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FINEOS Expands Reach Within Canadian Market

FINEOS Expands Reach Within Canadian Market

Company announces participation in Irish Trade Mission to Canada and growth in Canadian client base

FINEOS Corporation, a global provider of expertly developed and packaged componentized software solutions for the financial services industry, today announced its further expansion into the Canadian financial services market.  The announcement comes as the company embarks on an Irish Trade Mission to Canada, sponsored by Enterprise Ireland.

The trade mission will visit Montreal and Toronto and is scheduled for Oct. 15 – 20, 2006.  It is being led by Irish Minister Micheál Martin (Member of Parliament) and serves as the official launch of a new Enterprise Ireland office in Toronto.  FINEOS will be participating in several trade mission events, including a “Captains of Industry” luncheon on the 17th of October.  The luncheon will feature Minister Martin; Ambassador Declan Kelly, Irish Ambassador to Canada; and Michael Kelly, CEO and founder, FINEOS Corporation.

The trade mission reinforces FINEOS’ commitment to offering the FINEOS Claims and FINEOS Payments solutions to the Canadian financial services market.  These solutions are suitable for various lines of business including bodily injury, disability, workers’ compensation, compulsory third-party, and related governmental insurance.  The solutions combine specific business-line functionality with FINEOS’ flexible and powerful platform for straight-through processing, business process management, and workflow automation.

FINEOS Claims is a robust solution providing claims management, decision support, and straight-through processing based on organization-specific business rules and best practices.  The solution provides a single view of customer and plan information, allowing users to access portfolio information quickly and easily without having to navigate through multiple back office systems. The solution also manages multiple party interactions (i.e. third party service providers), allows for claim notification via multiple channels, and tightly controls security of claim payments based on reserves or authority.

FINEOS Payments allows carriers to manage the payment and billing process automatically, integrating with general ledger systems to provide accurate accounting and reporting of cashflow.  The solution also effectively manages back-dated or out-of-sequence changes based on an organization’s best processes, allowing organizations to adjust billing or payments as appropriate.

FINEOS is currently engaged with two premier Canadian organizations; one is live with FINEOS Claims and is implementing FINEOS Payments and one is implementing both solutions.   The use of FINEOS Claims and FINEOS Payments will allow these companies to deliver improved customer service to their policy holders and increase their operational efficiency.  Additionally, the organizations will benefit from an open and easily managed technical infrastructure, thanks to FINEOS’ open service oriented architecture (SOA) and broad business process management (BPM) capabilities.

“The FINEOS Claims and FINEOS Payments solutions will help Canadian organizations achieve greater success in managing the complex transactions associated with insurance processing.  It is very exciting to be working with two world-class organizations on the implementations of these new offerings and FINEOS is looking forward to expanding our relationships within Canada,” said Michael Kelly.