HP and FINEOS Corporation announced an agreement for HP to market, sell and implement FINEOS Claims solutions to customers in Central Europe. These solutions focus on significantly reducing the processing time spent on insurance claims, which is currently estimated to be 80 percent of an insurer’s total costs.
HP and FINEOS customer statements also confirm that customers can expect to see settlement costs cut by 10 percent, claims management costs reduced by 10-15 percent, and reduction of annual reserves by 1 percent due to better management of claims. The agreement extends the relationship from the UK and Benelux to throughout Central Europe.
According to Datamonitor , IT spending on claims-related projects will be a 1900 million market opportunity for vendors by 2004. Market demand for the solution is also expected to increase with the 2004 entry of 11 countries into the EU, which will open new market opportunities.