Original Article appeared in LIMRA MarketFacts October 2022
Insurance depends on claims administration. And proper claims processing requires a clear view of the policy. When access to the essentials of the policy become unconnected, disjointed, or murky, the claims process suffers.
Legacy policy administration systems (PAS) can lead to claims leakage and can drain company resources — taking critical manpower and mindshare away from strategic decisions to focus on maintaining an ineffective system. According to Deloitte, “legacy PAS systems continue to limit an insurer’s potential for growth and its ability to meet its digital transformation objectives.”
Therefore, modern core administration systems place policy administration at the center — to enable integrated claims and leave management, complex billing, and revenue management capabilities. Together with digital enablement and analytics, these capabilities further enhance the experience for employers and employees.
In addition, the growing complexity of the employee benefits market means considering group, voluntary, paid leave, and other absence management offerings. What kind of PAS could concurrently address all these scenarios? Is that even achievable?
The Proof is in the PAS
At the center of FINEOS AdminSuite — the only end-to-end core administration system purpose-built for the employee benefits market — lives FINEOS Policy. As the foundation for carriers’ transformations, it:
- Positively impacts the customer experience — Straightforward business-to-business connections with third-party business partners through APIs, using industry standards such as LDEx for processing eligibility and enrollment data — and for providing information to employer HR and payroll systems.
- Empowers business innovation — Allows insurers to introduce new products such as Paid Family and Medical Leave (PFML) and expand solutions, including digital service channels.
- Leads the industry with modern technology — Cloud-native SaaS, powered by Amazon Web Services (AWS), offers centralized policy administration, integrated claims and leave management, complex billing, and revenue management capabilities, as well as digital enablement and analytics.
- Enables the most comprehensive policy types in the industry — Its ability to concurrently process group, voluntary, and absence management landscapes is a unique product feature, not an add-on.
Digital Transformation at Your Pace
There is no better time to start your journey toward the future. Investment today in this modern, core PAS is the critical first step of your incremental transformation — a future you can bring about at the pace you choose. With FINEOS Policy, you are plotting a course toward complete digital transformation.
Contact FINEOS today.