|By Business Wire||
|July 3, 2014 02:55 AM EDT||
FINEOS Corporation, a market leading provider of core software solutions for the global Life, Accident and Health Insurance industry, announced today that its customer, Alberta Schools Employee Benefit Plan, has successfully implemented the FINEOS Payment Component Solution. The Alberta School Employee Benefit Plan, ASEBP, is a Health and Welfare Trust operating in Alberta, Canada. A long standing FINEOS customer for over ten years, ASEBP has been using FINEOS Claims for their employee benefit plan and also for Master Data and Customer Management to give a Single View of members. They chose FINEOS for the Payments after paying visits to both Manitoba Public Insurance, (MPI), and Manitoba Teachers’ Society, (MTS), to see their implementations of the FINEOS Payments system.
ASEBP faced a risk with their reliance on an outdated mission-critical service that handled disability payments to their members and fed into the premium and reserve setting for the benefit plan. It was essential to replace this system with a reliable and modern payments component that integrated easily with their overall claims operation.
The Solution: The FINEOS Payments component can be implemented stand-alone or as part of the FINEOS Product Suite. It provides a comprehensive, configurable process for handling payments of all types, including processing everything from simple one-off payments to complex, long-tail payments that change over time. It has automated procedures for dealing with over-payments and under-payments and generates detailed audit trails of all financial movements. FINEOS Payments simplifies complex processes typically supported by multiple technologies, spreadsheets and desktop calculations bringing accuracy, reliability and speed. Its configurable calculations may be controlled centrally ensuring that new processes and limits are easily rolled out and automatically used in all cases.
The Approach: ASEBP and FINEOS agreed that stringent project management was paramount to the success of the project and understood that both parties’ philosophies regarding overall project methodology would require accommodation. These were successfully melded and a suitable hybrid approach was adopted to meet everyone’s needs. Timelines and related milestones were identified and reported on weekly; subject matter experts were on-boarded, budgets were set, reporting and change request frameworks were laid out and the project began on July 4, 2013 with a delivery date set for June 1, 2014.
The Result: The FINEOS Solution went live on June 1 2014 – on time and under budget even though the project accommodated change requests. Accuracy of the FINEOS Payments component was confirmed with parallel running on the old system which showed a 100% success.
According to Jennifer Carson, Executive Director ASEBP, “We have realized gains in process management almost immediately. It is our firm belief that our organization and our members whom we serve will benefit greatly from the move to the FINEOS solution. We have every confidence that this will serve us successfully for many years to come. This project has enabled us to solidify relationships with both internal and external ASEBP resources and importantly with the FINEOS team with each having very strong mutual respect and appreciation for each member’s contribution.”
Commenting on the successful upgrade, Michael Kelly, CEO, FINEOS Corporation said, “We are delighted that ASEBP chose FINEOS to replace their payments system. This confirms to us that our approach of working closely with our customers and integrating FINEOS staff sensitively with the customers’ teams brings dividends for us all. We are pleased that ASEBP is now planning to capitalize on the momentum of this implementation and continue working with the current resources from both organizations to capitalise on the latest version of FINEOS – Release 8.0. This will enable them to take advantage of all of the R&D investment which goes into our products. We are delighted that so many of our customers are now on the latest versions of FINEOS. In today’s fast moving competitive landscape software products must offer users full business functionality, business content as well as the configurability and flexibility to enable speed and agility to support the changing needs of the business.”
ASEBP is the Alberta School Employee Benefit Plan, a Health and Welfare Trust operating in Alberta, Canada. It has been in business for over 45 years Providing health benefits and related services to 54,000 teachers and other education workers in the public education sector, and their dependents. ASEBP also provides third party administration services to another 10,000 participants and their dependents. For more information, visit www.asebp.ab.ca.
About FINEOS Corporation
FINEOS is the leading claims solution for the global Life, Accident and Health insurance industry and supports the processing of Life, Disability, Critical Illness, AD&D, Waiver and a number of related lines. FINEOS supports both group and individual business claims on a single platform and can be used by organizations of all sizes, from small departmental claims teams to very large teams with thousands of users and millions of claims. FINEOS currently works with over 50 insurance carriers and counts six of the top 20 Life & Health carriers in the US and four of the top Life & Health carriers in Australia as customers.
For more information, visit www.FINEOS.com
"We are an all-flash array storage provider but our focus has been on VM-aware storage specifically for virtualized applications," stated Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 11, 2016 05:00 AM EST Reads: 1,168
"We are a leader in the market space called network visibility solutions - it enables monitoring tools and Big Data analysis to access the data and be able to see the performance," explained Shay Morag, VP of Sales and Marketing at Niagara Networks, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 11, 2016 04:45 AM EST Reads: 647
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Dec. 11, 2016 04:30 AM EST Reads: 874
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smart...
Dec. 11, 2016 03:30 AM EST Reads: 1,145
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
Dec. 11, 2016 03:00 AM EST Reads: 799
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, discussed recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model for s...
Dec. 11, 2016 02:45 AM EST Reads: 914
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
Dec. 11, 2016 02:45 AM EST Reads: 1,804
"We are the public cloud providers. We are currently providing 50% of the resources they need for doing e-commerce business in China and we are hosting about 60% of mobile gaming in China," explained Yi Zheng, CPO and VP of Engineering at CDS Global Cloud, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 11, 2016 02:30 AM EST Reads: 1,300
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2017 New York. The 20th Cloud Expo and 7th @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Internet to enable us all to im...
Dec. 11, 2016 02:30 AM EST Reads: 1,060
"We are a custom software development, engineering firm. We specialize in cloud applications from helping customers that have on-premise applications migrating to the cloud, to helping customers design brand new apps in the cloud. And we specialize in mobile apps," explained Peter Di Stefano, Vice President of Marketing at Impiger Technologies, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 11, 2016 01:45 AM EST Reads: 755
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
Dec. 11, 2016 01:45 AM EST Reads: 4,055
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Dec. 11, 2016 01:30 AM EST Reads: 1,754
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
Dec. 11, 2016 01:15 AM EST Reads: 1,348
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
Dec. 11, 2016 12:00 AM EST Reads: 1,133
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
Dec. 11, 2016 12:00 AM EST Reads: 2,403