Aite-Novarica Group Places FINEOS in Most Exclusive Tier of Policy Administration System Vendors
01 Maggio 2023 - 11:50AM
Business Wire
FINEOS is sole solution purpose-built for group
benefits in its class
The latest research from Aite-Novarica Group positioned FINEOS
as one of the largest suppliers of core administration systems to
the North American group insurance market, FINEOS Corporation
(ASX:FCL) announced today. In their Impact Report:
Life/Annuity/Benefits Policy Administration Systems (PAS), the
independent analysts placed FINEOS in exclusive company: Group core
system vendors with over 20 clients.
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Aite-Novarica Group positions FINEOS in
most exclusive category of group core system vendors with more than
20 clients in 2023 Impact Report. (Graphic: Business Wire)
In compiling the report for CIOs and IT leaders to evaluate
solutions and understand the market, the analysts concluded that
demand for cloud adoption is mainstream and growing. Furthermore,
they found that insurance companies are replacing their legacy PAS
to provide more digital and data capabilities to meet customer
expectations.
According to Nancy Casbarro, Senior Principal at Aite-Novarica
Group and lead author for this report, “To stay competitive,
carriers need a policy administration system with configuration
capabilities to easily rollout and refine current and new product
offerings. They should also consider the ease of integration that
modern policy administration systems provide as well as the
advantages that a managed cloud implementation will provide.”
The FINEOS Platform was purpose-built to provide cloud-based
software-as-a-service (SaaS) policy administration supporting
group, voluntary and individual insurance. It provides policy and
member lifecycle management, absence, billing, claims, new business
and underwriting to give customers flexibility and speed to
market.
“The Aite-Novarica report underscores what we have been working
across FINEOS to achieve – the market-leading solution for policy
administration systems in North America,” said FINEOS CEO Michael
Kelly. “Our configurable solutions make life, accident and health
insurers future-ready at reduced costs, and with real and
achievable efficiencies, which is what every insurer should
expect.”
Historically, Aite-Novarica consistently rated FINEOS the market
leader in LA&H claims systems in North America in its Market
Navigator reports. FINEOS was profiled across a wide range of
criteria including functionality, technology, differentiators, and
implementation capabilities for this most critical capability for
insurers.
Read an excerpt from Impact Report: Life/Annuity/Benefits Policy
Administration Systems.
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 U.S. as well as
a 70% market share of group insurance in Australia. With employees
and offices throughout the world, FINEOS continues to work with
innovative, progressive insurers in North America, Europe, and Asia
Pacific.
For more information, visit www.FINEOS.com
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version on businesswire.com: https://www.businesswire.com/news/home/20230501005092/en/
Audrey Honig Geragosian FINEOS Media Relations Lead
audrey.honiggeragosian@fineos.com +1 860-538-6638
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