to free up staff,
allowing them to handle a greater volume of business and service customers
Built on industry-standard technology, FINEOS Insure integrates with legacy
administration systems to provide a single front-end workbench for sales and
servicing issues. Its architecture is thin client-based so that appropriate
access to secure, user-specific portals can be provided. These portals
include those for remotely based agents, brokers, and customers as well as
for branch staff.
Commenting on the launch, Michael Kelly, CEO, FINEOS, said: "Given the tough
operating environment for P&C carriers, FINEOS believes that companies have
to renew their focus on getting the fundamentals right. Companies need to
differentiate through product innovation, peerless customer service and
maintaining fluid distribution channels. Underlying these three essential
components will be a rigorous focus on operational efficiency. We believe
that FINEOS Insure will provide the basis for this business model as it will
integrate every customer and intermediary touch point with back office
information so your claims, sales and service personnel can maximize every
revenue opportunity and deliver the best possible service."
This new release of FINEOS Insure represents the third in a series of specific line-of-business solution launches that was recently announced with the unveiling of FINEOS 4.0(tm), the company's new enterprise platform for banking and insurance. The other vertical solution sets include FINEOS Life, FINEOS Pensions, FINEOS Banking, FINEOS Lending and FINEOS Employee Benefits, which will be individually rolled out over the coming months.
An earlier version of FINEOS Insure has been live at Delta Lloyd and Legal &
General for over a year, providing sales and service functionality as well as flexible claims management capacity.