The FINEOS Engage Smart Connectors empower and simplify the digital transformation of data, reducing manual effort and errors while dramatically increasing operational efficiencies
ATLANTA – [February 8, 2022] FINEOS Corporation (ASX:FCL) today announced that American Public Life Insurance Company (APL), a leading provider of supplemental worksite benefits, has invested again in the FINEOS Platform by licensing FINEOS Engage Smart Connectors to enhance their data transformation capabilities.
The API powered FINEOS Engage Smart Connectors use machine learning segmentation models to make data transformation faster, easier and more accurate. Conventional processes of transferring data between employee benefit administration systems and BenAdmins (benefit administrators) often encounter numerous hurdles. One of the most notable hurdles is the risk to data integrity due to manual processes and rekeying data, which in turn significantly impacts operational efficiencies. Additionally, multiple data formats used to exchange data across the workstream can make data transformation cumbersome.
“The Group and Voluntary Benefits business has a very complex ecosystem that requires the ability for carriers to integrate with and adapt to a wide range of data formats. Tools and approaches to simplify these integrations can help address the lack of data standards in the ecosystem,” said Nancy Casbarro, Vice President, Research & Consulting, Aite-Novarica Group.
With the FINEOS Engage Smart Connectors, APL will enable a data translation layer between employee benefit administrators and themselves by delivering normalized, structured, and validated data through modern Smart Connectors that utilize API’s and machine learning segmentation models. The FINEOS Engage Smart Connectors empower APL to make data transformation faster, easier and more accurate enabling data transformation between a variety of sources including existing legacy systems.
“At any point of a data intensive process where you can eliminate manual entry, you simultaneously address operational efficiencies across multiple resources, simplify processes, and reduce errors. The adoption of the FINEOS Engage Smart Connecters in combination with the FINEOS New Business & Underwriting Management System that APL has deployed across 8 lines of business, is by far one of the most impressive commitments to digital transformation in the employee benefits market that I’ve seen recently. It’s exciting to partner with FINEOS as we continually improve our processes for the benefit of our brokers and their customers. We couldn’t be more pleased to take this journey with them,” adds Michael Martocci, VP, Risk Management & Product Development, APL.
“We are delighted to provide American Public Life our fast, secure and reliable FINEOS Smart Connectors to make communication between the FINEOS Platform and BenAdmin business partners seamless,” said Michael Kelly, CEO of FINEOS. “The FINEOS Engage Smart Connectors use machine learning techniques to simplify data management, which is the industry leading and innovative approach to connecting our purpose-built FINEOS Platform to the benefit administration partners that employee benefit carriers must work with to be successful,” adds Kelly.
About FINEOS Corporation
FINEOS is a leading provider of core systems for life, accident and health insurers globally with 7 of the 10 largest group life and health carriers in the US as well as 6 of the largest life insurers in Australia. With employees and offices throughout the world, FINEOS continues to scale rapidly, working with innovative progressive insurers in North America, Europe, and Asia Pacific.
The FINEOS Platform provides core administration capabilities including integrated disability and absence management (IDAM), billing, claims, payments, policy administration, provider management and new business and underwriting; all of which are configurable to operate independently or as the FINEOS AdminSuite the leading Platform for Employee Benefits end-to-end core, digital and data industry platform.
About American Public Life
Founded in 1945, American Public Life Insurance Company (APL) continues expanding the benefits horizon as a leading provider of voluntary worksite benefits with offices in Jackson, MS and Oklahoma City. APL is licensed to conduct business in 49 states with sales through select independent brokers and has a financial rating of “A+ (Superior)” through A.M. Best (www.ambest.com). For more information, please visit ampublic.com.