IBM and FINEOS team up to offer enhanced capabilities to Insurance Companies
FINEOS Corporation, a market leading provider of claims management software, today announced that it has been validated once again for inclusion in the IBM Insurance Framework. Insurance solutions offered by IBM are built on the IBM Framework and aim to create more flexible, responsive insurance 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 FINEOS Claims, a best-in-class solution to manage claims for Life & Disability, Property & Casualty, London Market and Government Insurance.
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 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 when delivered with IBM technologies and services, IBM’s Insurance Framework validation positions FINEOS as a leading claims solution for insurance companies.
According to Michael Kelly, CEO, FINEOS Corporation, “FINEOS Claims is a complete lifecycle claims solution that enables our customers to achieve real business benefits. By working with IBM and leveraging the full power of SOA, we can also offer total solutions that help our customers achieve greater customer satisfaction, lower costs and ultimately improved 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.