Insurance Technology Featured Article

Wolters Kluwer Financial Services Partners with FINEOS to Integrate Insurance Compliance Information and Analysis

May 28, 2010

Wolters Kluwer Financial Services announced it will incorporate its insurance compliance information and analysis with FINEOS Claims for Workers' Compensation. FINEOS Claims for Workers' Compensation is a technology solution that helps insurers automate claims-related activities.

FINEOS Claims for Workers' Compensation has been expanded to offer capabilities developed specifically for the U.S. market. Its offerings include preconfigured business content in areas such as fraud detection and medical management.

Wolters Kluwer Financial Services provides insurance compliance with tools that help professionals identify, understand and comply with U.S. insurance regulation.

Working with Wolters Kluwer Financial Services, FINEOS now addresses the specific claims and compliance requirements of the U.S. workers' compensation market, the company said.

In the U.S., FINEOS is the leading disability claims solution, with customers such as Principal Financial Group, Assurant, ING, Mutual of Omaha and others already processing their claims on the FINEOS system, company officials said.

The claims processing system offers insurance carriers, third party administrators or "TPAs", self-insureds, state funds and other government entities a complete claims lifecycle management system that includes intake, payments, reserves and provider management, the company said.

The partnership with FINEOS enables Wolters Kluwer Financial Services to help more insurers access its trusted regulatory and compliance content, according to company officials.

"This relationship allows FINEOS to leverage its expertise in the critical area of claims management technology, while bringing Wolters Kluwer Financial Services' deep compliance knowledge to its customers doing business in the U.S.," David Evans, vice president and general manager, Insurance, at Wolters Kluwer Financial Service, said.

According to Michael Kelly (News - Alert), chief executive officer at FINEOS, U.S. workers' compensation is an underserved market facing significant issues, including medical inflation, indemnity costs and complex regulation.

Kelly added, "Given the potential risks and challenges of the U.S. regulatory environment, it's essential for claims handlers to have sophisticated processing systems that provide compliance reference material to guide their decision making."

FINEOS has built a strong reputation in the workers' compensation arena with clients all over the world, including the Accident Compensation Corporation or "ACC" of New Zealand, WorkSafe Victoria in Australia, and the Saskatchewan Workers' Compensation Board in Canada.

Wolters Kluwer Financial Services provides technology solutions and services that help financial organizations manage risk and improve efficiency and effectiveness across their enterprise.

In April, the company launched Wiz Sentri Financial Crime Control platform, which enables companies to fight various types of financial frauds which include internal and external fraud, including wire/payments fraud, online fraud, check kiting and identity theft, TMCnet reported.


Rajani Baburajan is a contributing editor for TMCnet. To read more of Rajani's articles, please visit her columnist page.

Edited by Patrick Barnard

Article comments powered by Disqus

Related Insurance Technology Articles

HHS Teams with Monster, Peer.org and Higi to Assist in Affordable Care Act Open Enrollment

The Health and Human Services Department (HHS)is using popular websites to spread word on open enrollment period. [ Read More ]
12/19/2014

DataPath Provider Payments Simplifies Reimbursements for Workers' Comp

For those in the claims processing industry, especially those who deal with workers' compensation ones, there is little doubt that managing provider payments can be challenging and costly. And, just like the application of automation technology is transforming all aspects of insurance business processes the payment of workers' comp is no exception. An illustration of this is the announcement from Little Rock, AR-based DataPath, who has launched an electronic provider payment solution precisely f… [ Read More ]
12/18/2014

Vlocity Insurance 2.0 Takes a Big Step in Omnichannel Insurance Service

The necessity of a multi-channel environment, even an omnichannel environment, is becoming increasingly clear at virtually every level and breed of sales. It's not enough to be parked at a desk waiting for a call, or making calls to potential customers on a cold-calling basis. Now, companies need to be ready regardless of the avenue customers may want to use, be it live chat, social media, or anything else. Vlocity, meanwhile, wants to help out on that front by releasing Vlocity Insurance 2.0, a… [ Read More ]
12/17/2014

Interactive Intelligence Honored as Great Place to Work

Interactive Intelligence honored with coveted Glassdoor Employees' Choice Award as one of U.S. best places to work. [ Read More ]
12/13/2014
FREE Insurance Technology enewslettter.

Events

Weekly Live Demo
Contact Center Solutions

Register Today!