Original Article Appeared in Industry Era, March 2022
The role of any CMO today requires an incredible balancing act across product, channel, and customer demand. In addition, there is the unrelenting pursuit of growth while maintaining a firm grasp of how to maximize digital transformation opportunities. And if you’re the CMO of FINEOS like Chuck Johnston, you also need to consider the implications of going IPO and completing two acquisitions within the span of 18 months – all while achieving unprecedented growth during a global pandemic. His exceedingly well-rounded view of the market makes him a much sought-after speaker and market thought leader. Chuck is often a guest speaker at industry events such as LOMA, LIMRA, the Insurance & Technology Executive Summit, ACORD, IASA, and the International Insurance Society and was instrumental in helping launch the first ever GroupTech Connect at InsureTech Connect in 2021.
With a background in insurance spanning over 30 years across the carrier, analyst and software vendor space, Chuck has the knowledge and experience to lead the product go-to-market strategy as well as in-market product management functions. Having that connection and influence on the various teams and functions across the company feeds the FINEOS marketing engine that Chuck heads.
“A company purpose that really means something to me; a purpose-built SaaS platform that truly leads the market – a culture that earnestly embraces collaboration; a group of colleagues that are incredibly smart and from whom I learn something new each day; and a great team of high performing marketers that help push the boundaries. It’s a combination that makes it easier for me to focus on our customers’ needs and how we best serve our market now and in the future,” says Chuck Johnston.
“I’ve had the privilege to work in this industry for quite a while, and I’m quite particular about where I invest my time and energy,” said Chuck. “One of the things I love about FINEOS is that this is a company is focused on the Life, Accident & Health (LAH) industry, especially Employee Benefits in North America. In this industry, core systems are a critical part of the insurance company’s foundation. Without a solid core, you do not have a business and can’t affect digital transformation. FINEOS has really nailed that by creating the only end-to-end core platform for LAH based on broad and deep industry expertise.”
FINEOS lives its mission and delivers on its purpose for Group Insurance Benefits providers around the globe.
The FINEOS story began in Dublin, Ireland but has truly created a global impact through the development of an incredibly robust, purpose-built core insurance SaaS software platform. Going IPO in 2019 on the Australian Stock Exchange (ASX) enabled FINEOS to successfully acquire Limelight Health (2020) to add FINEOS New Business & Underwriting capabilities across quote, rate and underwrite functionality as well as to acquire Spraoi (2021) to embolden the FINEOS Insight and FINEOS Engage artificial intelligence and machine learning capabilities.
The Group Insurance market provides a very distinct service within Life, Accident & Health insurance across the globe: helping provide financial protection from illness, injury and loss. Whether that’s providing no-fault personal injury coverage for everyone in New Zealand to enabling bodily injury claims in The Netherlands to empowering absence management programs for Paid Family Leave in the United States – the FINEOS Platform software insurance suite enables insurance carriers to provide frictionless customer experience from quote to claim to payment.
A comprehensive core system for today’s insurers
Today’s fundamental systems are focused on the product, the consumer, and the capabilities required to deliver frictionless customer engagement. Modern digital core systems are purpose-built and component-based, with standardized APIs and industry standards for connecting to other sections of the value chain. Consumers, employers, and brokers now have access to strong SaaS computing platforms and software tools, significantly raising the bar for an insurer’s digital transformation strategy. To fully benefit from digital transformation, insurers must adopt this fundamental core system to provide the frictionless experience that both consumers and brokers now expect.
FINEOS is a global leader in core systems for life, accident, and health insurers, having 7 of the top 10 group life and health carriers in the United States and 6 of the top life insurers in Australia. FINEOS continues to grow fast, with personnel and offices all around the world, working with forward-thinking progressive insurers in North America, Europe, and the Asia Pacific. The FINEOS Platform offers clients the only complete end-to-end SaaS core product suite, which comprises FINEOS AdminSuite which handles quote to claim administration; FINEOS Engage which enables robust digital interaction, and FINEOS Insight which provides analytics and reporting.
As a business leader in the insurance industry, insurers need a platform that provides a degree of digital engagement and service that meets or exceeds your consumers’ expectations, just like any other firm – from retail to banking. The FINEOS Platform blends digital and data capabilities with a flexible, creative core insurance suite. The FINEOS Platform, when used together, enables full customer experiences and the data you need to run a smarter, more responsive, and agile organization.