New System Provides Full Cycle Claims Management
FINEOS Corporation, a market leading provider of core software solutions for insurance, today announced that one of the largest managing agents in the Lloyd’s market has gone live with FINEOS Claims. The solution provides full cycle claims management for claims arising from the company’s operations in Property, Contingent Lines, Marine, and Reinsurance. After an extensive evaluation of claims management solutions, FINEOS Claims was judged to offer the best fit for the London Market. Other selection factors were the maturity of FINEOS as a company, its commitment to the London Market and its successful track record in claims implementations.
FINEOS Claims offers a seamless web-based system that is flexible and future-proof. It gives control to the business allowing the company to further strengthen its claims management capabilities and meet and exceed the highest service standards. The system also provides comprehensive claims management capabilities that are complementary to and consistent with the Electronic Claims File (ECF) and Lloyd’s Claims Management Principles and Minimum Standards. It also provides better management information, delivering a consistent process for claims handling irrespective of the business source. The new rules-based claims solution enables the Syndicate to adapt and fine tune its business processes without having to depend on FINEOS for every change. Moreover, the segmentation capabilities in the solution ensure that volume claims are processed quickly without tying up highly skilled, specialised claims staff. Complex claims are automatically routed to staff with the necessary skills, experience and expertise to deal with them.
Commenting on the Syndicate’s move to a production status, Michael Kelly, CEO, FINEOS Corporation said, “We are pleased to announce another successful FINEOS Claims implementation and we are delighted with the strong reputation we are building within the London Market. We see this as a testament to FINEOS Claims’ ability to support a wide range of lines of business and a variety of operating channels on a single, enterprise wide platform. We will continue to invest significantly in FINEOS Claims for the London Market and look forward to working with more London Market insurers in the coming years.