PetPartners Group Pet Insurance moves to the FINEOS Enrollment Portal to support accelerated exponential growth in pet insurance employee benefit market
ATLANTA - [March, 1, 2022] FINEOS Corporation (ASX:FCL) today announced that premier pet insurance underwriter, Independence American Insurance Company (IAIC), will leverage the cloud native FINEOS Enrollment Portal for business critical functions supporting its industry-first PetPartners Group Pet Insurance product.
“We are pleased to partner with FINEOS and adopt the FINEOS Enrollment Portal to enable a user-friendly experience as we continue expanding our group pet insurance offering to businesses and consumers,” said Lane Kent, Chief Operating Office of Independence Pet Group and President, PetPartners.
Group pet insurance is a fast-growing voluntary market product in North America. Approximately $100B was spent on pet ownership in the United States in 2020 and pet insurance revenue made up $1.9B with an expected 9.7 % CAGR over the next 5 years. (Source: Graphical Research). IAIC will employ the FINEOS Enrollment Portal with extensions, a new FINEOS Platform component within the FINEOS Engage solution. The FINEOS Enrollment Portal provides IAIC with a nimble approach to product/plan administration that includes employee enrollment, record keeping, front-end billing/commission management and claims submissions for pet insurance.
“As pet insurance for the employee benefits market grows exponentially, IAIC continues to invest in innovative solutions that will help us to realize our customer-centric and driven-by-technology strategies and help us bring the best pet insurance experience to the market,” says Kent. “We look forward to maximizing the FINEOS Enrollment Portal with its open and flexible systems that will help us to meet current and future growth goals,” adds Kent.
The FINEOS Enrollment Portal architecture leverages scalable containerized microservices with data models that are fully auditable, trackable and uses event sourcing. With high flexibility across varying product and rating definitions and types, including immediate rating and issue, the FINEOS Enrollment Portal simplifies the process of building user experience and branding.
“We are proud to support IAIC with their digital transformation efforts for PetPartners Group Pet Insurance. Because the entire FINEOS Platform is purpose-built to support the Employee Benefits market, the FINEOS Enrollment Portal has the flexibility to easily deal with new voluntary product categories as our customers innovate in the market,” says Michael Kelly, CEO FINEOS.
“As employers compete for talent in an extremely competitive market, the need for new and different benefit offerings that meet the needs of multiple generations of workers can be a key component to attracting, retaining and creating an engaged, productive, cohesive and loyal team,” says Nancy Casbarro, Vice President Research & Consulting, Aite-Novarica.
About FINEOS Corporation
FINEOS is a leading provider of core systems for life, accident and health insurers globally with 7 of the 10 largest employee benefits insurers 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 is the only purpose-built, end-to-end SaaS insurance solution for the life, accident and health market. The FINEOS AdminSuite delivers industry leading capabilities across core administration including absence management, billing, claims, payments, policy administration, provider management and new business and underwriting; all of which are configurable to operate independently or as one suite. The machine learning enabled FINEOS Engage solution enables robust people first digital engagement pathways and the FINEOS Insight solution provides predictive analytics and reporting across the business.
For more information, visit www.FINEOS.com.
About PetPartners, Inc.
Headquartered in Raleigh, NC, PetPartners is the marketer and administrator of pet insurance, underwritten by Independence American Insurance Company, both owned by Independence Pet Group. Coverage administered by PetPartners provides access to the quality of medical care your pet needs, through the licensed veterinarian of your choice. Please visit www.petpartners.com for additional information.