QInsure in Queensland Australia and FINEOS Sign Cloud HoA
21 Ottobre 2020 - 12:15AM
Business Wire
FINEOS Corporation (ASX:FCL), the market-leading provider of
group and individual core systems for life, accident and health
insurance, today announced that it has executed a Heads of
Agreement (HoA) with QInsure, a wholly owned subsidiary of the
QSuper Group, one of Australia’s largest and most respected
superannuation funds, which signals the intent to upgrade QInsure’s
FINEOS Claims system to the FINEOS Claims SaaS edition on the
FINEOS Platform, powered by AWS.
QInsure implemented and went live with FINEOS Claims in
September 2019, which successfully delivered member-centric claims
outcomes via improved, integrated and automated processes and
workflow for claims covering life, Total and Permanent Disability
(TPD) and Income Protection. Key highlights of the program included
automatic payment calculations and the FINEOS Financial Services
Council (FSC) Code of Practice business content that help case
managers deliver on the insurance promise and meet regulatory
obligations.
Speaking about the relationship, CEO of QInsure, Phil Fraser
said, “Our partnership with FINEOS continues to grow and we are
realising benefits from the FINEOS Claims system, including
streamlined claims processes which enables our Claim Managers to
focus on providing excellent outcomes to QSuper members. We are
excited to continue our partnership with FINEOS to help support our
organisation agility, digital customer experience and our service
excellence.”
Mr Fraser added “While our partnership with FINEOS is relatively
new, they have proven to be a reliable and valued partner. We will
be working closely with FINEOS under this HoA to ensure APRA (the
Australian Prudential Regulation Authority) is supportive of our
approach.”
Michael Kelly, CEO, FINEOS concluded, “QInsure is a fantastic
company to be in partnership with given their strong commitment to
always doing the best by their members. We are excited about the
next phase of our partnership with one of the most respected funds
in Australia. The move to the FINEOS Platform is an exciting
opportunity for FINEOS and our clients in the Australian and New
Zealand region. Supporting this transition is a key strategic
objective for FINEOS. Our North American clients have already
adopted our SaaS based FINEOS Platform solutions over the past 3-4
years and we have been a ‘cloud only’ SaaS vendor in the US and
Canada for over 3 years now.”
Last year FINEOS achieved record new sales of core solutions on
the FINEOS Platform and we are seeing widespread interest in cloud
solutions in Australia and New Zealand today. Covid-19 has
accelerated Digital Transformation within the life, accident and
health industry and carriers want to move to cloud computing in
support of having flexible, modern business models which support
working, buying and obtaining customer service that can be achieved
from anywhere.
Over the past 6 years FINEOS has invested over €100m in R&D
to develop FINEOS AdminSuite, an end-to-end SaaS core
administration system for life, accident and health, including
policy, billing and claims management. FINEOS listed on the ASX in
2019, and in August 2020 FINEOS acquired Limelight, a Silicon
Valley SaaS provider of Quote, Underwrite and Rating software to
the group and voluntary employee benefits industry in the US.
FINEOS enjoys established, trusted relationships with some of
the largest and most respected carriers across the ANZ region. We
pride ourselves on a very strong local team that has an enviable
delivery and client support track record, and we are delighted to
continue to work in partnership with QInsure.”
About FINEOS Corporation Limited
FINEOS is a leading provider of core systems for life, accident
and health insurers globally with 6 of the largest life insurers in
Australia as well as 7 of the 10 largest group life and health
carriers in the US. 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 clients full end to end core
insurance administration and includes the FINEOS AdminSuite core
product suite as well as add-on products, FINEOS Engage to support
digital engagement and FINEOS Insight for analytics and
reporting.
For more information, visit www.FINEOS.com
About QInsure
QInsure was established to exclusively provide Group Life
Insurance policies for QSuper, so life insurance benefits can be
provided to QSuper members as part of their superannuation
membership.
QInsure, the first insurance company set up by a superannuation
fund in Australia, was established on 29 July 2015 as a wholly
owned subsidiary of QSuper Limited and commenced issuing life
insurance policies from 1 July 2016. The company has ASFL and APRA
licenses to operate as an insurance company, as well as an
independent Board of Directors and Executive Leadership Team.
About QSuper
QSuper started with an Act of Parliament in 1912 creating the
entity now known as the QSuper Group.
Over time, QSuper expanded to become the superannuation fund for
all current and former Queensland public sector employees and their
spouses and is now Queensland’s largest super fund and one of the
largest in Australia. QSuper has grown its range of products and
services, with its customer base is now numbering more than 585,000
with over $113 billion in funds under administration.
With the passing of legislation in 2016 that removed the
restrictions on who is eligible to join the Fund, from 1 July 2017
QSuper was able to welcome more Australians to experience the
QSuper feeling.
For more information, visit https://qsuper.qld.gov.au/
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Victoria Jamison Marketing Manager FINEOS Corporation + 353 1
639 9700 victoria.jamison@FINEOS.com
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