FINEOS Corporation, the market leader in group, voluntary and individual core systems for life, accident and health insurance, announced today that FINEOS Policy (policy management software) and FINEOS Billing (billing management software) have been in live production with a Tier 1 US insurance carrier for almost 6 months. This carrier already has FINEOS Claims management system and FINEOS Absence implemented across their operations, meaning they now have all 4 product components (absence, billing, claims, policy) of FINEOS AdminSuite in live production. FINEOS AdminSuite leverages the FINEOS Platform, an ‘open core’ cloud platform designed to connect to external apps, technologies and platforms.
FINEOS has invested heavily in product R&D to the tune of over $100m during the past 5 years and this significant investment nets out with the first Tier 1 US group and voluntary benefits carrier actively utilizing FINEOS AdminSuite in production. This carrier is set to continue the strategic partnership to roll out the FINEOS Platform to replace older style legacy core systems.
FINEOS AdminSuite is the first truly component-based core product suite developed organically and specifically for group, voluntary and individual life, accident and health. FINEOS AdminSuite also supports fully Integrated Disability and Absence Management (IDAM), which is a crucial solution for US employee benefit carriers to achieve and maintain a competitive edge in the US market.
FINEOS AdminSuite can be implemented on a phased component-based basis, to initially address key pain points such as billing, claims, absence management, or it can be implemented as a full core suite in a single instance to enable carriers support new business, followed by continual migration away from legacy systems.
As the only modern end-to-end core suite for group, voluntary and individual life, accident and health on a single platform, FINEOS AdminSuite continues to benefit from increasing R&D investment. The driving factor here is to help new and existing FINEOS customers more easily and most effectively implement a modern core platform solution that meets today’s market needs and enables migration from older style legacy systems.
A study conducted by US based employee benefits consultants, EastBridge, highlighted that 54% of core systems in the benefits market are in-house developed legacy systems, 33% are 1980’s style software package systems and 15% date back to the early 2,000’s. This research supports the FINEOS decision to progress from best-of-breed integrated claims and absence management to the full end to end core solution, FINEOS AdminSuite.
FINEOS CEO, Michael Kelly, said: “Carriers are under increasing pressure in today’s life, accident and health insurance market to the extent they can no longer negotiate retaining their legacy core systems. They must invest in modern core systems to deliver a complete and fully automated digital customer experience. They no longer have a choice if they want to attract and retain the best employee talent and also maintain pace with the ever increasing regulatory and competitive market environment.
Until now, our customers did not have a viable end-to-end modern core system option that would enable them to move away from older style fragmented systems and technologies to a truly modern industry platform. We presented our core systems market findings to our customers 5 years ago at our FINEOS Global Summit and with their overwhelming support we have invested to deliver FINEOS AdminSuite to enable their core systems modernization journey.”