FINEOS Corporation, the leading innovator of banking and insurance software, is to extend its FINEOS Claims Manager product into public sector claims management. The product already serves clients in general insurance as well as group risk lines of business.
The move comes following New Zealand's Accident Compensation Corporation's (ACC) decision to choose FINEOS as its preferred vendor to install an enterprise-wide claims management solution.
ACC is the state body responsible for administering New Zealand's accident compensation scheme, and provides accident insurance cover, injury prevention services, claim management, medical and other care and rehabilitation services. The Scheme provides accident insurance for all New Zealand citizens, residents and temporary visitors to New Zealand. In return people do not have the right to sue for personal injury, other than for exemplary damages.
FINEOS has been selected as preferred vendor to build a replacement for ACC's Pathway claims management system, and is currently completing a 'proof of concept' which should be finished in four to six months. When implemented, the FINEOS Claims Manager product will provide ACC with process management to reduce overheads around document processing, faxing, photocopying, letter generation, etc.; task management to automatically create, allocate and monitor tasks; case management to act as a central repository for claims information; relationship management to provide secure, web-based information for third parties; and management information to monitor individual and team performance, check pipelines and manage reserves.
When completed, the FINEOS project will, crucially, deliver strategic benefit in the following three areas: improved claimant satisfaction; improved scheme performance in terms of cost; and by enabling ACC to engage more effectively with providers and the broader healthcare sector.
Joe Flynn, Sales & Marketing Director, said: "This is another huge endorsement for the FINEOS Claims Manager product. Because clients can see first hand the benefits a cost-effective, product-based system can bring, with long-established customer implementations, it's easy for us to migrate that solution into other claims spheres. The same methodology and processes apply, whether it's in general insurance or public sector claims. The key issue for clients is that the technology is rock solid and delivers proven results."
Michael Kelly, CEO of FINEOS, said: "The ACC project represents a tremendous opportunity for FINEOS to enter another new market with a new solution and I believe our work here will help the company to expand its presence and further build the brand within the Asia Pacific region."
The project arises as a result of a tender to market involving 30 solution providers. FINEOS has been chosen based on its track record in the disability and accident claims space. The company has completed a host of claims management projects in Europe and North America, to date. Indeed, it has helped clients to achieve the following benefits for their general insurance, disability, group and individual life claims: claims cycle times cut by 40%; claims administration costs cut by 10-15%; and annual reserves cut by 1%.