FINEOS delivering enhanced management for all Individual and Group Disability Products
FINEOS Corporation, a global provider of innovative enterprise software solutions for insurance, bancassurance, and government, today announced that the Principal Financial Group has recently implemented FINEOS Claims to manage its group disability insurance (DI) and group life insurance claims and payment processes. The Principal® has been using FINEOS Claims since 2005 to manage individual DI claims and this additional implementation brings the number of live users at The Principal to 300.
Cindy Ford, Assistant Vice President of Claims at The Principal, said, “With our successful delivery of group Life and DI claims, we believe that our joint Specialty Benefits and FINEOS project teams have delivered the right solution for The Principal. We are focused on providing best-in-class claim service, while managing costs through the use of efficient and effective processes. As implemented, FINEOS Claims supports these efforts, and provides a powerful rules management capability that offers us the flexibility and agility we need to quickly adapt to the changing business environment.”
The enhanced functionality offered by FINEOS Claims delivers efficiency gains, including:
- Document upload features and print-to-mail functionality
- Auto calculation of key dates and benefit payment amounts
- Ability to establish a case strategy through the use of multiple tasks and auto-generating tasks
- Repetitive pay feature for Short Term and Long Term Disability
- A consolidated view of claimants who may have multiple products with The Principal, including Short and Long Term Disability, Individual Disability, Life and Life Premium Waiver.
“FINEOS Claims fits nicely into our overall IT Strategy”, commented Doug Fick, Vice President & CIO, Specialty Benefits. “We have effectively interfaced the FINEOS Claims application with our downstream claims-related systems, including accounting, print-to-mail, check-draft and reserves. In addition, the system consolidates all benefit payment data, and manages and processes payments so that management has a comprehensive, real-time view of benefit payment activity. Moreover, FINEOS Claims, with its Rules Manager functionality, has helped to streamline our ability to bring new products to market. By intelligently routing and monitoring tasks, FINEOS Claims helps us manage standard work practices and improve the capture of data for analysis of trends, plan designs, risks etc.”
According to Michael Kelly, CEO, FINEOS Corporation, “FINEOS has enjoyed a long relationship with The Principal and this is a major milestone for both companies. This project builds on the individual DI project and extends our leadership position within North American DI claims management technology”.
About Principal Financial Group
The Principal Financial Group® (The Principal®) is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance, and banking through its diverse family of financial services companies. A member of the Fortune 500, the Principal Financial Group has $308.0 billion in assets under management and serves some 19.0 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit https://www.principal.com/
