Portland (Maine) - September 2nd, 2002 - FINEOS Corporation, the leading
innovator in insurance and banking software, has just signed a $1 million contract to supply Delta Lloyd in the Netherlands with its multi-channel
intake and claims management system. The deal with Delta Lloyd NV, a member
of the international insurance group AVIVA plc (formerly CGNU plc),
represents the first sale of FINEOS Claims Management which was formally
launched in July.
The FINEOS system will enable Delta Lloyd to fully automate and streamline
its personal injury claims process, thereby reducing the manual costs
associated with processing these claims and improving customer service. Set
to go-live in December 2002, FINEOS Claims Management will fully automate
all contact, workflow, case and document management and the bulk of the many
error-prone, manual tasks associated with claims handling. From claims data
capture through all stages of case management, the system will co-ordinate
and manage the various parties in the personal injury claims process,
including insured parties, victims, solicitors and medical experts.
Seamless integration with back-office policy administration systems will
ensure that claims personnel can access consolidated customer, policy and
involved-party information and documentation in real time, regardless of the
channel through which claims intake is conducted. Full case management
capabilities will allow Delta Lloyd to track and control the progress of
each claim, while intelligent workflow will automatically route and manage
claimants' tasks and control the flow of claim-related data. In addition,
the FINEOS system will allow all documentation relevant to each claim to be
created, stored and recalled instantly from the case contact history.
The increased efficiency deployed by the FINEOS system will enable Delta
Lloyd to significantly reduce the costs associated with processing claims
and the company expects that the system will pay for itself within a year.
At the same time, it will decrease the amount of time necessary to service a
claim and enhance the claimant's experience of the whole process.
Commenting on the announcement, Jan Jonker, Director of the General
Insurance Division of Delta Lloyd, said: "The FINEOS system will allow us to
improve two key areas within the claims management process: efficiency and
service. With increased efficiency, we will be able to reduce the time and
cost that is involved with our current claims processing environment,
greatly increasing our competitiveness. Perhaps, more importantly, we will
be able to significantly increase the levels of service we can deliver to
our customers. Personal injury claimants do not want the added pressure of
poor service from their claims handler, so the enhancements that the system
will deliver in this area will have a great impact on our customers' claims
Michael Kelly, CEO, FINEOS, said: "I am delighted with Delta Lloyd's
decision to go with our Claims Management system. This represents the first
endorsement of our claims offering in Europe, following great success in the
US, and clearly highlights the strength of our proposition. By addressing
the critical cost and service issues facing claims handlers, the system will
continue to provide powerful differentiation to forward-looking and
innovative insurers such as Delta Lloyd."
With industry analysts Datamonitor calculating that $1.8 billion will be
spent on claims processing in Europe by 2004, this latest FINEOS deal is
another milestone in the company's strategy to become the number one global
provider of claims management systems. The Delta Lloyd deal follows the
recent market launch of FINEOS Claims Management for the property and
casualty insurance sector in July.