FINEOS Announces Strong Adoption in 2021 of Updated Purpose-Built FINEOS Platform Among Tier-1&2 Employee Benefits Insurance Carrier Clients
February 17 2022 - 10:15AM
Business Wire
FINEOS experienced exceptional global client digital
transformation momentum in 2021 with the purpose-built FINEOS
Platform: FINEOS clients completed 15 new installations/major
version upgrades, 80+ minor version upgrades and 8 new cloud SaaS
implementations
In 2021, the FINEOS Corporation (ASX:FCL) continued to display
its dominance in the global life, accident and health insurance
market by supporting new and existing clients with the completion
of 15 new installations/major version upgrades, 80+ minor version
upgrades and 8 new cloud SaaS implementations across the global
client base of the purpose-built FINEOS Platform. FINEOS delivered
continuous product updates to better enable carriers across the
globe to address new business (quote, rate, underwrite), policy
administration and claims capabilities to meet the escalating
demand for Group, Voluntary and Absence Management benefits as well
as helping employee benefit carriers to meet the increasing North
American employer demand for integrated disability and absence
management (IDAM). Additionally, FINEOS delivered continuous
product updates to better enable carriers across the globe to
address new business (quote, rate, underwrite), policy
administration and claims capabilities to meet the escalating
demand for group, voluntary and absence management benefits.
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Purpose-Built Enables Speed and Agility
“FINEOS completed the impressive number of 15 new
installations/major version upgrades, 80+ minor version upgrades
and 8 new cloud implementations across our client base both by
virtue of faster-moving product/DevOps and the quality of our
implementation teams. Our continuous delivery model enables our
clients to stay current with market needs, applying modern agile
methods to complex core system requirements. Because the
purpose-built FINEOS Platform comes with industry regulatory
compliance and best practices already baked in, our teams can get
clients up and running quickly,” says Paul Barry, SVP of Customer
Management and Product Consulting NA, FINEOS.
Purpose-Built to Meet Market Demands
The FINEOS product teams delivered a successful line up of
product features, content and technology advances at the rate of 8
major upgrades as well as continuous minor version upgrades across
2021. “The FINEOS Platform is purpose-built to support integrated
Group, Voluntary and Absence Management on a single integrated SaaS
platform. The FINEOS Platform was designed from the outset for
Employee Benefit carriers who wish to have a single integrated
platform with the flexibility to serve employers and employees for
all of their leave and employee protection benefits. This delivers
a far superior end-to-end core solution than repurposed P&C or
Pensions & Investments core systems. We have increased our
efforts in providing a continuous delivery model for critical
features and accelerated our platform version upgrade pace as
needed,” said Eoin Kirwan, Chief Product Officer, FINEOS.
In addition:
- Carriers that have the FINEOS IDAM solution are already
equipped to address an employer’s critical need to handle the
challenges of COVID accommodations requests. These carriers are
also perfectly positioned to quickly adopt the full FINEOS
AdminSuite, FINEOS Engage and FINEOS Insight digital and data
driven add-on products.
- As Voluntary Benefits continue to see a sharp increase, the
FINEOS AdminSuite end-to-end solution can address mixed member
management models, enhanced list bill processing, core commission
management and the need to launch new, unique products as part of
the FINEOS highly automated quote-to-claim platform and as a
standalone system as needed.
Machine Learning for the Future
The acquisition of Spraoi brought enhancements to FINEOS Engage
and FINEOS Insight with additional digital people first portal
options, industry specific operational and predictive models, and
machine learning capabilities across the FINEOS Platform. The new
FINEOS Enrolment Portal leverages machine learning for smart data
connectivity and management to reduce time to connect to brokers
and employers, which reduces costly and time-consuming data
errors.
Nancy Casbarro, Vice President Research & Consulting,
Aite-Novarica said of the Spraoi acquisition, “Applying machine
learning in the insurance industry can unlock the power of data for
carriers to enhance the client experience, as well as improve
business outcomes across the entire lifecycle from case set-up to
claims.”
Client Success Built on Strong Partnership
FINEOS runs regular practice groups where product managers work
closely with the client user community of the FINEOS Platform to
listen, collaborate and share input to discuss current product
needs and address future market trends. Over 175 FINEOS Platform
users participated in 19 unique client input panels in 2021. The
number of full upgrades and go-lives this year illustrates the
collaborative partnership FINEOS enjoys with its clients.
Engendering a Group Benefits Community
In 2021, FINEOS helped launch GroupTech Connect that brought
brokers, core system vendors, carriers, insurtechs and more
together for the first time at ITC. The unique forum sought to
engage industry leaders to explore the future of the Group Benefits
market and consider what implications the changing landscape of
employee benefits will make on the ecosystem. The event featured
keynote speaker, Amy Friedrich, President of US Insurance
Solutions, Principal Financial Group.
Planning for 2022
“We are very pleased with our performance over the past year,
especially given the challenges we all continue to face in these
times of COVID,” said Michael Kelly, CEO of FINEOS. “Many of our
global clients are actively engaged in brand-new installations,
version upgrades and platform migrations. This tells us our clients
see the value of our continued and singular industry focused
R&D investment and indeed they are modernizing their core
systems in support of their digital transformation strategies. We
are grateful to our clients and SI partners for the tremendous
implementation and upgrade achievements over the past year, and we
look forward to making even more progress together in the coming
year,” adds Kelly.
Explore the importance of a Purpose-Built platform and 6
critical factors to consider in a Build vs Buy decision.
About FINEOS Corporation
FINEOS is a leading provider of core systems for life, accident
and health insurers globally with 7 of the 10 largest group life
and health carriers in the US as well as 6 of the largest life
insurers in Australia. With employees and offices throughout the
world, FINEOS continues to scale rapidly, working with innovative
progressive insurers in North America, Europe, and Asia
Pacific.
The FINEOS Platform provides core administration capabilities
including absence management, billing, claims, payments, policy
administration, provider management and new business and
underwriting; all of which are configurable to operate
independently or as FINEOS AdminSuite, an end-to-end core
administration suite.
For more information, visit www.FINEOS.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220217005066/en/
Victoria Jamison Marketing Manager FINEOS Corporation + 353 1
639 9700 victoria.jamison@FINEOS.com
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