FINEOS Concludes Third Annual Global Claims Summit in Chicago

Growing Client Base Ensures Greatest Attendance to Date

FINEOS Corporation, the global provider of innovative enterprise software solutions for insurance, bancassurance, and government, today concluded its annual FINEOS Claims Global Summit in Chicago, USA. This year’s event, the biggest to date, was sponsored by FINEOS and selected key partners, and attended by representatives from over 20 organizations from the USA, Canada, Australia, New Zealand, Europe and Africa. The two day event featured keynote presentations from FINEOS clients, partners and industry analysts, as well as interactive presentations from FINEOS executives. The agenda also included case studies, best practice discussions, technical and business breakout sessions and demonstrations of the latest features in FINEOS Claims. Ian Lynagh, Executive Vice President of FINEOS, also announced the launch of next year’s FINEOS Innovation and Excellence Awards to honour FINEOS clients’ use of claims technology to achieve operational excellence within their organizations.

Commenting at the conclusion of the Summit, FINEOS CEO, Michael Kelly, said, “Even in these difficult times, we are delighted that the Claims Summit continues to attract clients from all over the world. Our clients’ overwhelming feedback is that this has been our most successful Summit so far. They place great value on listening and learning how to innovate within the claims arena, whether it’s through new technology, improving processes, people education or through hearing the experiences of their other FINEOS user colleagues. Our user community enjoys being able to interact directly with each other. This is a great opportunity for insurers from different lines of business from different continents and with different project requirements to come together, to learn from each other and share best practices. It is also a testament to how the special and diverse business needs of so many insurers can be successfully facilitated by the FINEOS multi-line enterprise claims solution.”

In his presentation, Michael Kelly reviewed the year to date and key events since the last Summit. These include:

• A record-breaking number of new claims deals including Thorntons & Partners (Ireland), FBD Insurance (Ireland), Macquarie (Australia), SalusAnsvar (Sweden) and Saskatchewan Workers Compensation Board (Canada)

• Over ten customer project go-lives, including Mutual of Omaha (US) and Road Accident Fund (South Africa)

• The fastest claims system go-live achieved to date at one of Australia’s leading bancassurance groups, with the entire project taking just three months to implement

• FINEOS is now the only claims software vendor in the world to be validated for IBM’s Insurance Process Acceleration Framework

• Inclusion again this year in Celent’s Model Carrier Report.

Ward Graffam, FINEOS’ recently appointed North American non-executive director, was introduced to the group. Mr. Graffam, an insurance statesman with over 40 years of national and international experience at UNUM Corporation in the USA and Unum International, explained why he has joined the FINEOS Board and expressed his admiration for the company and its market potential.

The keynote address was given by Karlyn Carnahan, Principal at consulting group, Novarica. Her presentation looked at how claims administration continues to be a core strategic area of focus for insurance carriers as technology expectations continue to change. From Web 2.0 to neural networking, the technologies available for claims support are mushrooming and potential paybacks are rapid and sizeable.

There were best practice sessions from FINEOS clients including the Accident Compensation Corporation (New Zealand), Principal Financial Group (US) and a major public insurer from Canada. The clients discussed the practical experience of implementing and using FINEOS Claims in their respective organizations.

This was followed by updates from FINEOS, including an overview of FINEOS Operations and FINEOS Claims Product Strategy & Roadmap. New functionality and capability enhancements in the recent releases of FINEOS Claims were examined and clients were able to contribute their ideas for upcoming releases. There was also an introduction to FINEOS Claims for Workers Compensation in the US, and the FINEOS North America Client Advisory Group (CAG) and FINEOS Government clients met separately after the Summit.

The Global Claims Summit brings together users of FINEOS Claims, a market-leading product that supports the world’s leading insurance companies and government social compensation agencies achieve operational excellence in handling a range of different types of claims. The product is the only claims solution in the market today that has been successfully implemented globally across property & casualty, life & health, and government social compensation agencies.


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