We hosted our 10th Annual FINEOS Global Summit October 17 – 19, in San Francisco, CA with the theme of ‘Serving Today’s Digital Customer’. This year’s Summit marked a very important milestone and transition point in our company story. For the last twelve years, FINEOS has focused heavily on creating the best multi-line claims system available in the global Life, Accident and Health (LA&H) industry. This year’s Summit really drove home how much our product has advanced and the impact our customers are having with it in the market. What’s really exciting is how we are able to use the expertise we’ve gained in the LA&H market to build out new core product offerings tailored specifically to provide additional value to our customers.
Kicking off the two day event, our keynote speaker Dr. James Canton, renowned global futurist, social scientist, author and visionary business advisor, gave us incredible insight into the changing world of health care and the opportunities and challenges that come with increased longevity and increased population. Fundamental changes in the way we provide and manage care will have a profound effect on the LA&H industry and society in general.
For our FINEOS Strategy update, I outlined how FINEOS is moving faster to help our customers serve their customers in today’s digital world. I discussed the impact of changing regulation, digital technology, customer expectations and demographics on the LA&H industry, especially as Millennials have become the largest part of our workforce. Change is accelerating and it is driving insurers to rethink many long held beliefs and question whether traditional barriers to entry will hold in the new economy. Insurers who understand that the market is subject to dramatic change have the opportunity to increase competitive advantage and market share by leveraging new business models and modern technology to bring a blend of experience and new thinking to our industry.
To meet market needs as a leading core systems provider, we are focused on User Experience (UX), Standardization, Economy and Agility, and bringing a leadership mindset to help carriers to reset their thinking on deploying Standard Cloud based solutions. Carriers need conviction, combined with strategic thinking and planning, for this white knuckle ride into the digital core systems world. A mistake is no longer about the cost of software projects or even coming to dead-ends with core product where carriers can go no further with their vendor’s product – it’s now much more about the opportunity cost of lost customers and market impact.
Our day two keynote speaker was Professor Mohan Subramanian, Associate Professor at Boston College, specializing in global strategy, managing multinational companies and the strategic management of knowledge and innovation. He gave a really insightful and powerful presentation on the business value of APIs and the power that a platform-based, connected business model will bring to companies who are willing to think beyond traditional supply and demand chains.
At FINEOS, we are responding to today’s digital challenge with the introduction of FINEOS AdminSuite (Policy, Billing, Claims, and Absence) for both group and individual lines, in the cloud on our single FINEOS Digital Platform. Of course we continue to deliver our product and support for on premise, but because we are a Cloud First business ourselves, we focus on delivering many ‘cloud benefits’ to on premise customers. Advances from the likes of Amazon, Oracle, IBM and other cloud platforms and technologies are rapidly making cloud secure and mainline, enabling true agility for core systems vendors like FINEOS and delivering much improved cost of ownership to our customer CIO’s. At our Summit, we updated customers on our Product Centric, Cloud First strategy, a dynamic and flexible approach which goes beyond the basic SaaS/hosting model offered by other insurance software vendors. Look for more detail on Product Centric, Cloud First in our upcoming webinars and events in the next few weeks.
FINEOS is continually enhancing and expanding our product suite. We showcased our latest new developments to our customers at this year’s Summit, including:
- The new version of FINEOS Claims, version 8.5, with a new UX and automation features.
- FINEOS Claims for Absence Management, with support for paid leaves.
- FINEOS CRM, showing full integration between FINEOS Claims and SalesForce.com.
- FINEOS Policy and Billing, initially for Group insurance – 2017 install with our charter customer.
We were delighted to present four FINEOS Innovation & Excellence Awards to customers who use FINEOS Claims to innovate, deliver superior care, and achieve operational excellence within their organizations. Each of the winners gave presentations to explain how they have partnered with FINEOS in agile projects to advance their business. Our success is absolutely hinged to our customers’ success, so seeing these case studies and hearing the terrific results was the real highlight of our Summit.
We ended this year’s Summit with unanimous agreement and commitment to closer alignment, more collaboration, faster working practices, and with focus on delivering business value and better results.
The 11th Annual FINEOS Global Summit will be held at the Ritz Carlton Half Moon Bay. Save the dates – November 1 – 3, 2017 and we hope to see you there! For the most up to date information on that event and to view photos from this year’s event, please click here.