Solution Helps Insurance Professionals Manage Workers’ Compensation Claims and Navigate US Insurance Regulation
Wolters Kluwer Financial Services have announced that it will incorporate its insurance compliance information and analysis with FINEOS Claims for Workers’ Compensation.
FINEOS Claims for Workers’ Compensation has been expanded to offer capabilities developed specifically for the US market, including preconfigured business content in areas such as fraud detection and medical management. The claims processing system offers insurance carriers, third party administrators (TPAs), self-insureds, state funds and other government entities a complete claims lifecycle management system that includes intake, payments, reserves and provider management.
Wolters Kluwer Financial Services provides insurance compliance tools that help professionals identify, understand and comply with US insurance regulation. Through the relationship with FINEOS, Wolters Kluwer Financial Services can help more insurers access its trusted regulatory and compliance content.
FINEOS has built a strong reputation in the workers’ compensation arena with clients all over the world, including the Accident Compensation Corporation (ACC) of New Zealand, WorkSafe Victoria in Australia, and the Saskatchewan Workers’ Compensation Board in Canada. In the US, FINEOS is the leading disability claims solution, with customers such as Principal Financial Group, Assurant, ING, Mutual of Omaha and others already processing their claims on the FINEOS system. Working with Wolters Kluwer Financial Services, FINEOS now addresses the specific claims and compliance requirements of the US workers’ compensation market.
“US workers’ compensation is an underserved market facing significant issues, including medical inflation, indemnity costs and complex regulation,” said Michael Kelly, Chief Executive Officer at FINEOS. “Given the potential risks and challenges of the US regulatory environment, it’s essential for claims handlers to have sophisticated processing systems that provide compliance reference material to guide their decision making.”
“This relationship allows FINEOS to leverage its expertise in the critical area of claims management technology, while bringing Wolters Kluwer Financial Services’ deep compliance knowledge to its customers doing business in the US,” said David Evans, Vice President and General Manager, Insurance at Wolters Kluwer Financial Services.
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