– Adding a More Enhanced Digital Experience and Machine Learning to the ONE Purpose Built, End-To-End SaaS Platform for Global Life, Accident and Health Insurers
FINEOS Corporation, the global market leader in core systems for life, accident and health insurance, has entered into an agreement to acquire Spraoi, a leading provider of machine learning capabilities for the Group Life and Employee Benefits industry. The union will enhance FINEOS Engage and FINEOS Insight with additional digital smart-portal options, industry specific operational and analytical models, and machine learning capabilities across the FINEOS Platform.
Michael Kelly, CEO of FINEOS, said: “We’re very happy to welcome the Spraoi team and their clients to FINEOS, and look forward to adding their advanced digital and machine learning capabilities to the FINEOS Platform for the benefit of all of our clients. This acquisition will greatly enhance the Digital and Data capabilities of FINEOS Engage and FINEOS Insight, to complement the power of our FINEOS AdminSuite, making the FINEOS Platform the only purpose-built Employee Benefits platform, from quote to claim with advanced machine learning capabilities.”
“The North American employee benefits industry is undergoing tremendous change, which is continually accelerating due to the competitive and regulatory environment, as well as the constant advancement of technology capabilities,” adds Kelly. “Spraoi is an innovative InsurTech in the Employee Benefits space whose leaders have a strong background in the Life, Accident and Health industry, as well as deep expertise in core systems and machine learning. That combination makes Spraoi a natural addition to the FINEOS team as we continually improve the FINEOS Platform to meet the needs of our clients.”
Nancy Casbarro, Vice President Research & Consulting, Novarica said, “Applying machine learning in the insurance industry can unlock the power of data for carriers to enhance the customer experience, as well as improve business outcomes across the entire lifecycle from case set-up to claims.”
Karan Mishra, co-founder of Spraoi said, “Spraoi’s technology offering, and services have allowed our clients to successfully optimize outcomes and see measurable ROI. Our deep machine learning, data and customer experience capabilities coupled with the robust FINEOS Platform enables clients to have a one-of-a-kind, pre-integrated platform to get the most out of their technology investments.”
Spraoi is an insurance technology solutions provider combining ‘Big 4’ insurance consulting experience with Silicon Valley technology acumen and offshore capability and scale in India. Its focus is on assisting carrier clients with the two most pressing needs confronting them today: how to leverage their data to optimize outcomes using the patent pending Spraoi platform and; how to better engage customers throughout the lifecycle using their customer engagement infrastructure. Spraoi has also created an innovation framework that provides accountability from concept through execution, eliminating technology as the impediment to progress.
This acquisition will enable FINEOS to make the best use of machine learning across the three pillars of the FINEOS Platform: Core, Digital and Data. Spraoi’s machine learning capabilities and service framework will increase digital service reach, reduce customer service friction, and provide much greater insight into the carrier/customer dynamic across the entire customer lifecycle, making the FINEOS Platform an even more attractive offering to the Employee Benefits and Life assurance industry.
The transaction is subject to customary closing conditions and is expected to complete quickly. As FINEOS and Spraoi integrate the business over the coming months, the priority will be to continue to operate on a business as usual basis in order to meet customer needs.