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