Novarica research reveals current system limitations and drivers for replacement
FINEOS Corporation, a market leading provider of core processing systems for Life, Accident and Health insurance, today announced the findings of new research into Life billing system capabilities. The research, underwritten by FINEOS and published through Novarica’s Research Partner Program, is entitled “Overcoming the Challenges of Life Insurance Billing” and is based on interviews with insurer CIOs and IT leaders* about the challenges and limitations of their current billing solution, and their perspective of what is important in a future system.
One of the key findings of the report was that while billing is considered to have a significant impact on customer experience, current systems have significant limitations including billing inaccuracy and reconciliation issues. Replacing current billing systems is also being given priority, especially by those considering core system replacement. Most carriers surveyed are considering replacing their billing systems in the next two to three years.
According to Tom Benton, VP Research and Consulting at Novarica, “In the competitive group life market, insurers are looking for ways to improve customer experience as a differentiator for their distribution networks and to better meet self-service demands of agents and policyholders. Billing is an important touchpoint with customers, and issues with bill accuracy and reconciliation are key drivers making billing system replacement a priority.”
This year FINEOS launched FINEOS Billing, a complete premium billing and reconciliation management solution for Group and Individual Life, Accident and Health insurance that supports all product types and billing models. The billing system is a major milestone in the development of the FINEOS AdminSuite which was announced earlier this year.
Commenting on the Novarica research Michael Kelly, CEO, FINEOS Corporation said, “These findings tally with what we are seeing in the Life, Accident and Health market and validates our decision to invest in 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”.