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November 19, 2009

FINEOS Unveils New Product For Workers’ Compensation Claims In US

For addressing the specific requirements of the US market for multi-state compliance

By CBR Staff Writer

FINEOS Corporation, a provider of enterprise software solutions for insurance, has released its new product to manage claims for workers’ compensation claims in the US.

The company stated that this new product has been developed to address the specific requirements of the US market, characterised by complex multi-state compliance and reporting requirements. The product is backed by FINEOS’ experience in handling injury and disability claims to help US carriers address these challenges.

Moreover, the product delivers rules and workflow capabilities that are flexible enough to easily accommodate changes to product definition, US regulatory requirements, and internal processing policies and also a powerful case structure, which is vital for managing workers’ comp claims where multiple parties are typically involved (nurse case managers, medical staff, claims handlers etc).

FINEOS Claims for Workers’ Compensation offers insurance carriers, TPA’s, self-insureds, state funds, and other government entities complete claims lifecycle management including intake, payments, reserves, provider management, and other claims processes.

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Michael Kelly, CEO of FINEOS Corporation, said “Using FINEOS Claims will enable carriers’ and state funds’ efforts to offer a claims service that is consistent and transparent, ultimately creating mutually beneficial outcomes for employers, providers, workers’ compensation writers, and injured workers.”

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