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FINEOS Acknowledges 25 Years of a Public Workers' Compensation System in Victoria.

- FINEOS Client Event in Melbourne addressed by Ireland's Minister for Trade and Commerce -

DUBLIN -- FINEOS Corporation, a global provider of innovative software solutions for insurance and government social insurance, has just concluded its annual Asia Pacific user group for FINEOS customers in Melbourne, Australia, with a special dinner to commemorate 25 years of public underwritten Workers' Compensation Insurance in the state of Victoria. Earlier that day the group was addressed by Ireland's Minister for Trade and Commerce, Mr Billy Kelleher, who is currently leading Enterprise Ireland's trade mission in Australia.

FINEOS has been active in the Australasian region since 2003 and today has a blue-chip client list that includes the Accident Compensation Corporation (New Zealand), WorkSafe Victoria, the Transport Accident Commission (Victoria), the Lifetime Care & Support Authority (NSW), CommInsure, Westpac Insurance and Macquarie Bank (Life Assurance).

According to Minister Kelleher, "FINEOS is one of Ireland's leading and most entrepreneurial software companies servicing some of the world's largest and most complex insurers and government insurance agencies. FINEOS' significant success both here in Australia and in other international markets confirms the world class status of the company's innovative software solutions. The Irish Government, through Enterprise Ireland, will continue to support the company's internationalisation and its efforts to replicate its success to date in other global regions."

The two day event was addressed by FINEOS clients, industry experts and FINEOS representatives. Attendees heard about emerging trends in the insurance claims market and clients and partners were able to share best practices and learn how their peers are driving improvements with new approaches to customer-centric injury, illness and loss claims and case management. The key presentations at the event were

* "Cost & Liability Management Using FINEOS" - the Accident Compensation Corporation of New Zealand

* "Establishing a Catastrophic Claims Management Organisation from Scratch" - the Lifetime Care & Support Authority

* "Creating a Serviced Focused Industry" - WorkSafe Victoria

* "Industry Trends in the Insurance Market" - PricewaterhouseCoopers

* "Post Go Live - Winning the Hearts and Minds" - ITSS, the shared IT services organisation for the Transport Accident Commission and WorkSafe Victoria

The theme of the evening dinner was to acknowledge the introduction of public underwritten workers' compensation in Victoria 25 years ago. Workers' Compensation insurance provides protection to employees and their employers in the event of a work related injury or disease. FINEOS is a global leader in the provision of workers' compensation claims solutions. FINEOS Claims is used by over 2500 users in WorkSafe Victoria and by 2600 users at the Accident Compensation Corporation of New Zealand. FINEOS was also recently selected by the Saskatchewan Workers' Compensation Board (WCB) of Canada to deliver and implement a Commercial off-the-Shelf (COTS) full lifecycle claims administration system for their insurance scheme.

The strength of the FINEOS solution for workers' compensation lies in its ability to support a more effective claims process by positively impacting complex claims payments in the face of increasing medical costs. Business rules are configured to support best practices by ensuring consistent handling across the entire organisation. Integration with databases and predictive analytics solutions along with robust reporting capability enables claims management to make better decisions and to recognise and react to loss trends.

According to Michael Kelly, CEO, FINEOS Corporation, "We are honoured to welcome Minister Kelleher to our Regional Headquarters in Melbourne and delighted that he addressed our users. This is the fifth anniversary of our Melbourne Capability Centre which has grown as the support centre for the region and today has over 50 FINEOS people employed to support our customers in this vibrant region. We are pleased that so many FINEOS customers were able to attend our user group meeting in Melbourne and we would also like to extend our best wishes to WorkSafe Victoria, a long time customer, for their success in 25 years of public underwritten Workers' Compensation Insurance in Victoria".

About FINEOS Corporation FINEOS is a global innovator of software solutions for insurance and government social insurance. FINEOS solutions address core business processing requirements including claims & payments management and new business/underwriting. FINEOS solutions are built on a rules-driven, service-oriented, component-based enterprise platform that serves as a flexible infrastructure for new product introduction, legacy enrichment, and business transformation. FINEOS is delivering documented benefits for some of the world's leading insurers, government agencies and bancassurance institutions. The company is headquartered in Dublin, Ireland with offices in North America, Europe and Australasia. For more information, please visit www.FINEOS.com.

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Comment:FINEOS Acknowledges 25 Years of a Public Workers' Compensation System in Victoria.
Publication:Business Wire
Geographic Code:8AUST
Date:May 5, 2010
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