Rapid implementation has carriers paying first claim in 60 days
FINEOS Corporation, a market leading provider of core systems for Life, Accident and Health insurance, announces a rapid, fixed time and effort, out-of-the-box implementation of the market leading FINEOS Claims. Delivered as a cloud service, FINEOS Claims FastTrack is fully configured with a carrier’s product and ready for production within 60 days. The product includes standard integration points for leading industry third-party CRM, Document Management, and Financial software products, as well as standard integration points for in-house systems such as Policy Administration. The FINEOS Claims FastTrack fixed price initial delivery model focuses on the critical capabilities carriers need to quickly get up and running, leaving open the option to expand scope incrementally as required. Built on the market leading FINEOS Claims product, the FastTrack approach helps carriers deploy quickly and economically without losing the extensive additional capabilities FINEOS Claims provides.
FINEOS Claims FastTrack specifically addresses the need for ‘early to value’ product implementations, and is targeted at both smaller claims operations with limited time and budget, and larger carriers who require an enterprise claims solution but want to take an agile, incremental approach to implementation with quick wins and immediate business value. Starting with a single line of business or a certain piece of their claims process, larger carriers can start small and scale up in managed increments to large single site or multi-site implementations of FINEOS Claims, reducing risk and insuring immediate, demonstrable business value.
FINEOS Claims FastTrack has been refined and proven with several recent customer rapid production implementations and system upgrades delivering immediate business benefits in North America, New Zealand and Australia. The product is delivered with market and line of business content for life, disability, long term care, accident and health which along with our strong configuration tools makes it easy for customers to deploy quickly and extend the solution themselves as needed. This is critical to smaller customers that need to provide strong capability on a limited budget such as Manitoba Teachers Society (MTS), with under 15 current users.
According to Andy Beardsall, Information Technology Manager at Manitoba Teachers’ Society, “We leveraged the FINEOS Disability Business Content as the basis for our implementation with an intent to stay as close to base product as possible. We were able to maximize the use of FINEOS configuration tools to shape FINEOS to fit our particular claims and payments processing needs.
The deployment of FINEOS Claims positions The Manitoba Teachers’ Society for the future by being able to make any necessary changes via configuration ourselves, rather than having to rely on outside resources. This will also provide us with a state-of-the-art solution built on industry standard technology; equipping us with a platform we can expand on and easily take advantage of the new features and functionality that FINEOS upgrades provide us”.
Karen Furtado, Partner at Strategy Meets Action on the need to reduce the time and cost of core systems replacement “With the pace of change today, it is critical that claims systems be implemented in a timely and cost effective manner to enable insurers to realize the real value of their systems. There are many strategic imperatives that insurers must address and a core system is one key element in the journey. It is time for our industry to break through the challenges of claims system implementations to develop approaches that will assist insurers in quickly realizing the gains that are anticipated.”
John Brennan, FINEOS COO, says “the FINEOS Claims FastTrack approach combines the out-of-the-box capabilities of our fully configurable FINEOS Claims product delivered on our public cloud, with our agile product-centric implementation methodology to enable carriers of all sizes to quickly deploy FINEOS Claims. Carriers who prefer FINEOS Claims on premise also benefit as we can easily install the fully configured FINEOS Claims FastTrack system on site and start the implementation from there. In today’s fast moving environment we understand we must deliver value from our products faster and so we have combined a significant investment in product R&D with our best practice experience in claims configuration and implementation to achieve speed to production.”
With over 20,000 licenced users and 50 insurance carriers using the product, FINEOS is aiming to penetrate the mid to lower end of the market with this cloud based product.
FINEOS is a global leader in insurance software with customers in nine countries and has been chosen by 8 of the top 20 Group Life, Accident & Health insurers in the US and 4 of the top 5 insurers in Australia. FINEOS has many years’ experience working with insurers in North America, Europe, Africa and Asia Pacific and has over 20,000 licensed users globally.