FINEOS Corporation, a leading innovator of insurance and banking software, has just announced it has delivered the Principal Financial Group with the FINEOS suite of disability claims management and payments systems.
The FINEOS solution set enables The Principal to cut down on manual intervention, increase claims and payments processing throughput while maintaining current employee levels and, ultimately, reduce its claims costs. With the increased flexibility that the new system provides, The Principal expects it will be able to improve its speed-to-market for new products.
The suite includes both the FINEOS Disability Claims Manager and the FINEOS Benefit Payments systems. Both solutions have been implemented in the Specialty Benefits Division of The Principal in Des Moines, Iowa, to manage the company's Individual Disability claims and payment management processes. Future plans call for managing the Group Disability and Group Life claims and payment management processes.
The FINEOS Disability Claims Manager intelligently routes and monitors tasks, helps to introduce standardized work practices and improves the capture of data for analysis of trends, plan designs, risks etc. It effectively interfaces with the claims-related systems of The Principal, including accounting, check-draft system and reserves, etc. In addition, the insurance carrier has also deployed the FINEOS Benefit Payments system to consolidate all benefit payment data, and manage and process payments so that management has a comprehensive, real-time view of benefit payment activity.
Commenting on the announcement, Phil Porter, claims director, Specialty Benefits Division, the Principal Financial Group, said: "The impact that the FINEOS solution will have on The Principal is manifold. It will enable us to effectively adjudicate claims and meet the demands of projected business growth. The FINEOS application easily allows for changing business processes. The flexibility FINEOS affords with the Claims Manager and Benefit Payments components were important factors in our decision to implement FINEOS."
Doug Fick, CIO, Specialty Benefits Division, Principal Financial Group, said: "The Principal can now operate with one consistent framework for its Individual Disability claims processing. FINEOS is a very user-friendly, configurable system and offers flexibility, scalability and performance.
Ultimately, this application will provide us with a stepping-stone to cost-effectively support the claims processing needs of our Group Disability and Group Life products."
Adding to this, Michael Kelly, CEO, FINEOS, said: "We're delighted to have yet another top disability provider of such stature on board. The FINEOS claims and payments solution will allow the Principal Financial Group to improve efficiencies and eliminate time-consuming, paper-based processes but, most importantly, it will enable their entire claims team to deliver a more effective level of performance."