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FINEOS Claims for Income Protection

The income protection market is projected to grow significantly in the next few years as individuals become more aware of the need to protect themselves financially.  To make the most of this growing market, insurers must be able to handle higher claims volumes and introduce innovative products.

FINEOS Claims for Income Protection has been engineered to address the needs of the income protection insurance industry by allowing you to streamline claims management while providing you with greater operational flexibility. 

Streamlining the Claims Operation

FINEOS Claims for Income Protection helps you streamline the entire claims management process, from intake to determination of eligibility, through resolution or closure.  The solution uses rules-driven workflow and process automation, supporting auto-adjudication and automating many claims-related activities.  Reducing the manual handling of claims speeds resolution times, reduces processing costs and lessens the chance of human error.

In cases where claims must be handled manually, FINEOS Claims for Income Protection enforces best-business practices, appropriately routing claims according to skill and authority level.

FINEOS Claims for Income Protection reduces your reliance on paper-based files and documentation by supporting comprehensive electronic case management.  All claim-related activities, documents and images – including correspondence with third-party providers – are managed electronically and linked to specific claims and cases.

Comprehensive Financial Management

FINEOS Claims for Income Protection supports comprehensive financial management of your claims operation, from lump-sum payments to complex long-tail claims.

The solution integrates with accounting and administration systems to apply appropriate rates and calculations to payments, ensuring that payments are made accurately and in accordance with policy specifications.  In cases where payments need to be adjusted, FINEOS Claims for Income Protection also manages back-dated or out-of-sequence payments.  FINEOS Claims for Income Protection also supports changes to the type or manner of payment made, allowing you to close out long-standing claims with lump-sum payments or to reduce payments as claims age. 

Complete Operational Insight

FINEOS Claims for Income Protection provides visibility into the claims management operation, enabling business owners to make critical forecasts and calculations based on existing volumes and work activities.  The solution also provides further insight into reserving and financial data for a more precise development of products and pricing.

FINEOS Claims for Income Protection allows you to monitor the life cycles of claims and integrates with industry-leading databases to help you evaluate claim status against accepted rehabilitation timeframes. 

Flexibility to Support Changing Business Models

FINEOS Claims for Income Protection is rules-driven, enabling you to rapidly make changes to products, processes or procedures at the business level.  This allows you to respond to market conditions quickly, without requiring complex coding or time-consuming testing. 

FINEOS Claims is built on the FINEOS Insurance Platform, a component-based enterprise infrastructure.  This helps you consolidate claims management for multiple products and businesses onto a single platform for enterprise claims management. 

FINEOS Claims for Income Protection goes beyond traditional claims processing to deliver all aspects of a total claims solution:

• Fully automated claims and case management
• Integrated customer management
• Comprehensive financial management
• Optimal provider management
• A flexible, modern, rules-driven technology platform