Winners of the Inaugural Innovation & Excellence Awards Also Announced
FINEOS Corporation, a market leading provider of core software solutions for Insurance and Government Social Insurance, concluded its annual FINEOS Claims Global Summit in Chicago on Friday. This year’s event was sponsored by FINEOS and selected key partners, and attended by representatives from over 16 organizations from the USA, Canada, Australia and Europe. The two day conference was based on the theme of “Innovation” and featured presentations from FINEOS customers, partners and industry analysts, as well as interactive sessions with FINEOS executives. The agenda also included case studies, best practice discussions and demonstrations of the latest features in FINEOS Claims.
The winners of the FINEOS Innovation and Excellence Awards were also announced at the Summit. This competition was established to honour FINEOS customers’ use of claims technology to achieve operational excellence within their organizations. The worthy winners of this year’s awards were Manitoba Public Insurance (MPI) in Canada and the Transport Accident Commission (TAC) in Australia.
Commenting at the conclusion of the Summit, FINEOS CEO, Michael Kelly, said, “This year’s Summit has been a resounding success. More than anything, the Summit offers our customers a valuable opportunity to hear from other insurers in the same geography and similar lines of business or from insurers in different lines of business and different continents. They can 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. We look forward to seeing everyone again next year”.
In his own presentation, Michael Kelly reviewed the global trends within insurance, the year to date and key achievements since last year’s Claims Summit. These included the addition of new customers including Saskatchewan Workers’ Comp Board, Dearborn National and Liberty Syndicates and a number of important project go-lives. He explained how FINEOS is well positioned for growth and is making significant investment in expanding the FINEOS team in North America and globally to support this growth. As ever, the goal is to continue to make FINEOS Claims the best multi-line claims solution available in the market.
The keynote address was given by Bob Taylor the founder and Principal Consultant of EB Strategies. Mr Taylor discussed the topic of “The New Age of Empowerment: A Game Changer for Claims” which looked at the growing shift of responsibility for managing personal financial security risk from institutions to the individual to create a “new” customer for the insurance industry. Mr Taylor discussed this trend, the opportunities available using advanced technologies, the risk management implications and the opportunities all of this is bringing to the Insurance Industry.
The conference heard best practice presentations from Manitoba Public Insurance (MPI), Canada and the Transport Accident Commission (TAC), Australia. MPI, who went live with FINEOS in September, discussed how they are leveraging FINEOS to drive leadership in rehabilitation planning particularly with the creation of on-line Rehabilitation Plans.
The TAC presentation focused on their new segmentation and assignment model which represents a paradigm shift in the way claims are managed and sets the platform for ongoing improvements in automated segmentation and triage. By automatically segmenting claims – for both injury and non-injury risk factors – the TAC can now determine which team should receive which claim to achieve the most successful outcome.
This year’s Insurer Thought Leadership Panel was moderated by Karen Furtado, a partner in industry consultants, Strategy Meets Action (SMA). Entitled “The Top 10 Imperatives for Insurers”, the session took as its theme the top imperative actions that all insurers must include in their business and technology plans to position themselves for growth and profitability. Ms Furtado introduced the research findings from over 500 insurers and discussed each of the ten imperatives with contributions from Principal Financial Group, IT Shared Solutions, Lexis Nexis and FINEOS CTO, Jonathan Boylan.
“Applying Claims Analytics to Drive Improved Claims Outcomes” was one of the ‘hot’ topics for the conference and featured contributions from Deloitte Consulting and Randall Day, Head of Claims Solutions at FINEOS. This was followed by 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 customers were able to contribute their ideas for upcoming releases. A further session on “Peopleware” demonstrated the importance of recognising that the success of any project depends on the people involved.
This is the fourth FINEOS Claims Global Summit. The event brings together users of FINEOS Claims, the market-leading claims product that supports the world’s top tier insurance companies and government social compensation agencies to 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.