Wolters Kluwer Financial Services will incorporate its insurance compliance information and analysis with FINEOS Claims for Workers' Compensation, 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, including preconfigured business content in areas such as fraud detection and medical management. The claims processing system offers insurance carriers, third party administrators (TPAs), self-insureds, state funds and other government entities a complete claims lifecycle management system that includes intake, payments, reserves and provider management.
Wolters Kluwer provides insurance compliance tools that help professionals identify, understand and comply with U.S. insurance regulation. Through the relationship with FINEOS, Wolters Kluwer can help insurers access its regulatory and compliance content.
"U.S. workers' compensation is an underserved market facing significant issues, including medical inflation, indemnity costs and complex regulation," says Michael Kelly, chief executive officer at FINEOS. "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."
"This relationship allows FINEOS to leverage its expertise in the critical area of claims management technology, while bringing Wolters Kluwer's compliance knowledge to its customers doing business in the U.S.," says David Evans, vice president and general manager for insurance at Wolters Kluwer.
For other news on Wolters Kluwer Financial Services, click here.
For more on the FINEOS workers' comp product, click here.
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