FINEOS Announces Strong Adoption in 2021 of Updated Purpose-Built FINEOS Platform Among Tier-1&2 Employee Benefits Insurance Carrier Clients
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
ATLANTA--(Business Wire / Korea Newswire) February 18, 2022 -- 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.
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.
· 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.
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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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