FINEOS Solution to Manage and Support the Complete Claims Lifecycle
FINEOS Corporation, a market leading provider of core insurance software solutions, today announced that Friends First has gone live with FINEOS Claims to manage claims and payments arising from its Income Protection (Disability Insurance) operation. Friends First is a wholly-owned subsidiary of Eureko, a pan-European insurance group with total assets of €93 billion. The company is using FINEOS Claims to support and automate the complete claims lifecycle for Income Protection. The FINEOS project was delivered on time and within budget in seven months and cost just €500,000. The implementation was successfully delivered using agile project management.
Conor O’Brien, Chief Operations Officer at Friends First, welcomed the successful go live. “I’d like to congratulate the teams from Friends First and FINEOS for getting this project over the line so smoothly and within time and budget. We have replaced an end of life legacy system with a market-leading solution that aligns with industry best practice. The new system will assist us to deliver enhanced customer service and operational efficiency, while also ensuring that we have reduced any potential risk. Reducing risk is particularly important given the introduction of Solvency II regulations in this area”.
FINEOS offers enhanced capabilities around the management of group and individual long tail Income Protection (Disability Insurance) claims where the emphasis is on case management and complex and variable payment schedules to handle numerous interactions over time with multiple associated parties. The FINEOS Claims solution delivers streamlined processing from intake to determination of eligibility, through resolution or closure. By enforcing rules-driven case management and process automation, Friends First will use the system to automate many claims related activities.
Friends First is the latest addition to the growing list of top tier insurers using FINEOS Claims for Income Protection (Disability Insurance). The FINEOS solution is used by leading insurance organisations such as SalusAnsvar (Sweden), Delta Lloyd, (Holland), MacQuarie Insurance (Australia), Comminsure (Australia), Royal Bank of Canada (Canada), ASEBP (Canada), as well as many carriers throughout the USA, including ING, Principal Financial Group, Assurant, and Mutual of Omaha.
Michael Kelly, CEO FINEOS Corporation, welcomed the go live and smooth implementation at Friends First. “We are delighted with the successful deployment of FINEOS Claims at Friends First. What is particularly exciting about this project is the extent to which the Friends First team did most of the implementation work themselves. We see this as a testament to the configurability and extensibility capabilities within FINEOS Claims which is backed up by our training and implementation support services. This go live further consolidates our position as the leading global provider of Income Protection (Disability Insurance) claims software and we continue to invest to ensure we empower our customers in this line of business to remain at the leading edge of their market”.
About Friends First
Friends First has a long standing presence in Ireland and a reputation as a leading financial services group in this market. It provides a comprehensive range of pension, investment and protection products and services. With total assets exceeding € 5 billion*, Friends First employs over 400 people with its corporate headquarters in Dublin and regional offices in Cork and Galway. Friends First is a wholly-owned subsidiary of Eureko, a pan-European insurance group with total assets of €93 billion**. For more information, visit http://www.friendsfirst.ie/