The second day of the 9th Annual FINEOS Global Summit began with an excellent keynote address from industry stalwart Drew King, Senior Vice President of Gen Re responsible for North America Life and Health. Drew took on the topical subject of Health Insurance Exchanges – a news item generating acres of print and days of discussion time. Gen Re have a deserved reputation for some of the best industry surveys. Drew shared what Gen Re have learned from one of their recent investigations into consumers’ perspectives on public and private exchanges, how consumers will educate themselves and how these will affect the relationship between employer and employee.
We had presentations from the FINEOS teams, starting with some very useful practical advice on how customers can maximise their investment in FINEOS Claims. There is a wealth of high value features resulting from the tens of thousands of days invested in its build and a host of capabilities that can be levered to solve business problems. Guy McClintock and Fergal Heffernan of FINEOS focused on how this embedded value can be released to solve business problems and enhance processing efficiencies and customer service.
Simon Bolster of FINEOS took on the highly important subject of the proliferation of communication channels favoured by consumers these days. People today naturally expect to be able to interact with their insurance service providers though multiple channels, switching devices at will. Simon explained how FINEOS Omi-Channel Customer Service enables the insurer to meet these expectations and how we can help insurers as they evolve and develop their customer service strategies.
We were very pleased to have Janet Dore, the former CEO of Victoria, Australia’s Transport Accident Commission to give a talk on the transformation TAC made when they undertook to reach record levels of client satisfaction. Janet has almost 20 years’ experience as CEO of public bodies and her insight into how transformation can be made to benefit all parties was very valuable.
The afternoon sessions saw presentations from Mike Learned and James Hehir of FINEOS on the exciting new developments of Billing and Policy products to build out the FINEOS footprint on our AdminSuite. Billing is already in the market, debuting in June of this year and Policy will follow in early 2016. James and Mike explained how these new products take a fresh approach to enabling insurers to meet current business challenges in today’s benefits industry. They demonstrated how AdminSuite positions insurers for both growth and customer retention and showed how these product advances can benefit users of FINEOS Claims.
Rob Say completed the FINEOS product presentations with a fascinating discussion on the modern Health industry and the issues relating to Health Claims. This field has particular challenges due to its higher volume and its eco-system of providers, invoices and medical coding. Rob took us through how the current and planned capabilities of FINEOS Claims can help public schemes such as government accident compensation and workers’ compensation and also commercial health insurers.
The conference drew to a close with an update from Peter Le Beau, Chairman of the FINEOS Board and stalwart of the industry for forty years. Peter gave an update on the Seven Families Initiative in the UK. This is a charitable operation, launched in November 2014, to raise awareness of the financial impact of long term illness or disability and illustrate the importance of income protection cover in the UK. This is a charity led campaign to provide a tax-free income to seven people for one year after they lost their income through disability or long term illness just as if they had income protection insurance in place. There are currently 19 insurers and FINEOS supporting the scheme. The expert claims handlers managing the cases are all using a FINEOS Claims system donated by FINEOS.
Michael Kelly closed the Summit and reflected on what we had heard, seen and discussed. He thanked everyone for attending for it is the mixture of FINEOS people, customers and other invited guests that make these FINEOS Summits so rewarding. We heard of new ideas, of inspiring customer success stories, of exciting new developments in FINEOS products and we also had a very enjoyable time. Having the opportunity to mix with a peer group of such breadth of experience and quality is great value in itself; with the speeches, panel debates and Product demonstrations on top it is an un-missable event. If you made it this year, we hope to see you again at the 10th annual Summit, if not, we’d like to see make it next time.