FINEOS Corporation, a global provider of innovative enterprise software solutions for insurance, bancassurance, and government, today concluded its annual FINEOS Claims Global Summit in Boston, USA. This year’s event, sponsored by FINEOS, IBM and other FINEOS partners, was attended by representatives from over 20 organisations 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 fifteen 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 8 months
• released FINEOS Claims Version 6 which has had very 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 Corporation (TAC) and Victoria Workcover Authority (VWA) in Melbourne, a combined claims organisation 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. Fiona Cromarty of TAC presented the change management programme undertaken by the organisation which helped make this project such a huge success.
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 over 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.
Dr Presley Reed, Chairman and President of Reed Group, presented some interesting statistics on Disability and Workers’ Comp and cited another FINEOS client, the Accident Compensation Corporation (ACC) in New Zealand, as one of the world's top performers in claims management and return to work practice. He also demonstrated how Reed's MDA product integrates with the FINEOS Claims solution.
The second day of the Summit was devoted to updates from FINEOS, including an overview of FINEOS Operations and FINEOS Claims Product Strategy & Roadmap. New functionality and capability enhancements in the recent releases of FINEOS Claims were examined and clients were able to contribute their ideas for upcoming releases. There was also an introduction to FINEOS Claims for Dental, and the FINEOS North America Client Advisory Group (CAG) and FINEOS Government clients met separately after the Summit.
The Summit is for clients, prospects and partners of FINEOS Claims, the only claims solution in the market today that has been successfully implemented globally across general insurance/property & casualty, life & health, and social insurance/workers' compensation. The configurability built into the solution means that clients from different lines of business across different continents and with different project requirements can come together, learn from each other and share best practices since their diverse business needs are facilitated by the FINEOS multi-line enterprise claims solution. This was in evidence at the Summit which was attended by FINEOS clients who use FINEOS either within a single line of business or across multiple lines of business as a single enterprise platform for claims management.