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The Rise of the Digital Insurer – FINEOS Strategy Presentations from the FINEOS Global Summit 2017

By Dan Watt, AVP, Product Marketing

The first FINEOS speaker at the FINEOS Global Summit 2017 was Michael Kelly, CEO of FINEOS.  Michael provided an excellent overview of the FINEOS Strategy while highlighting the many achievements we’ve experienced in the past 12 months, our product strategy, and customer survey results.

 

A few highlights:

  • Industry overview: Starting with a review of the disruption drivers impacting our industry, Michael hit on how the Medical Insurance landscape and its continued impact on the ancillary benefits market, not only in the U.S. but across all of our customer’s markets. This ties nicely to our new product advancements coming in 2018 within FINEOS AdminSuite.
  • AdminSuite: First up was FINEOS Absence which is the only fully integrated platform in the market.  Michael also mentioned our new product advances with Policy Administration & Billing. Again, great new innovative, customer focused products that will help our clients and customers.
  • Going forward: Very exciting times at FINEOS as we have three clients going live in 2018 with our market leading Absence product and will be delivering new AdminSuite value beginning in 2018!

Following Michael Kelly was an excellent review of the FINEOS Digital and Product Strategy given by Eoin Kirwan, VP Product Management and Jonathan Boylan, CTO, FINEOS.  Eoin took us through the role of the Admin platform and how ‘Good Admin’ provides a credible ‘source of truth’ in a highly matrixed market.  Some of the key items Eoin highlighted:

  • FINEOS and our clients are closer than ever before. Starting with Claims originally, we’ve moved ‘all-in’, ready to support the bulk of your business with solutions for Policy Admin, Billing, and Absence Management.
  • Service – The new battleground for Insurance. This speaks volumes to the evolution of the industry from product variation, ER and Broker based sales excellence to customer service excellence.
  • “Mathematically”, Eoin and Jonathan came up with ‘Service = Digital X Admin’ – Meaning, to provide excellent service, you need the right answers for both Digital and Administrative solutions: anything multiplied by zero = zero.

Overall, a lot going on across the Product organization, and much more value coming our customers’ way!

Jonathan Boylan followed things up with a view of the FINEOS Digital strategy.  The key pieces he reviewed were the building blocks of the Digital Strategy:  Cloud, Digital Service, and Artificial Intelligence.  Additionally, Jonathan took some time to review our API strategy, which considering the marketplace and various administrative patterns (Self to Full), was very timely.

A few highlights:

  • Cloud is Live! We have 6 clients live on the FINEOS Cloud with more in the works.
  • FINEOS has seen a shift in the attitude to Cloud based offerings from our clients and prospects. It’s progressively improved to a more open mindset as the cloud based technology and service offerings have increased in proliferation across the broad economy.
  • The omnichannel challenge is Text, Digital Assistant, IVR, etc. How can we leverage the various channels to help our clients digitize and serve their customers better? The FINEOS API connector strategy is the path forward for our clients.
  • Amazon’s Alexa joined the show and helped Jonathan remember his next payments are due. Great example of leveraging InsurTech for our customers!

All together it becomes very apparent that the FINEOS strategy aligns with much of what Michael Connor mentioned regarding a digitally connected world focused on: The customer.  In that same way, the FINEOS AdminSuite and Digital Platform are built upon a customer-centric model both strategically and technically.  This will certainly arm our clients for success in the digital market for years to come.