FINEOS Corporation (ASX: FCL), the leading core insurance platform vendor for life, accident and health (LA&H), was profiled in the recent Novarica Market Navigator Life/Health Claims Systems (September 2019). The report shows FINEOS has the largest client base for LA&H Claims in North America covering both individual and group markets. The Novarica Market Navigator report provides an overview of available stand-alone claims systems for Life, Accident & Health insurers. FINEOS was profiled across a wide range of criteria including functionality, technology, differentiators and implementation capabilities as shown in this report excerpt.
The report found that claims gained ground as one of the most critical capabilities an insurer needs to meet heightened customer expectations to match service levels provided across all types of business including retailers and financial services. Additional findings reveal that advanced claims processing capabilities like triage-based STP, skill-based routing and access to modern analytics and digital tools are critical to meeting insurers and claimants needs.
FINEOS Claims is part of the FINEOS AdminSuite, which is an integrated core processing system. FINEOS Claims is highly configurable to work independently or optimally with the entire FINEOS AdminSuite and supports all the critical claims capabilities mentioned in the Novarica report for both group and individual lines.
FINEOS Claims, FINEOS Absence and FINEOS Payments – all components of FINEOS AdminSuite – provide the complete FINEOS Integrated Disability and Absence Management (IDAM) solution. As one of the fastest growing lines of business for life, accident and health, US employee benefit carriers seek a fully integrated IDAM solution to maintain a competitive edge. FINEOS IDAM is the only core solution on the market that supports disability, absence, billing and payments for all insurance and leave types on a single platform.
Michael Kelly, FINEOS CEO, commented, “It’s good to see Novarica focusing on Claims as a key component of the insurance lifecycle and the key to customer satisfaction. As the report shows, FINEOS has the largest customer base across both Individual and Group markets which has enabled us to build out even more capability for our customers and to make further investments in FINEOS AdminSuite, especially in FINEOS Absence and IDAM. Integrated disability and absence management capabilities are a key element of many of our insurance customer’s go to market strategy and we are pleased that we can support them in providing this key differentiator in the disability claims market.”
Nancy Casbarro, Novarica Vice President of Research & Consulting, added, “Today’s carriers demand stand-alone claims solutions provide flexibility and efficiencies, but more importantly, meet the ever-growing customer expectations for a seamless digital experience.”