We are honored to present this joint case study to the employee benefits industry on behalf of FINEOS and New York Life Group Benefit Solutions (Group Benefit Solutions). Several years ago, we independently came to a similar conclusion that employees would require more comprehensive and flexible employee benefits, meaning a period of great change and opportunity for employee benefits insurers around the world. In anticipation, FINEOS and Group Benefit Solutions came together to create the industry’s one and only purpose-built, modern, cloud-native core, digital and data-driven platform – designed and developed with industry best practice to comprehensively support group, voluntary and absence management employee benefits. Our shared vision would enable the entire administration process, including new business and underwriting, policy administration, billing, claims management, payments, provider, and absence management.
The unmistakable impact
Our vision became reality in January 2018 when the FINEOS Platform went live. During the subsequent three years, the Group Benefit Solutions portfolio moved to the FINEOS Platform – which now supports a $4B book of business and over 9 million customers, enabling Group Benefit Solutions to retire 6 legacy core systems. This extraordinary effort by Group Benefit Solutions, along with their trust and partnership with FINEOS, is evidence that the FINEOS Platform, the world’s first purpose-built platform created specifically to support group, voluntary and absence management employee benefits, is a proven success.
The transformation opportunity
From the beginning, both FINEOS and Group Benefit Solutions understood the necessity to address digital transformation across the employee benefits landscape to include the carrier, broker, provider, employer, and employee journeys. The FINEOS Platform enables carriers to become more customer-centric, efficient, and agile to meet employer and employee demands. In a world where the pace of business is changing rapidly, the FINEOS Platform supports speed to market across group and voluntary and meets the regulatory and technology market landscape in an unparalleled fashion. With the FINEOS Platform, insurance carriers can now transform their entire group, voluntary and absence management business on one platform or they can embrace incremental modernization of areas of their business as their needs dictate. The FINEOS Platform is comprehensive and exceptionally flexible to enable the transformation journey in a way and at the pace that suits the business’s needs.
A word of thanks
The Group Benefit Solutions case study is rich with facts, figures, and exceptional achievements. What is not shared herein is the great collaboration, positive challenge and innovation the teams across FINEOS and Group Benefit Solutions put into ensuring the FINEOS Platform would be an industry standard platform which is future-ready in support of the ever-changing employee benefits industry. We could not be prouder of how both teams have worked so hard to deliver such a great result for Group Benefit Solutions. Thank you to everyone involved.