Aite Group research examines challenges and solutions for Death-Matching Process
FINEOS Corporation, a market leading provider of Group Life and Health claims management software, announced today that it has been profiled in the latest report from the Aite Group, “Unclaimed Death Benefits: Technology Aspirin for a Big Headache”1, The report examines the problems facing life insurers as they deal with the issue of unclaimed death benefits, an area that has come increasingly into focus as US states introduce more onerous requirements for notifying beneficiaries and paying out death benefits. Problems with wrong and missing data in the life insurers’ records and in the Social Security Death Master File have compounded the situation and life insurers now find themselves exposed to significant liability.
The report analyzes and summarises the capabilities of solution providers to help life insurers with accurate death-record matching and effective beneficiary research and outreach capabilities. 16 companies were profiled in the report which concluded that FINEOS “supports the widest range of products, including long-term products, along with a system originally designed with a customer-centric data model and a component architecture approach and a good list of reference customers among US life insurers. For life insurers that operate internationally, FINEOS also offers best-of-breed claims capabilities in multiple, non-US geographies”.
According to Todd Eyler, Senior Analyst with the Aite Group, “FINEOS offers one of the most mature solutions in this area for US life insurers. Not only is it a leading specialist in the core claims system domain but the company has demonstrated it can implement FINEOS Claims for Life Insurance in multiple geographies. FINEOS Claims’ depth of functionality makes it an attractive system for all life insurers looking to invest in a new claims system.”
Commenting on the new report Michael Kelly, CEO, FINEOS Corporation said, “We are pleased to be featured in this report from the Aite Group. 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.”
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 50 insurance carriers and counts six of the top 20 Life & Health carriers in the US and four 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.
“1Unclaimed Death Benefits: Technology Aspirin for a Big Headache”, Aite Group, 2014