Assurant cited as example of Best Practice in Claims Automation
FINEOS Corporation, a global provider of innovative enterprise software solutions for insurance, bancassurance, and government, today announced that its client, Assurant Employee Benefits (AEB), has been named in the Celent report, Model Carrier 2009: Case Studies of Effective Technology Usage in Insurance. In the report, Celent identifies a number of key practices in the use of technology across the product and policyholder lifecycle that a “Model Carrier” might use, and illustrates this with selected case studies of specific initiatives and capabilities. This is the second year in a row that FINEOS has been named in the report. In 2008, the FINEOS implementation at the Accident Compensation Corporation (ACC) of New Zealand was also selected as an example of best practice in claims management.
In choosing AEB, a client of FINEOS since 2001, the report highlighted “the comprehensive improvement to claims management achieved, the substantial reductions in expenses and cycle times, and the best practice of using subject matter experts to redesign business processes to best leverage new technology”.
“I’d like to congratulate AEB on being recognised as a Model Carrier and for having the vision to transform their claims processing to achieve such impressive results” said Michael Kelly, CEO, FINEOS Corporation. “I am also delighted that FINEOS has once again made it into the report. I believe this is a testament to the functional breadth of the FINEOS Claims solution and the innovative way in which leading insurers are using it to achieve their business goals”.
AEB is a provider of specialized insurance products and related services in North America. It offers, among other products, group disability insurance and distinguishes itself in the marketplace through differentiated products, customer service and by its commitment to returning people to work. Following a public tender process in 2001, FINEOS Claims® was selected by AEB to provide full claims support including recovery and rehabilitations enabling users to deliver faster, more accurate claims decisions. AEB estimates that the project has helped realize a 40% reduction in documents and 20% reduction in paper. Efficiency rates for transactional processes have improved to 99.2% and efficiency rates for redesigned processes as a whole have been 96%, representing a 5-25% improvement. In addition to the efficiency gains, the claims staff now has more time for critical claims management activities.
FINEOS Claims is the only claims solution in the market today that has been successfully implemented globally across property & casualty, life & health, and government. The solution can be implemented within a single line of business, across multiple lines of business as a single platform for claims management, or as the foundation for a broader enterprise transformation project. The solution has shown strong momentum globally with recent client announcements at the Road Accident Fund (South Africa), the Lifetime Care & Support Authority (Australia), Manitoba Public Insurance (Canada) and Westpac (Australia).