Novarica Highlights FINEOS Claims Market Leadership for US Life/Health/Annuity Insurance

– Market Navigator report shows FINEOS has largest customer base for Group and Individual Life, Disability and Critical Illness claims

FINEOS Corporation, a market leading provider of core processing systems for Life, Accident and Health insurance, today announced it has been profiled in the latest report by industry analyst, Novarica, which shows that FINEOS Claims has the largest number of live customers in the US and also the greatest share of the top tier carriers. The Novarica Market Navigator report provides an overview of available claims systems for Life/Health/Annuity insurers. FINEOS was profiled across a wide range of criteria including functionality, technology, differentiators and implementation capabilities.

The report found that claims administration systems are drawing more attention in the L/H/A space due to a combination of audit concerns, competitive concerns and market forces including the opportunities arising from the voluntary and worksite marketing spaces.

FINEOS Claims supports both group and individual claims on a single platform and can be used by organizations of all sizes, from small departmental claims teams to very large teams with thousands of users and millions of claims. FINEOS is very proud to serve eight of the top 20 Group Life & Health carriers.

Commenting on the Novarica report Michael Kelly, CEO, FINEOS Corporation said, “We are delighted to see our market leadership position validated in this report. It’s a testament to the functional breadth of FINEOS Claims and the innovative ways in which our customers have collaborated with us to achieve their business goals.”

FINEOS currently works with 60 insurance carriers around the world and today has over 25,000 licensed users of the product. Outside North America, FINEOS Claims is used by four of the top five Life, Accident & Health carriers in Australia and is the global leader for Government Accident Compensation schemes, processing 100% of accident claims in New Zealand.

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