FINEOS Corporation, a market leading provider of claims management software, has announced the outcome of its Claims Summit for the London Market. Addressing the theme “Putting the customer first: driving innovation in claims”, the Summit concluded at Lord’s Cricket Ground as England began the defence of the Ashes in Australia.
Claims Managers and CIOs used the conference as an opportunity to discuss the issues and challenges that continuously face claims departments while FINEOS unveiled its product roadmap, showcasing the latest enhancements to the market-leading out of the box claims management solution, FINEOS Claims for the London Market.Jonathan Clark, Head of Business Solutions and Syndicate Claims Management at SCOR chaired the conference which coincided with FINEOS’ 20th anniversary and the opening of a new FINEOS office specifically to support the London Market.
FINEOS customer Kiln (part of the Tokio Marine Group) was presented with an award for “Excellence in Claims Transformation & Project Governance” as a result of their vision, dedication and hard work which resulted in the delivery of their best in class claims management solution. Kiln, which is one of the largest managing agents in the Lloyd’s Market, leveraged the FINEOS London Market business content as the basis for its solution while championing an approach of staying as close to the base product and content as possible.
Kiln Claims Manager, Guy Hillyard, provided delegates with a case study presentation on the benefits delivered by the implementation of FINEOS Claims. The company has invested in people, processes and IT as part of its Claims Transformation Programme. It intends to use the information captured in the claims solution to support its strategy to deliver a first class claims service to its clients and brokers.
Neil Allcroft, one of the speakers among a panel of experts, discussed building and developing a global claims business. Mr Allcroft, of loss adjuster Crawford & Company, warned that firms could not afford to completely outsource their global claims operation. He said “You needed to have your own staff on the ground to ensure firms meet the specific regulations and rules in various territories.” He went on further to say, “You cannot simply outsource claims, you have to have local knowledge and people on the ground, as those people will deliver commercialism to your business.”
Mr Allcroft added: “When you sell your underwriting product to a client or end user, you make a promise to look after them in their time of stress. Be it volume or catastrophe. The infrastructure you have has to be able to meet that promise.”
Malcolm Beane, advisor to the London Market Association said that technology was a core part of a successful global claims operation but staff had to be given responsibility and ownership of the plans if they were to be sustainable. The move to a global claims business could not be achieved without ensuring the staff tasked with representing organisations across the world were fully engaged in what the company is trying to achieve.
As part of the panel discussion, Kiln Claims Manager Guy Hillyard said, “At present brokers are missing a trick in the emerging Asian markets”. He told delegates that on a recent trip to Singapore he had visited the major brokers’ operations in the country but none had claims staff, just producing brokers. However the underwriters have their claims staff on site.
Ben Bolton CEO of Gracechurch Consulting emphasised the need for insurers to improve the claims service they provide to brokers and clients and to focus on developing a customer centric claims strategy
Delegates toured the Lord’s Museum and enjoyed an end of conference dinner in the Pavilion with guest of honour former England batsman Alec Stewart.
Michael Kelly, CEO, FINEOS commented, “We are delighted with the success of our London Market Summit and the excellent participation of everyone involved.”
“The purpose of our conference is to provide a forum for discussion and networking among industry peers in order to share ideas and experiences. As our customers play an integral part in our product strategy and development, it also provides us with an important opportunity to engage with them and get their valuable feedback.”
The conference was sponsored by iGate, QlikTech and ACORD
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