FINEOS Claims FastTrack Helps Insurers Realize Benefits Quickly

The product includes standard integration points for leading industry CRM, document management, and financial software, as well as standard integration points for in-house systems.

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FINEOS Corporation (Dublin), a provider of core systems for life, accident and health insurance, has launched FINEOS Claims FastTrack, which the vendor describes as a a rapid, fixed time and effort, out-of-the-box implementation of its claims application. Delivered as a cloud service, FINEOS Claims FastTrack can be fully configured with a carrier’s product and ready for production within 60 days, the vendor asserts.

FINEOS Claims FastTrack  includes standard integration points for leading industry third-party CRM, document management, and financial software products, as well as standard integration points for in-house systems such as policy administration, according to a FINEOS statement.  The product’s fixed price initial delivery model focuses on the critical capabilities carriers need to quickly get up and running, leaving open the option to expand scope incrementally as required, the vendor says. The advantage to the FastTrack approach, according to the vendor, is that it helps carriers deploy quickly and economically without losing the extensive additional capabilities FINEOS Claims provides.

Approaches for Quickly Realizing Anticipated Gains

“With the pace of change today, it is critical that claims systems be implemented in a timely and cost effective manner to enable insurers to realize the real value of their systems,” comments Karen Furtado, Partner, SMA (Boston). “There are many strategic imperatives that insurers must address and a core system is one key element in the journey.  It is time for our industry to break through the challenges of claims system implementations to develop approaches that will assist insurers in quickly realizing the gains that are anticipated.”

FINEOS Claims FastTrack specifically addresses the need for ‘early to value’ product implementations, and is targeted at both smaller claims operations with limited time and budget, and larger carriers who require an enterprise claims solution but wantto take an agile, incremental approach to implementation with quick wins and immediate business value. Starting with a single line of business or a certain piece of their claims process, larger carriers can start small and scale up in managed increments to large single site or multi-site implementations of FINEOS Claims, reducing risk and insuring immediate, demonstrable business value.

FINEOS Claims FastTrack has been refined and proven with several recent customer rapid production implementations and system upgrades delivering immediate business benefits in North America, New Zealand and Australia, the vendor reports. The product is delivered with market and line of business content for life, disability, long term care, accident and health which, along with what the vendor characterizes as its strong configuration tools, makes it easy for customers to deploy quickly and extend the solution themselves as needed.

Critical Capabilities for Smaller Customers

FINEOS touts these capabilities as critical to smaller customers that need to provide strong capability on a limited budget, such as Manitoba Teachers Society (MTS), which has fewer than 15 current users.

“We leveraged the FINEOS Disability Business Content as the basis for our implementation with an intent to stay as close to base product as possible, comments Andy Beardsall, IT Manager, Manitoba Teachers’ Society.  “We were able to maximize the use of FINEOS configuration tools to shape FINEOS to fit our particular claims and payments processing needs.”

“The deployment of FINEOS Claims positions The Manitoba Teachers’ Society for the future by being able to make any necessary changes via configuration ourselves, rather than having to rely on outside resources,” Beardsall adds. “This will also provide us with a state-of-the-art solution built on industry standard technology; equipping us with a platform we can expand on and easily take advantage of the new features and functionality that FINEOS upgrades provide us.”

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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