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FINEOS Claims’ Level of Functionalities is Unique in the Market according to Independent Research Firm

FINEOS Claims’ Level of Functionalities is Unique in the Market according to Independent Research Firm

Delta Lloyd’s Claims Management Model Offers Important Lessons for Insurers

FINEOS Corporation, a global provider of innovative software solutions for insurance and related enterprises, today announced that its client, Delta Lloyd, has been cited as a best practice case study in claims management by independent research firm, Forrester. The European insurer has been mentioned in two recent Forrester reports “The March Toward Insurance Claims Automation”1 and “Delta Lloyd’s New Claims Management Model Brings Operational Efficiency”.2

Delta Lloyd is a member of the international insurance group Aviva and operates in the life, pensions, savings, investments, and mortgage markets in Germany and the Netherlands. The organization has nearly 7,000 employees, a substantial proportion of whom work in its claims processing department.

The FINEOS Claims solution, deployed by Delta Lloyd in 2005, is a customer and case centric, rules-driven solution for comprehensive claims management. Built on the FINEOS Insurance Platform, the solution helps drive operational efficiency, minimizes operational risk, and improves customer service. It also delivers business process management (BPM) capabilities that allow Delta Lloyd’s business users the flexibility to make changes or modify processes as their workflows evolve and are optimized.  According to the reports by Ricardo Arruda, Insurance Analyst at Forrester, “The level of functionalities of the FINEOS system is unique in the market.  The FINEOS claims management system helps insurers automate and manage every single interaction in the claims process.”

He continued, “The Dutch insurer’s experience holds important lessons for insurers across Europe that want to streamline claims process efficiency and improve customer satisfaction while leveraging solutions across different geographies.” He noted the chief business improvements experienced at Delta Lloyd including:

  • An expected reduction in claims expenses by 1 percent in the current year – equivalent to a €2 million to €3 million in savings
  • 20 percent increase in customer retention as a result of improved customer service
  • Dramatic improvement in the risk assessment model achieved through better management of information.

“We are proud of the accomplishments of the FINEOS Claims solution and our partnership with Delta Lloyd,” commented Michael Kelly, CEO, FINEOS Corporation. “Increasingly we are seeing how insurers are deriving significant business benefits by consolidating multiple lines of business onto a single enterprise platform and introducing straight-through processing for the management of the complete lifecycle of claims across lines of business”.

 

1 “The March Toward Insurance Claims Automation” Forrester, Ricardo Arruda and Benjamin Ensor (February 2007)

2 “Delta Lloyd’s New Claims Management Model Brings Operational Efficiency” Forrester, Ricardo Arruda with Cliff Condon (August 2006)