IBM and FINEOS team up to offer enhanced capabilities to Insurers
FINEOS Corporation, a global provider of innovative enterprise software solutions for insurance, today announced that its software has been validated for the IBM Insurance Process Acceleration (IPA) Framework. Insurance solutions offered by IBM are built on the IBM Framework and aim to create more flexible, responsive companies through the progressive transformation of operational processes. As part of this, IBM has teamed up with leading software vendors in the core insurance space. FINEOS, a long established partner of IBM, offers solutions that improve the efficiency of core processes in areas such as Claims and New Business. FINEOS Claims is the only solution in the market today that has been successfully implemented globally across multiple insurance lines including Life and Disability, Property & Casualty, Workers Compensation and Compulsory Third Party.
The IBM Insurance Framework offers insurance process solutions and industry-specific software accelerators based on a Smart SOATM platform. It provides companies with an approach that allows them to progressively transform their core processes while also addressing the challenges of complex legacy systems that prolong delivery time, increase project risk and drive high delivery costs. FINEOS has been an IBM premier partner since 2002 during which time FINEOS and IBM have worked together successfully to deliver claims solutions to the insurance industry. In recognition of the strength of the FINEOS offering, delivered with IBM technologies and services, IBM has chosen FINEOS as the leading claims solution for insurance companies.
According to Michael Kelly, CEO, FINEOS Corporation, “Working with IBM and leveraging the full power of SOA enables us to offer total solutions that will help our clients lower costs, increase customer satisfaction, and ultimately improve business agility.”
FINEOS solutions are built on the FINEOS Insurance Platform, a customer and case centric, component-based product platform that delivers powerful core processing against an enterprise business model. The basis of the FINEOS Insurance Platform is the rules-driven FINEOS technical architecture (FINEOS TA) which is web-centric and deployed on a JEE-based technology stack with a pre-built data model ensuring that systems can be easily integrated within an existing legacy environment.
