Transport Accident Commission (TAC) cited as example of best practices in claims management
Dublin, Ireland, Jan 20, 2011 – FINEOS Corporation, a market leading provider of claims management software solutions for Insurance and Government Insurance, today announced that its customer, the Transport Accident Commission (TAC), Victoria, Australia, has been named as a ‘Model Carrier’ by industry analyst, Celent, in the claims category of this year�s Model Carrier Report for Asia. The Report identifies a number of key practices in the use of technology across the product and policyholder lifecycle that a “Model Carrier” might use, and illustrates this with selected case studies of specific initiatives and capabilities. This year Celent recognised 18 insurance initiatives at an awards reception in Singapore. TAC�s solution is powered by FINEOS Claims, a customer-centric, web-based universal claims software solution.
According to Wenli Yuan, Senior Analyst at Celent, “The Transport Accident Commission of Victoria, Australia, has implemented an initiative that transformed the claims management process with primary goals to improve return to work rates and durations, better manage common law claims, and improve client satisfaction. TAC was chosen for Model Insurer Asia because of the company�s best practices for claims management, greater and focused productivity for the good of the community, automation, straight-through-processing, and system integration.”
The TAC is a government organisation in the state of Victoria and the sole provider of third party insurance to pay for treatment and benefits for people injured in transport accidents through a ‘no-fault’ system. The organisation employs 700 people, has 40,000 active clients and processes 17,000 new claims annually. In 2008 TAC went live with FINEOS Claims, replacing 19 old legacy claims systems with a single modern technology solution for claims management, payments management and process automation. Since then the solution has been enhanced further to build a new Recovery Model which can accurately and automatically segment incoming claims based on claim complexity. Business rules have been designed to ensure that complex and potentially expensive claims are allocated to Active Management teams who have specialist skills to deal with these types of claims. The Recovery Model targets a 12% improvement in return to work rates and an overall reduction in scheme liabilities by $250million.
Commenting on the designation as a Model Carrier, Michael Kelly, CEO, FINEOS said, I’d like to congratulate TAC on being recognised as a Model Carrier and for having the vision to transform their claims processing to achieve such impressive results. I am also delighted that FINEOS has once again been included in the report. This award is a testament to the functional breadth of the FINEOS Claims solution and the innovative ways in which leading insurers are using it to achieve their business goals.”
FINEOS Claims is the only claims solution in the market today that has been successfully implemented globally across Property & Casualty, Life, Disability, and Government Insurance. The solution can be implemented within a single line of business, across multiple lines of business as a single platform for claims management, or as the foundation for a broader enterprise transformation project. The solution has shown strong momentum globally with recent client announcements and go-lives at SalusAnsvar (Sweden), Friends First (Ireland), Mutual of Omaha (US), Manitoba Public Insurance (Canada) and FBD (Ireland).
About FINEOS Corporation
FINEOS is a global provider of innovative enterprise software solutions for insurance, bancassurance, and social insurance. FINEOS solutions address core business processing requirements including CRM sales & service, new business & underwriting, claims & payments, and policy administration. FINEOS solutions are built on a customer and case centric, rules-driven, component-based enterprise platform that serves as a flexible infrastructure for new product introduction, legacy enrichment, and business transformation initiatives. FINEOS is delivering documented benefits for some of the world’s leading insurance carriers, government institutions, bancassurers, retail banks and building societies. The company is headquartered in Dublin, Ireland and has offices in North America, Europe and Australasia. For more information, please visit www.FINEOS.com.