A letter from Michael Kelly, CEO FINEOS
We have some exciting news to share with you and your colleagues.
FINEOS Corporation, the global market leader in core systems for life, accident and health insurance has entered into an agreement to acquire Spraoi, a leading provider of machine learning capabilities for the Group Life and Employee Benefits industry. The union will help us to develop and enhance FINEOS Engage and FINEOS Insight products with additional digital smart-portal options, industry specific operational and analytical models, and machine learning capabilities across the FINEOS Platform. We are delighted to welcome the Spraoi team and their clients to FINEOS, and we look forward to accelerating our combined growth for the benefit of all our clients, partners, and people.
As the North American Employee Benefits industry continues to undergo tremendous change due to the accelerating competitive and regulatory environment, carriers require new technology driven approaches to provide frictionless customer service and increase speed to market. At FINEOS, our Purpose is to “help our customers care for the people they serve through the delivery of superior insurance technology.” Blending modern core system technology and leading-edge machine learning capabilities to solve the unique challenges of the Employee Benefits and Life market will greatly benefit carriers who are ready to embrace the future of the industry in ways that legacy core systems just can’t address.
The FINEOS Platform is purpose built for the Life, Accident & Health (LAH) market. Our clarity of focus on building and enabling ONE comprehensive, end-to-end SaaS core administration solution is exactly why we see the addition of proven practical Spraoi machine learning capabilities as an excellent complement to the FINEOS growth strategy. The FINEOS Platform enables carriers to realize tangible operational efficiencies across integrated disability and absence management (IDAM), billing, claims, payments, policy administration, provider management and new business and underwriting. Spraoi is a rapidly growing InsurTech with strong roots and experience in the Employee Benefits industry. The leadership team has strong Big 4 insurance consulting experience, with a collaborative and inclusive culture, and a powerful product that has been selected and deployed with leading North American carriers. They are aligned with our FINEOS culture, market focus and technology platform, and we are excited to join with the Spraoi team to accelerate our combined growth for the benefit of all our North America and globally based clients and people.
We invite you to join FINEOS on May 25 for the FINEOS Virtual Exchange: Show Me the Benefits! Our focus at this online event will be to show you how the FINEOS Platform delivers benefits that matter to your business while achieving frictionless customer service for your end consumers. We will explain more about our FINEOS Strategy our products and our team will share some of the benefits of using the FINEOS Platform – the ONE comprehensive, end-to-end SaaS core administration solution for Life, Accident & Health. We will also share how FINEOS will embrace machine learning to help our clients achieve more efficiencies. I welcome you to also invite key people in your organization who may benefit from joining us. Registration information is available below.
The Spraoi transaction is subject to customary closing conditions and is expected to close quickly. Until the deal closes, each company will continue to operate independently.
If you have any further questions, read the Customer FAQ, reach out to your FINEOS representative or myself, and look for more communications from me as we have progress updates.
- FINEOS Acquires Spraoi: Adding a More Enhanced Digital Experience and Machine Learning to The ONE Purpose Built, End-To-End SaaS Platform for Global Life, Accident and Health Insurers
- FINEOS Acquires Spraoi: FAQs
- Registration: FINEOS Virtual Exchange: Show Me the Benefits!
- FINEOS Platform
- FINEOS AdminSuite
- FINEOS Engage
- FINEOS Insight