17 vendors considered as part of global report targeting insurers looking to improve efficiency of claims management processes
FINEOS Corporation, a market leading provider of Group Life and Health claims management software, today announced it has been profiled in the latest report by industry analyst Celent entitled, ‘Life Claims 2014 – A Global Vendor Spectrum’. In the report, which looked at systems from 17 vendors from across the world, FINEOS Claims is categorised as a best of breed claims system. Within that category, FINEOS is 20 times larger than its nearest rival in terms of revenues and staff, has the largest number of live customers and has signed the most new customers over the last two years. It also has the greatest global coverage with customers in nine countries including CommInsure, Principal Financial Group, Royal Bank of Canada Insurance, Mutual of Omaha, Assurant Employee Benefits, Friends First and Liberty Insurance.
According to Nicolas Michellod, Senior Insurance Analyst at Celent, “FINEOS is not only a leading specialist in the life insurance core claims system domain but the company has also demonstrated it can implement its solution ‘FINEOS Claims’ in multiple geographies – since it is the only IT vendor on our panel that has implementations in all the three regions covered in our report: North America, Europe Middle East and Africa, and Asia Pacific. In addition, FINEOS Claims’ depth of functionality and modernity of technology represent key elements for all life insurers looking to replace or invest in a new life claims system.”
FINEOS is the leading claims solution for the global Life and Health insurance industry and supports the processing of Life, Disability, Critical Illness, AD&D, Waiver and a number of related lines. FINEOS supports both group and individual business claims on a single platform and can be used by organisations of all sizes, from small departmental claims teams to very large teams with thousands of users and millions of claims. FINEOS currently works with 60 insurance carriers and counts six of the top 20 Life & Health carriers in the US and five of the top Life & Health carriers in Australia as customers. It is the global leader for Government Accident Compensation schemes, processing 100% of accident claims in New Zealand.
Commenting on the new report Michael Kelly, CEO, FINEOS Corporation said, “We are pleased to see our market leadership position validated in this report. It’s a testament to the functional breadth of FINEOS Claims for Life Insurance and the innovative ways in which our customers have collaborated with us to achieve their business goals.”