FINEOS Corporation, the market-leading provider of core systems for Life, Accident and Health insurance announced today that its customer, the Transport Accident Commission (TAC) in Victoria, Australia has gone live on the FINEOS Platform with its Client Services Platform project (CSP). This marks the final phase of delivering a new Claims Business Model at TAC, a cornerstone of the TACs TAC2020 business transformation strategy. The CSP project involved migrating core business functions onto the FINEOS Platform so that all payments, provider invoicing and claims management is now carried out on FINEOS technology. This has allowed TAC to decommission their legacy mainframe systems and has given staff a single consolidated claims management user experience.
The TAC is the Victorian Government social insurer, set up to pay for treatment and benefits for people injured in transport accidents, promote road safety and improve Victoria’s trauma system. It has AUS$13billion outstanding liabilities and handles 18,000 new claims annually. The CSP Project is a cornerstone of TACs TAC2020 business transformation strategy, a key aim of which is to use technology to make it easier for clients and service providers to access services and enable faster and more nimble delivery methods to better respond to client needs.
TAC uses a case tier model to serve customers effectively whether they are in a rapid recovery, supported recovery or long-term support for independence scenarios. The new FINEOS core solution supports straight through processing of claims for rapid recovery clients, freeing up TACs staff from low value administrative tasks and allowing them to focus on getting more seriously injured clients lives back on track. FINEOS supports straight-through-processing via automated approval of allowed benefits using service profiles tailored to individual clients. This ˜pay now, analyze later business model was achieved by simplifying payments processing rules and leveraging smarter data analytics.
The new solution is digitally enabled and includes client self-service via TACs mobile application myTAC. It also provides integrated point-of-sale for next business day provider service payments.
Michael Kelly, FINEOS CEO, congratulated TAC on the success of this major business transformation initiative achievement. We are delighted for our TAC and to have been part of such an important business transformation initiative. This is a very positive business outcome and is testament to the partnership approach and tight working collaboration between TAC and FINEOS. We enjoy working with innovative and progressive organisations like the TAC to take advantage of new business models that offer better service and care for their clients.
For more information, please see TAC 2018 Case Study by clicking here.
FINEOS is a global market leader in core systems with customers in nine countries. FINEOS has been chosen by ten of the top 20 Group Life, Accident and Health insurers in the US and four of the top five Life, Accident and Health insurers in Australia. FINEOS has many years experience working with insurers in North America, Europe, and Asia Pacific.
About TAC The TAC is a Victorian Government-owned organisation whose role is to promote road safety, improve the State’s trauma system and support those who have been injured on Victorian roads. The funds the TAC needs to perform these functions come from payments made by Victorian motorists when they register their vehicles each year with VicRoads. The TAC covers transport accidents directly caused by the driving of a car, motorcycle, bus, train or tram. The TAC is a ‘no-fault’ scheme. This means that medical benefits will be paid to an injured person regardless of who caused the accident. Working closely with Victoria Police, the Department of Justice and VicRoads, the TAC also develops campaigns that increase awareness of road safety issues, change behaviour and ultimately reduce the incidence of road trauma. For more information, visit https://www.tac.vic.gov.au/
About FINEOS Corporation The FINEOS flagship product, FINEOS AdminSuite, is a cloud based core product suite for Life, Accident and Health carriers. FINEOS AdminSuite delivers full service Policy, Billing, and Claims, providing best-in-class functionality for Group, Voluntary, and Individual administration on a single platform, while also supporting self-admin, full-admin and TPA models. FINEOS delivers innovative core systems to a global market and has customers, employees, and established bases in North America, Europe, and Asia Pacific. For more information, visit www.FINEOS.com.