FINEOS Achieves Unprecedented Client Go Live Success in 2020
28 Gennaio 2021 - 3:15PM
Business Wire
10 major carrier clients go live with 8 new
installations and 7 upgrades of the FINEOS Platform for Employee
Benefits
FINEOS Corporation (ASX:FCL) continues to demonstrate its long
standing purpose to “help our clients care for the people they
serve through the delivery of superior insurance technology” in
2020 with the completion of 8 new installations and 7 major
upgrades of the FINEOS Platform. As a leading provider of core
systems for life, accident and health insurers globally, FINEOS
offers unparalleled core solutions that help carriers become more
dynamic, scalable and competitive.
“We are pleased with our performance over the past year,
especially given the challenges we all 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 that our clients
see the value of our significant R&D investment made over the
past 5 years and indeed are modernizing their core systems in
support of their digital transformation. We are grateful to our
clients and SI partners for the tremendous implementation and
upgrade achievements over the past year.”
By upgrading to the SaaS-based FINEOS Platform, clients will
reap the benefits of a more modern and comprehensive unified system
for integrated absence, group and voluntary benefits.
“The FINEOS Platform is purpose built to support the Employee
Benefits market and therefore provides several advantages to our
clients over repurposed P&C core systems,” said Chuck Johnston,
CMO of FINEOS. “As a result, our clients enjoy easier installations
and upgrades. What’s more, innate policy and customer management
capabilities that exist across the entire FINEOS Platform provide
consistent product information as well as powerful, frictionless
process and workflows across the platform. These foundational
capabilities are distinctive to the FINEOS Platform market
offerings from claims to Integrated Disability and Absence
Management (IDAM) to the full FINEOS AdminSuite which enables
clients to move to quote to claim on one system.”
Demonstrated client success metrics include:
- 40% improvement in staff satisfaction in billing and policy
admin
- 27% reduction in disability duration
- 10% increase in client on-time contact
- 25% increase in claim settlements per day
- 12% improvement in RTW (Return to Work)
- 93% reduction for claims acceptance time: now accepted within
five days of an accident, down from seventy
Since the start of the COVID-19 pandemic, Employee Benefits
carriers in North America and protection schemes across the globe
have seen increased demand from their customers for new products,
remote functionality, and faster processing times that cannot be
achieved with legacy systems.
The value of the FINEOS Platform with excellent client support
is evident in the company’s long-term partnerships. “Our
partnership with FINEOS continues to grow and we are realizing
benefits from the FINEOS system, including streamlined processes
which enable our managers to focus on providing excellent outcomes
to QSuper members,” said Phil Frazer, CEO of QInsure, Australia.
“We are excited to continue our partnership with FINEOS to help
support our organization’s agility, digital customer experience and
our service excellence.”
In North America, where claims and paid leave laws continue to
reverberate with change due to COVID, the necessity for carriers to
embrace Integrated Disability and Absence Management (IDAM) remains
a critical path to future success. Throughout 2020, FINEOS
continued to focus on integrated absence management as a core
capability, helping carriers simplify the complex process of
managing absence to improve engagement and user experience. As the
industry leader for core software, FINEOS plans to raise the
industry standard in 2021 even further by continually expanding the
FINEOS Platform for Employee Benefits.
“Insurers need technology solutions to meet the increased
expectations for customer experience and to increase efficiencies
and outcomes for key products like Disability and Absence
Management,” says Nancy Casbarro, Vice President of Research and
Consulting at Novarica. “They’re looking to solution providers like
FINEOS for solutions that offer digital solutions for self-service,
configurable policy administration, enrollment and claims
capabilities all driving greater efficiency, reliable upgrades and
long-term system lifecycle support.”
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/20210128005062/en/
Victoria Jamison Marketing Manager FINEOS Corporation + 353 1
639 9700 victoria.jamison@FINEOS.com
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