New claims system to significantly reduce costs and increase
efficiencies for P&C industry
FINEOS Corporation, the leading innovator in banking and insurance software, has just released FINEOS Claims Management for the property & casualty insurance sector. The system provides insurance companies with a central application for effectively managing personal injury, motor, property and commercial claims, and is specifically designed to streamline the manual costs associated with processing these claims. By combining multi-channel claims intake and business process automation with case management, document management and customer relationship management (CRM) components, the system reduces the amount of time and money spent on processing claims while, at the same time, increasing customer satisfaction.
FINEOS Claims Management fully automates the bulk of the tedious, error prone processes associated with claims handling. From claims data capture through all stages of case management, the system co-ordinates and manages the various parties in the claims process and enables claims personnel to access consolidated customer, policy and involved-party information and documentation in real time, whether claims intake is conducted via web, mail, fax or telephone. By providing access to this data via secure internet portals, the system fulfils self-service needs and provides claimants, loss adjusters and third parties with the ability to submit claims, complete forms and monitor the progress of claims online.
Automated workflow allows end-users to automatically route and manage claimants’ tasks and the flow of claim-related data, while work volumes can be monitored, balanced and adjusted, ensuring that client interactions are timely and within targeted work performance levels. Electronic document management eliminates photocopying, mailing, duplication and loss of files and the volumes of paper work typically associated with the claims process. All incoming files are scanned and indexed and routed automatically to the relevant department, while the system automatically captures outgoing letters and documentation.
FINEOS Claims Management delivers several key benefits for property & casualty insurers. The system significantly increases efficiency and reduces the overall time needed to service a claim by automating the many time consuming, routine administrative tasks normally performed manually.
When this is combined with the system’s innovative concurrent claims processing feature, which enables multiple claims processing tasks to be executed simultaneously, FINEOS Claims Management can reduce overall claims administration costs by 25%. Claims leakage is also reduced through stricter triggers and processes for recoveries management. In addition, the system allows claims staff to instantly access a consolidated view of customer and claim details, improving the service experience for the claimant and enabling better management of the claims organisation’s supplier network.
FINEOS Claims Management is designed to address the issue of widespread inefficient claims processing across the global insurance industry. The claims function is the single largest overhead in an insurance company, accounting for an average of 80% of total overheads. Yet, industry analysts Accenture calculate that more than 40% of the time spent in the claims handling process is associated with routine overhead functions that have little or no impact on the outcome of the claim.
They believe that technology is the key factor in remedying this situation: “Technology is the key component of the total solution, that will simultaneously improve the outcome of claims and reduce the amount of time consumed by low-value functions” (Accenture: Counting the cost of Claims, April 2001). With Datamonitor calculating that $1.8 billion will be spent on claims processing in Europe by 2004, FINEOS Claims Management is perfectly positioned to help insurance companies revolutionise this area of their business.
Commenting on the release, Michael Kelly, CEO, FINEOS, said: “Effective claims management is a major issue in the insurance industry as this process ensures large cost savings, allowing insurance companies to become more competitive and responsive to their customer needs. FINEOS Claims Management has been developed around real industry needs using our experience with Fortis Inc. and others to ensure the solution is what the market requires. Already we have had great interest in this product and we expect to announce a significant sale very shortly.”
FINEOS Claims Management is built on a scalable, component-based architecture that is easily and rapidly deployable without the need to modify or disrupt mission-critical business systems. Open and flexible, it integrates easily with back office policy administration and accounting systems as well as with other third-party expert and estimation systems.
Furthermore, the systems straight-through processing capability allows seamless real-time legacy system updates.
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