Independence American Insurance Company Deploys the FINEOS Platform to Further Digital Transformation, Speed to Market, and Foster Business Growth
March 01 2022 - 9:15AM
Business Wire
PetPartners Group Pet Insurance moves to the FINEOS
Enrollment Portal to support accelerated exponential growth in pet
insurance employee benefit market
FINEOS Corporation (ASX:FCL) today announced that premier pet
insurance underwriter, Independence American Insurance Company
(IAIC), will leverage the cloud native FINEOS Enrollment Portal for
business critical functions supporting its industry-first
PetPartners Group Pet Insurance product.
“We are pleased to partner with FINEOS and adopt the FINEOS
Enrollment Portal to enable a user-friendly experience as we
continue expanding our group pet insurance offering to businesses
and consumers,” said Lane Kent, Chief Operating Office of
Independence Pet Group and President, PetPartners
Group pet insurance is a fast-growing voluntary market product
in North America. Approximately $100B was spent on pet ownership in
the United States in 2020 and pet insurance revenue made up $1.9B
with an expected 9.7 % CAGR over the next 5 years. (Source:
Graphical Research). IAIC will employ the FINEOS Enrollment Portal
with extensions, a new FINEOS Platform component within the FINEOS
Engage solution. The FINEOS Enrollment Portal provides IAIC with a
nimble approach to product/plan administration that includes
employee enrollment, record keeping, front end billing/commission
management and claims submissions for pet insurance.
“As pet insurance for the employee benefits market grows
exponentially, IAIC continues to invest in innovative solutions
that will help us to realize our customer-centric and
driven-by-technology strategies and help us bring the best pet
insurance experience to the market,” says Kent. “We look forward to
maximizing the FINEOS Enrollment Portal with its open and flexible
systems that will help us to meet current and future growth goals,”
adds Kent.
The FINEOS Enrollment Portal architecture leverages scalable
containerized microservices with data models that are fully
auditable, trackable and uses event sourcing. With high flexibility
across varying product and rating definitions and types, including
immediate rating and issue, the FINEOS Enrollment Portal simplifies
the process of building user experience and branding.
“We are proud to support IAIC with their digital transformation
efforts for PetPartners Group Pet Insurance. Because the entire
FINEOS Platform is purpose-built to support the Employee Benefits
market, the FINEOS Enrollment Portal has the flexibility to easily
deal with new voluntary product categories as our customers
innovate in the market,” says Michael Kelly, CEO FINEOS.
“As employers compete for talent in an extremely competitive
market, the need for new and different benefit offerings that meet
the needs of multiple generations of workers can be a key component
to attracting, retaining and creating an engaged, productive,
cohesive and loyal team,” says Nancy Casbarro, Vice President
Research & Consulting, Aite-Novarica.
About FINEOS Corporation FINEOS is a leading provider of
core systems for life, accident and health insurers globally with 7
of the 10 largest employee benefits insurers 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 is the only purpose-built, end-to-end SaaS
insurance solution for the life, accident and health market. The
FINEOS AdminSuite delivers industry leading capabilities across
core administration 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 one suite. The machine learning enabled FINEOS
Engage solution enables robust people first digital engagement
pathways and the FINEOS Insight solution provides predictive
analytics and reporting across the business.
For more information, visit www.FINEOS.com.
About PetPartners, Inc. Headquartered in Raleigh, NC,
PetPartners is the marketer and administrator of pet insurance,
underwritten by Independence American Insurance Company, both owned
by Independence Pet Group. Coverage administered by PetPartners
provides access to the quality of medical care your pet needs,
through the licensed veterinarian of your choice. Please visit
www.petpartners.com for additional information.
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version on businesswire.com: https://www.businesswire.com/news/home/20220301005671/en/
Victoria Jamison Sr Marketing Manager FINEOS Corporation + 353 1
639 9700 victoria.jamison@fineos.com
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