FINEOS Notes Release of Enterprise Solution for P/C Industry

FINEOS Corporation, a provider of insurance and banking software, announced the release of version 4.0 of FINEOS Insure(TM), the enterprise-wide platform for managing a property/casualty (P/C) carrier’s primary business processes, including claims handling, lead management, new business, and customer service.

By combining multi-channel claims intake and business process automation with case management, document management and CRM components, FINEOS Insure reportedly reduces the time and money spent on processing claims, giving insurance carriers the ability to reduce claims leakage and detect claims fraud, while at the same time optimizing their sales and service processes.

FINEOS Insure incorporates the following pre-integrated product components, which can be deployed individually or combined together as a complete enterprise-wide solution:

— Claims Manager: a central hub for the claims handling process;

— Payment Manager: generic outbound payment management facility, which supports one-off and recurring payments;

— New Business Manager: management of the full lifecycle of P/C products, from initial inquiry on any channel, quotation and application through to approval and the establishment and servicing of a policy;

— Renewals Manager: component platform for managing the insurance renewal cycle;

— Sales and Servicing Components: generic functionality for single view of the customer, case management, campaign management, imaging and document management which enables users to update customer profile data, input proposals, follow up on sales leads, answer queries about a range of back-office activities and execute various other servicing tasks;

— Portals: a family of user-specific J2EE portals for remotely based staff, customers and intermediaries; and

— Integrators: a set of pre-packaged integrators for back office systems.

Built on industry-standard technology, FINEOS Insure integrates with legacy administration systems to provide a single front-end workbench for sales and servicing issues. Its architecture is thin client-based so that appropriate access to secure, user-specific portals can be provided. These portals include those for remotely based agents, brokers, and customers as well as for branch staff.

The new release of FINEOS Insure represents the third in a series of specific line-of-business solution launches that was recently announced with the unveiling of FINEOS 4.0(TM), the company’s new enterprise platform for banking and insurance. The other vertical solution sets include FINEOS Life, FINEOS Pensions, FINEOS Banking, FINEOS Lending and FINEOS Employee Benefits, which will be individually rolled out over the coming months.

An earlier version of FINEOS Insure has been live at Delta Lloyd and Legal & General for over a year, providing sales and service functionality as well as flexible claims management capacity.