FINEOS to manage Claims for Property & Casualty and Consumer Credit
Dublin, Ireland, April 11, 2008 – FINEOS Corporation, aglobal providerof innovative enterprise software solutions for insurance, bancassurance, and government, today announced that BT Insurance, a subsidiary of Westpac Banking Corporation in Australia, has selected FINEOS Claims� to manage property & casualty (P&C) lines including home and contents, specified personal valuables, personal liability and landlord�s protection. Consumer credit claims for personal loan insurance and credit card repayment protection will also be managed by FINEOS.
FINEOS Claims will be used to streamline claims management operations at BT Insurance by automating processes, improving quality of customer service and enforcing best-practice rules. FINEOS has a track record in managing claims across multiple lines of business from life insurance though to property & casualty insurance including complex long tail accident/workers� compensation and bodily injury claims.
A key differentiator of FINEOS Claims is its comprehensive case and claim management, integrated customer management and business process management capabilities which set it apart from traditional solutions which tend to focus more narrowly on the claim rather than the claimant and the processes involved in managing the claim from start to finish. This functionality combined with the strong FINEOS reference base within financial services, and in particular bancassurance, made it a natural selection for BT Insurance.
Michael Kelly, CEO of FINEOS, welcomed the deal, �This is another strategic development for FINEOS in the Australian market, and represents a further evolution of FINEOS Claims as a world-class claims management solution. We look forward to working with the BT team to make this project a real success�.
BT Insurance provides financial advisers with a range of life and general insurance products including term life, trauma, total permanent disablement (TPD) and income protection. Commenting on the new initiative, BT Insurance, Senior Manager Business Systems, John Williams said, �FINEOS Claims will help position the business for strong future growth. BT Insurance is committed to delivering an exceptional customer experience at every point in the customer contact chain. FINEOS Claims will aid the customer experience by supporting the decision making capability of our claims team, improving our data quality and reducing processing times by automating claims management across the business. The solution works seamlessly with our existing systems, promoting better claims outcomes and providing the flexibility we need to differentiate ourselves and improve our speed to market�.
Mr Williams added, �Supporting direct customer and supplier access, FINEOS Claims technology provides further claims automation opportunities including online lodgement, tracking and provider payments�.
About BT Insurance
BT Insurance is part of BT Financial Group (BT) which has been helping Australians create and manage wealth since 1969. BT�s core business is providing investment, superannuation and retirement income products, financial advice and insurance options. As of 30 September 2007, BT managed and administered over $85 billion in funds. In both Australia and New Zealand, BT provides a diverse range of investment choices, including funds managed by BT�s own team and through alliances with global investment managers.
BT is the wealth management arm of the Westpac Group. Westpac has been delivering banking and other financial services to Australians since 1817. The insurance business brings together Westpac General Insurance and Westpac Life Insurance. The Life Insurance business helps customers guard against the financial impact of:
- Critical illness
- Permanent disability
General Insurance products provide cover for:
- Residential buildings and contents
- Motor vehicles
- Business property
- Personal loans and credit cards
About FINEOS Corporation
Founded in 1993, FINEOS is a global provider of innovative enterprise software solutions for insurance, bancassurance and social insurance. FINEOS provides front-to-back core business solutions that enable revenues and streamline operations, accelerating time to market, delivering flexibility and increasing efficiency. For more information, please visit www.FINEOS.com.