insurance software, has just announced the general release of FINEOS Employee Benefits, its suite of customer and claims management applications for employee benefits, supporting short-term disability, long-term disability, long-term care, critical illness, and group life.
The launch of FINEOS Employee Benefits expands the company's industry focus
in North America for disability claims management software, extending the
FINEOS product portfolio to support a wider range of employee benefits
claims and to link the sales and underwriting process.
FINEOS Employee Benefits incorporates the following pre-integrated product
components, which can be deployed individually or combined together as a
complete enterprise-wide solution:
- Customer Acquisition Manager, full-cycle support for integrating the sales and underwriting process
- Disability Claims Manager, software for integrating the claims process
- Benefit Payment Manager, software for managing the benefit payment process
- Benefit Plan Manager, software for planning, storage, maintenance and versioning of benefit plans
Built with integrated workflow and task management, these products manage the various relationships in the sales, underwriting and claims processes. They provide rich functionality for case management across each distribution channel, ensuring a single view of customer information as well as access to
automated imaging and correspondence management.
The result of this end-to-end automation across sales, underwriting and claims for the insurance carrier is improved customer persistency, faster turnaround on prospects and renewals and better management information on close ratios, proposal tracking and risk adjudication.
"FINEOS Employee Benefits enables clients to avail of specific functionality
designed and tailored for their line of business, thereby minimizing the need for customization or build," said Michael Kelly, CEO of FINEOS. "And because the solution has been developed with a product focus, it provides clients with a lower cost of ownership as well as significant strategic benefit for ongoing solution evolution."
Commenting on the launch, Leo Corcoran, VP Business Development, FINEOS, said: "This extends our reach in the employee benefits space. Over the last
two years we've had considerable success with our disability claims management and benefit payment products; now we've broadened our offering so that insurance companies can have greater synergy between the sales, underwriting and claims processes. Proven in the marketplace, FINEOS software will continue to provide these companies with improved process management, better productivity, better risk adjudication and, of course, better customer service."