FINEOS Corporation, the market-leading provider of group and individual core systems for life, accident and health insurance, today announced that it has executed a Heads of Agreement (HoA) with QInsure, a wholly owned subsidiary of the QSuper Group, one of Australia’s largest and most respected superannuation funds, which signals the intent to upgrade QInsure’s FINEOS Claims system to the FINEOS Claims SaaS edition on the FINEOS Platform, powered by AWS.
QInsure implemented and went live with FINEOS Claims in September 2019, which successfully delivered member-centric claims outcomes via improved, integrated and automated processes and workflow for claims covering life, Total and Permanent Disability (TPD) and Income Protection. Key highlights of the program included automatic payment calculations and the FINEOS Financial Services Council (FSC) Code of Practice business content that help case managers deliver on the insurance promise and meet regulatory obligations.
Speaking about the relationship, CEO of QInsure, Phil Fraser said, “Our partnership with FINEOS continues to grow and we are realising benefits from the FINEOS Claims system, including streamlined claims processes which enables our Claim Managers to focus on providing excellent outcomes to QSuper members. We are excited to continue our partnership with FINEOS to help support our organisation agility, digital customer experience and our service excellence.”
Mr Fraser added “While our partnership with FINEOS is relatively new, they have proven to be a reliable and valued partner. We will be working closely with FINEOS under this HoA to ensure APRA (the Australian Prudential Regulation Authority) is supportive of our approach.”
Michael Kelly, CEO, FINEOS concluded, “QInsure is a fantastic company to be in partnership with given their strong commitment to always doing the best by their members. We are excited about the next phase of our partnership with one of the most respected funds in Australia.
The move to the FINEOS Platform is an exciting opportunity for FINEOS and our clients in the Australian and New Zealand region. Supporting this transition is a key strategic objective for FINEOS. Our North American clients have already adopted our SaaS based FINEOS Platform solutions over the past 3-4 years and we have been a ‘cloud only’ SaaS vendor in the US and Canada for over 3 years now.”
Last year FINEOS achieved record new sales of core solutions on the FINEOS Platform and we are seeing widespread interest in cloud solutions in Australia and New Zealand today. Covid-19 has accelerated Digital Transformation within the life, accident and health industry and carriers want to move to cloud computing in support of having flexible, modern business models which support working, buying and obtaining customer service that can be achieved from anywhere.
Over the past 6 years FINEOS has invested over €100m in R&D to develop FINEOS AdminSuite, an end-to-end SaaS core administration system for life, accident and health, including policy, billing and claims management. FINEOS listed on the ASX in 2019, and in August 2020 FINEOS acquired Limelight, a Silicon Valley SaaS provider of Quote, Underwrite and Rating software to the group and voluntary employee benefits industry in the US.
FINEOS enjoys established, trusted relationships with some of the largest and most respected carriers across the ANZ region. We pride ourselves on a very strong local team that has an enviable delivery and client support track record, and we are delighted to continue to work in partnership with QInsure.”