Experienced Insurance and Technology Professionals Form New Company to Provide Claims Management and Payment Software Solutions
Portland, Maine — May 19, 2006
ClaimVantage, an innovator in claims management and payment software solutions, today announced its entrance into the insurance service office (ISO) market at the ACORD LOMA Insurance Systems Forum — the industry’s largest gathering of insurance technology and business experts. At the show, the company will showcase its comprehensive suite of software products designed to improve complex claims and payment processing systems by leveraging in-house technology and resources. With out-of-the-box functionality, ClaimVantage products improve implementation timelines, minimize cost overruns and partner with internal IT resources to deliver best-of-breed software components to claims departments. ClaimVantage will host product demonstrations and exhibit at the Mandalay Bay resort (booth #1144) in Las Vegas from May 22-24, 2006.
ClaimVantage was founded in November 2005 by Leo Corcoran, chief executive officer, and Ted Nutter, president, who combined have more than 20 years of in-depth insurance industry experience and extensive market knowledge. With partial funding from a Maine Technology Institute development award and the potential for additional investors in the next 30 days, the company has a solid foundation to build market presence.
The company’s primary focus is supporting claims departments in the employee benefits market with its dynamic ClaimView and ClaimPay products. Together, ClaimView and ClaimPay support the full claims lifecycle, from intake and triage to assignment, adjudication and payment of benefits. In addition, claims professionals benefit from the ability to support multiple claim types from one product suite. The ClaimVantage product suite supports the disability (short-term, long-term and individual), life waiver, AD&D, long-term care, critical illness and supplemental product lines of business.
“Claims departments and IT departments want to implement best-of-breed software components. Our strategy is to deliver these components and work with internal IT resources to integrate into their technical environments,” said Leo Corcoran, chief executive officer at ClaimVantage. “Our software solutions are designed to deliver a proof of concept within 30-60 days and to reduce implementation cycles dramatically so that the customer has an early win in the project life cycle.”
ClaimVantage is sponsoring a comprehensive survey of claims managers conducted by JHA to identify key issues and trends in the claims market. JHA, a subsidiary of General Re Life Corporation (a Berkshire Hathaway company) is a leading disability reinsurance, consulting and research firm located in Portland, Maine.
The survey results will be released in July 2006 and will be available for download at no charge on the ClaimVantage Web site, www.claimvantage.com.