- FINEOS Billing to support Group, Voluntary and Individual Billing on one platform
- Milestone in the development of the FINEOS AdminSuite
Dublin, Ireland, June 10, 2015 – FINEOS Corporation, a market leading provider of core processing systems for Life, Accident and Health insurance, today announced the launch of FINEOS Billing at IASA in Las Vegas. FINEOS Billing is a complete premium billing and reconciliation management solution for Group and Voluntary insurance that supports all product types and billing models. The new billing system is a major milestone in the development of the FINEOS AdminSuite which was announced in February.
FINEOS Billing offers a modern, best of breed solution that provides insurance carriers with efficient and effective billing operations that are less costly to run, provide improved service to customers and, because of reduced premium leakage, deliver better cash flow and higher profits. FINEOS Billing can be implemented standalone or as part of the FINEOS component based core product solution, the FINEOS AdminSuite. Pre-built integration adapters enable the new system to be easily integrated with multiple policy systems.
With FINEOS Claims already recognized as the market leading best of breed claims solution for Life, Accident and Health, it is anticipated that demand for FINEOS Billing will grow quickly. A number of established FINEOS Claims customers have already expressed interest in adopting the new FINEOS Billing product component.
Michael Kelly, CEO, FINEOS, welcomed the launch. “We are delighted to announce FINEOS Billing which we believe is the first billing product component designed to be used standalone, integrated to legacy administration platforms or as part of our own modern policy administration suite. Like FINEOS Claims, our new product is specifically designed and delivered to support Group and Individual Life, Accident and Health business lines on our single FINEOS Digital Platform. We understand the challenges faced by insurers as they deal with the changing dynamic of the Group and Voluntary insurance industry, where legacy administration systems offer little or minimal support for the more complex relationships and personalized service needs of today’s insurance customer. Not only does FINEOS Billing deliver efficient and effective billing operations, it also supports organizations’ plans to deliver new products and leverage new distribution channels”.
The expansion into Billing is based on the established strengths and capabilities of the FINEOS Digital Platform, a powerful customer-centric and business services platform that is proven at over 60 insurance customers globally and incorporates over 20 years domain expertise.
FINEOS is a global leader in insurance software with customers in nine countries including eight of the top 20 Group Life & Health insurers in the US and four of the top five Life and Health 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).