FINEOS Corporation, the market-leading provider of core systems for Life, Accident and Health insurance, announced today that it supports the new group disability claim standards, introduced in January 2017 by the US Department of Labor and effective for claims filed on or after April 1, 2018.
The new modifications set by the Employee Retirement Income Security Act (ERISA) will affect the way disability claims are reviewed, decided and appealed. FINEOS Claims supports ERISA by using preconfigured processes that flag important thresholds before they are breached. Claim Specialists and Appeals Specialists get the opportunity to take action or seek extensions as needed.
According to Michael Kelly, CEO, FINEOS, “Given the potential risks and challenges of the U.S. regulatory environment, it’s essential for employers and insurers to have sophisticated processing systems that provide the tools and reference material to guide their decision making and alert them to potential regulatory breaches. We are committed to following the evolution of these standards and to enhancing the FINEOS product to maintain compliance support into the future”.
ERISA sets minimum standards for most employee benefit plans and voluntarily-established pension programs. The federal law was enacted to protect benefit plan participants and beneficiaries by requiring plans to provide important, timely disclosures and information.
FINEOS Claims is maintained in accordance with local regulations including, amongst others, the General Data Protection Regulation (EU) and the FSC Life Insurance Code of Practice (Australia).