Twelve customers upgrading and four recent go lives
Majority moving to latest version of FINEOS
Dublin, Ireland, May 19, 2015 – FINEOS Corporation, a market leading provider of core processing systems for Life, Accident and Health insurance, has announced strong customer uptake for its latest version of FINEOS. FINEOS Version 8 is the result of over 100 man-years of effort. It has over 500 new features and enables customers to take advantage of the FINEOS Digital Platform for add-on products including FINEOS Analytics, FINEOS Business Operational Insight and FINEOS Viewpoints (self-service web and mobile portals). The release also includes an enhanced look and feel to deliver a superior customer experience as well as improved web service integration and configuration capabilities.
Four tier one FINEOS customers recently completed upgrade projects and twelve are mid-project. Through continually upgrading, FINEOS customers benefit from the latest technology advances enabling them to further reduce claims costs, improve efficiency and deliver an even better claims service.
Commenting on this development, Jamie Macgregor, Senior Vice President for Celent’s Insurance practice, said, “Celent is pleased to see the industry bringing their key technology onto a current release. Historically insurers have tended to lose their connection to key vendors and this has hampered their future. It’s particularly positive to see investment in claims, as recent Celent research has shown this to be an area for serious improvement”.
Michael Kelly, CEO, FINEOS, also welcomed the strong customer demand for FINEOS Version 8. “In today’s competitive customer centric carrier world there is increased pressure to keep up with digital technology to improve the customer experience. In addition, insurance CIOs realize the importance of keeping in line with their vendors’ latest product releases to ensure they maximize the benefit of the ‘base’ product, while minimizing their Total Cost of Ownership. Not only does this show the value our customers place on our new FINEOS features and enhancements, it also underlines the ease with which customers can now upgrade. One FINEOS customer completed their upgrade project in 12 weeks without any on-site assistance, demonstrating the significant value of our continuous investment in making upgrades easy”.
FINEOS has also launched FINEOS ‘Upgrade as a Service’ which guarantees that a customer’s production system is upgraded in line with new releases of FINEOS. The customer pays a fixed annual fee for this service and FINEOS takes over the responsibility of keeping them current with new product versions. This new service is aimed at delivering cloud type benefits to customers who do not wish to run their core systems in the cloud.
FINEOS is a global leader in insurance software with customers in nine countries including 8 of the top 20 Group Life & Health insurers in the US and 4 of the top 5 insurers in Australia. It also serves large government organizations including the Accident Compensation Corporation (ACC) of New Zealand, Manitoba Public Insurance (MPI), the Transport Accident Commission and the Victorian WorkCover Authority (Australia). The company has over 20 years’ experience working with customers in North America, Europe, Africa and Asia Pacific and currently employs 400 employees.