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Leading Insurers Converge On Chicago for FINEOS Claims Global Summit

Leading Insurers Converge On Chicago for FINEOS Claims Global Summit

Clients from around the world meet to share best practices and drive industry innovation

FINEOS Corporation, a global provider of innovative enterprise software solutions for insurance, bancassurance, and social insurance, has just concluded its annual claims forum in Chicago. Top-tier insurance companies representing seven countries converged on Chicago for this collaborative event. The Summit offered attendees the opportunity to share best practices and learn how different insurers are meeting today’s business challenges with innovative approaches to claims management. Participants were able to select from an agenda of interactive sessions on business and technical topics related to FINEOS Claims including compliance and investigation, reserves and payments, claims case management, auto-adjudication, straight-through processing, and service oriented integration.

FINEOS’ CEO, Michael Kelly, opened the Summit by highlighting recent successes in North America, Europe and Australasia and outlining the future direction and objectives for FINEOS Claims. This was followed by the keynote address from Professor Joe Peppard, Chair in Information Systems at Cranfield School of Management. Professor Peppard’s paper, entitled, “Unlocking Sustained Business Value from IT Investments” offers a radical new approach that enables managers to identify, plan for and manage the delivery of benefits from IT investments.

The Accident Compensation Corporation (ACC) of New Zealand presented a case study on their recently completed enterprise roll-out of FINEOS Claims. Know internally as Eos, the project forms part of a larger business transformation initiative to improve operational efficiency and adaptability at ACC. Today 2000 administrators are processing 2 million claims annually with FINEOS Claims. This represents one of the largest public sector projects in New Zealand in the last decade.

Delta Lloyd, a member of the international insurance group Aviva and one of the leading financial services providers in Benelux and Germany, also discussed the transformation they went through to consolidate 20 applications into one successful FINEOS implementation. The project was recently cited as a best practice case study in claims management by independent research firm, Forrester.

FINEOS Claims is the only claims solution in the market today that has been successfully implemented globally across general insurance/property & casualty, life & health, and social insurance/workers’ compensation. The configurability built into the solution means that clients from different lines of business across different continents and with different project requirements can come together, learn from each other and share best practices. This was in evidence at the Summit which included client implementations of FINEOS Claims within a single line of business and also across multiple lines of business as a single enterprise platform for claims management. Topics covered addressed both unified claims functionality and line of business specific requirements.

As he wrapped up the conference, Michael Kelly commented, “This has been a tremendous success for FINEOS. The Summit has given FINEOS clients the opportunity to meet their peers and gain valuable insight and knowledge of new, innovative strategies that will enable them to be more competitive and enhance their business operations. We look forward to continuing to offer this industry leading event in the years to come”.

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