Claims Solution a “Strong Contender” according to
European Claims Vendor Report
FINEOS today announced that its FINEOS Claims solution has been evaluated by industry analyst, Celent, in the European Claims Vendors in 2010 report (Celent, June 2010). The report looked at claims solutions from 21 vendors, ten of which were reviewed in detail, including FINEOS Claims. Only systems that have been deployed in Europe and have had at least one reference were eligible for a full profile. The FINEOS profile is available to download from the FINEOS website by clicking here.
While the authors stressed that there is no single best solution for all insurers, they concluded that, “FINEOS Claims is a full-featured modern solution supporting a wide range of product lines from personal to the complex commercial lines found in the London market and state social insurance.“* According to the report, FINEOS’ good delivery track record and continued up-front product investment bodes well for current and future customers. FINEOS Claims should be considered “a strong contender” for multiline insurers with a varied book of business as well as providers of social insurance.
The report describes how replacing a legacy claims system with a modern one provides benefits that align with three key corporate strategies: growth, efficiency, and underwriting success. According to Catherine Stagg-Macey, senior analyst at Celent, “A single modern claims solution is an important component to addressing current inefficiencies in claims processes. Such systems underline corporate ambitions to reduce expenses and leakage – hot topics in the current economic climate”.
Commenting on the report, Michael Kelly, CEO, FINEOS, said, “We are very pleased with our profile which we see as a confirmation of the functional breadth and enhanced functionality of FINEOS Claims. It is also a reflection of the work and dedication of the FINEOS team to plan, design and implement innovative solutions within budget and on time. We expect to experience similar success as we expand FINEOS Claims into new lines of business in P&C insurance, particularly in North America”.
*Reproduced with permission from “European Claims Vendors in 2010”, *(Celent, June 2010)