FINEOS Releases New Claims Management System for P/C Sector

July 19, 2002

FINEOS Corporation of Dublin, Ireland, has 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 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 fulfills 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.

The company asserted that FINEOS Claims Management delivers several key benefits for property and casualty insurers and can reduce overall claims administration costs by 25 percent. 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 organization’s supplier network.

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