Master the complexity of today’s policies

FINEOS Policy is an insurance policy management system that offers a centralized view and enhances service quality, efficiency, and accuracy. Its highly visual navigation metaphors allow users to master the increased data complexity of today’s benefit policies, speeding service resolution, and reducing errors and leakage.

Product factory/product lifecycle management capabilities, along with the wide range of admin models supported, also provide the flexibility, transparency, and control necessary for true market agility and good governance.

Key Benefits

The following are the key benefits of FINEOS Policy.

Efficiency

As the central source of truth, FINEOS Policy offers a single insurance policy administration system in system simplified environment, improving service, productivity, and accuracy while reducing or eliminating fragmentation, dependency on shadow IT, manual processes, and the need for rekeying of data. Case setup is accurate and fast, and checked for data integrity and product-rule compliance at every step. Users are guided through events with potentially complex consequences, such as retroactive alterations. The self-service capabilities reduces admin team’s workload while increasing client satisfaction.

Continuity

FINEOS Policy manages the entire journey of a policy, including its group and member level constituent parts, from notification of sale, through renewal and beyond. You get a consolidated view through time via integrated workflow management, stakeholder communications, calculations, validations/quality review, and full versioning. Data currency is maintained through continuous connection to upstream systems such as enrollment, quoting, and underwriting. APIs coordinate the provision of accurate and timely inputs to downstream processes such as contract issuance, billing, and claims.

Growth

Benefits insurers can increase their market through a flexible and extensible product factory providing both speed-to-market and configurable tailoring for rapid onboarding of new takeover business. The modular administrative model is designed for today’s increasingly matrixed admin environment, in which parts of the value chain are frequently managed by third parties. The range of supported admin models helps insurers match or exceed prior carrier admin arrangements, as well as optimize client convenience.

Productivity

Deployment may be phased by product, admin model, geography, or other factors. Out-of-the-box accelerators for major industry products reduce carrier setup requirements. Data migration tooling is provided for policies, parties, and other key legacy records, with or without reprocessing capability. APIs ensure smooth integration with pre-sales, billing, claims and other upstream and downstream systems.

Governance

The product base is managed to avoid bloat and retain control. New products can grow from components of existing products, with or without cloning or separation. Introduce and manage small variations without necessitating wholesale new product creation. Search, browse, and comparison tooling provide transparency of both product data and product behaviors. Product rules govern the latitude allowed at the policy or case level.

Datasheets

Webinar: Expect to connect

The next generation of employee benefits core systems

In this 45-minute webinar, Chuck Johnston, Chief Marketing Officer at FINEOS, discusses the new business capabilities and connectivity options that a modern PAS must provide to support today’s business and partner models.

Top Ten Policy Administration Solution Providers

FINEOS is proud to be selected as one of the Top Ten Policy Administration Solution Providers 2020.

FINEOS AdminSuite

FINEOS Absence

  • Integrated with FINEOS Claims
  • Covered paid and unpaid leaves
  • Simplifies compliance
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FINEOS Billing

  • Combined or separate bills
  • Reduced billing leakage
  • Automated cash application
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FINEOS Claims

  • Provides straight-through processing
  • Increases accuracy and compliance
  • Covers payments and return to work
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FINEOS Payments

  • Automated
  • Accurate
  • Payroll Continuity
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FINEOS Policy

  • Set up cases quickly
  • Service all tiers and admin modes
  • Connect to digital ecosystem
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FINEOS Provider

  • Drive outcome-orientated engagement
  • Manage service approvals
  • Accelerate rehabilitation and return to work
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FINEOS Policy Administration Software – Frequently Asked Questions

What is FINEOS Policy?

FINEOS Policy provides a fully configurable, modernized platform to simplify and manage all steps in the policy administration journey at both the member and group levels for Life, Accident and Health insurance.

What are the key features of FINEOS Policy?

FINEOS Policy features fully integrated and tailored functionality with highly visual navigation tools, intelligent workflows, automatic calculations and full version views of transaction history.

Does FINEOS Policy integrate with other FINEOS products?

Achieve full policy administration support as FINEOS Policy integrates seamlessly with FINEOS Billing, FINEOS Claims, FINEOS Payments, FINEOS Provider and FINEOS Absence in addition to third parties.

How will FINEOS Policy improve my policy administration efficiency?

FINEOS Policy enables all policy adminstration transactions under a single source of truth for the group policy and member data, driving efficiency in downstream systems and operations. With fully configurable modules that provide customer-centric views and enable self-service, FINEOS Policy ensures superior service delivery.

How does FINEOS Policy reduce risks and overall costs?

Risk is reduced with FINEOS Policy through automated regulatory compliance, embedded security and a unifed data archive. Costs and time associated is reduced by eliminating manual business processes and data in multiple systems.

What kind of technology can you expect with FINEOS Policy?

FINEOS Policy is architected to run as a standalone solution or as part of the FINEOS AdminSuite. Built on a highly-configurable, scalable platform to accelerate growth and innovation, FINEOS Policy offers state-of-the-art, component-based APIs to support transactions and customer interactions throughout the entire policy lifecycle.

How does FINEOS Policy help ensure business growth?

FINEOS Policy helps benefits insurers increase their marketshare through a flexible and extensible product factory providing both speed-to-market and configurable workflow management to enable efficient and scalable onboarding of new business.

How can FINEOS Policy help us increase our customer satisfaction?

FINEOS Policy offers self-service portals and robust a API library which enables resolution of faster process changes. FINEOS Policy reduces time and frustration by not using multiple systems and increases competitive advantage with faster implementation of new products and policy features.