New version 8.0 of the FINEOS Insurance Platform extends market leading capabilities to achieve better outcomes for clients
FINEOS Corporation, a market leading provider of core software solutions for the global Life, Accident and Health Insurance industry, for the Group and Voluntary markets announced today that its Release 8.0 of FINEOS Claims is now available.
The latest release of FINEOS Claims includes over 500 new features and enhancements to the FINEOS Insurance Platform, FINEOS Claims Manager, and FINEOS Payment Manager. The FINEOS product has been enhanced with a range of improvements to 26 different areas of the product including features sets specifically driven at productizing industry best practices within the system.
This is a significant product release with over 20 man-years of development involving up to 90 Analysts, Developers and Testers in the construction phase over a 5 month period. To ensure we delivered precisely what the market wants we worked closely with our customers in three continents in an agile development model to provide early alpha releases to selected customer project teams to facilitate quicker project implementation go-live dates. This Release contains a number of significant new features and extended functions covering areas including Analytics, Business Operational Insight, enhanced look and feel, as well as improved integration and configuration capabilities. Advances in provision for web services, automobile claims, payments and reserves all to enhance efficiency and improve the overall user experience for claims teams.
A new FINEOS component in Predictive Analytics will enable FINEOS customers to make highly informed decision and match skills to problems, moving away from random allocation and focusing on outcomes not paperwork.
FINEOS Predictive Analytics is available on-premise or through the Cloud with FINEOS maintaining the algorithms. It is also available as a Cloud based service for non-FINEOS customers. While Predictive Analytics focuses on the claimant Business Analyser provides valuable insight with an aggregate view of the portfolio, allowing FINEOS customers detailed insight into trends and business patterns and uses graphical visualisations of process flows illustrating bottlenecks and strain points.
Commenting on the latest release, Michael Kelly, CEO, FINEOS Corporation said, “We are delighted with the quality and quantity of new capabilities within this latest major FINEOS Release. The FINEOS Team has worked very closely with our customers, consultants and industry best practice leaders to develop this significant new release and ensure it is aligned with the changing market and customers’ needs. The primary thrust of these additions and enhancements will improve claim throughput processing and provide quantitative insight into business processes and trends which could impact customer service or claims outcomes. We have been actively engaged with our customers to engineer a product that measurably increases the quality of service, insurance companies can provide to their claimants. ”
FINEOS is the leading claims solution for the global Life, Accident and Health insurance industry and supports the processing of Life, Disability, Critical Illness, AD&D, Waiver and a number of related lines. FINEOS supports both group and individual business claims on a single platform and can be used by organizations of all sizes, from small departmental claims teams to very large teams with thousands of users and millions of claims. FINEOS currently works with over 50 insurance carriers and counts six of the top 20 Life & Health carriers in the US and four of the top Life & Health carriers in Australia as customers. We are also a market leading supplier to Government Accident Compensation Schemes in New Zealand, Australia, Canada and South Africa.
