Development of end-to-end future-ready SaaS core system revolutionizes employee benefits industry
(ATLANTA) The FINEOS Corporation (ASX:FCL), a leading global provider of end-to-end SaaS core systems, in partnership with New York Life Group Benefit Solutions (Group Benefit Solutions), today released a case study detailing how the companies merged their vision to create a modern, component-based full employee benefits core insurance system, the FINEOS AdminSuite. The case study, “New York Life Group Benefit Solutions: Core Administration System Total Digital Transformation,” tells the story of the journey that started with the selection of FINEOS to manage disability insurance claims and continues today, making Group Benefit Solutions future-ready with the first purpose-built SaaS core system for employee benefits.
The development of FINEOS AdminSuite allowed Group Benefit Solutions to undergo a complete digital transformation, replacing six legacy back-office systems. As a single platform, the FINEOS AdminSuite provides centralized policy administration, integrated claims and leave management, and complex billing and revenue management, together with digital and analytics to further enhance the experience for employers and their employees. Beyond meeting Group Benefit Solutions’ needs, the resulting cloud-native architecture and its core components were purpose-built for the life, accident and health insurance industry so that FINEOS AdminSuite would be implemented in phases or as a complete future-ready core, digital and data solution for other insurance carriers.
“Our partnership with New York Life Group Benefit Solutions has made our purpose-built FINEOS AdminSuite the industry gold standard that it is today,” said FINEOS CEO Michael Kelly. “This case study shows the impact of a full digital transformation on every participant along the benefits journey — for an insurer, their employees, their client employers and the people they insure.”
“The FINEOS partnership enabled us to stake our position with best-in-class technology to move into the future with maximum employee benefits efficiency,” said Kristina Welke, head of Product at Group Benefit Solutions. “We leveraged FINEOS AdminSuite to revolutionize our entire technical ecosystem to develop simplified and connected experiences for our clients and their employees.”
“We have seen and heard numerous times in our surveys, reports, and industry engagements that one of the top technology priorities for insurance carriers is to have an end-to-end, fully integrated administrative system that resides on the cloud,” said Chip Bircher, head of advisory services for solution providers at Aite-Novarica Group. “A technology and operational solution that incorporates customization, scalability, and resiliency will allow carriers to provide their customers and team members a seamless, intuitive, secure business experience.”
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 delivers people-first digital engagement pathways and the FINEOS Insight solution provides predictive analytics and reporting across the business.
For more information, please contact FINEOS here.
 The New York Life Insurance Company acquired CIGNA© group life, accident and disability business – known formerly as Cigna Group Insurance (CGI) – on Dec. 31, 2020. That business, effective Jan. 1, 2021, became known as New York Life Group Benefit Solutions (Group Benefit Solutions). To find out more about the business, click here.