Fineos Corporation, a global provider of innovative enterprise software solutions for the insurance industry, announced today that it has signed a strategic partnership agreement with Crowe Paradis, the preeminent provider of advocacy, consulting, and compliance services for the Disability Insurance industry.
Under the terms of the agreement, the two organizations will work together to develop business opportunities with new and existing clients. FINEOS is the market leader in claims software solutions for the Disability Insurance industry. As part of the agreement, FINEOS Claims will be integrated with Disability Logic!TM, Crowe Paradis' predictive modelling algorithm for Social Security Disability Claims (SSDI).
"This partnership brings together two leading companies with complementary experience and expertise in Disability Insurance. Adopting Disability Logic!TM is part of FINEOS' ongoing commitment to integrate best of breed business solutions that provide better business decisioning capabilities to our clients, enabling them to offer superior quality service in an increasingly cost effective fashion," said Michael Kelly, CEO, FINEOS Corporation. "In this way, FINEOS has become more than just a technology vendor. Instead we offer a comprehensive, functionally rich solution that can meet all aspects of our clients' business requirements around claims handling and processing".
While the process of applying for SSDI is both costly and time consuming, Social Security offsets represent the single largest source of disability claim cost mitigation for the Disability Insurance industry. Additionally, the management and referral of claims for SSDI application assistance is a major challenge for the Disability Insurance industry and an area that is fraught with risk. Crowe Paradis used their expertise in navigating these challenges to develop Disability Logic!TM, a decision tree based predictive algorithm that scores potential SSDI claims to ensure the greatest possible likelihood that only eligible claimants are encouraged to file for SSDI benefits at the right time in the process. Disability Logic!TM was built upon Crowe Paradis' claim filing data, along with historical data from many of the largest U.S. Disability Insurance carriers. The integration of Disability Logic!TM with FINEOS will allow claims to be automatically scored for SSDI referral potential and routed according to a defined workflow.
"We are very pleased that FINEOS, a world-class technology leader in the insurance industry, has recognized the value that Disability Logic!TM provides to our mutual customers. We look forward to forging a strong partnership in the Disability Insurance space and working together to continue to bring innovative solutions to disability claim management", said Michael Crowe, CEO, Crowe Paradis, LLC.