Blog

Core Insurance Systems and the Sunk Cost Fallacy

Michael Kelly, CEO

The result of sunk cost fallacy leads to multiple problems for the carrier – budgets wasted, business lost, relationships damaged, and the company declines.  In this age of accelerating digital innovation and increasingly sophisticated customers and employees, mistakes do happen – recognize this fact and embrace it.  Fail quickly and take the valuable learning experience. Don’t become irrational, political, or just pig stubborn by going down ...

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Paid Leave Laws Off to a Busy Start in 2019

Lori Welty, Esq., Absence Management Senior Compliance Attorney

The states are off to the races, as they’ve begun the year with a slew of new paid family and medical leave initiatives. Some of the latest proposals include a novel duel-state program, six months paid family leave, and paid vacation: Vermont and New Hampshire Join Forces New Hampshire Governor Chris Sununu and Vermont Governor … Continued

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Open Core Strategy: Standards, Ecosystems and Ad Hoc Platforms

Chuck Johnston, Chief Marketing Officer

I was speaking with some industry colleagues waiting at the airport after an Employee Benefits (EB) conference about the use of blockchain in EB to facilitate partnerships. It was a good discussion that may lead to an interesting implementation of blockchain between them, enabling a business goal that has been difficult to achieve with current … Read More

Claims Automation: Observations from the 2018 International Claims Association Conference

David Schulman, Principal Product Consultant

In my previous blog on the 2018 Eastern Claims Conference, I wrote how companies can use automation tools, such as robotics and AI, to transform their claims organizations and help their users.  It was refreshing to see this theme continued again at the 2018 ICA (International Claims Association) Conference in Marco Island, Florida. One thing … Read More

You Can’t Out Automate Bad Data

Barry Duffy, FINEOS Product Manager

There’s an adage in the world of fitness and nutrition, ‘you can’t out train a bad diet’. Similarly, in the world of processes and systems, it’s fair to say, ‘you can’t out automate bad data’. Data is Fuel Data is the fuel that processes run on. If data is not timely, complete, trustworthy and accurate, … Continued

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Exceptional Work?

Eoin Kirwan, VP Product Management

Faced with limited choices in a high desert bookshop, I found myself reading about the US tax code. (Stay with me…). Turns out the IRS does not have a stellar reputation for simplicity and ease-of-use. Americans spend 6 billion hours a year filing their taxes, much of the time figuring out which forms are needed. … Continued

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New Jersey Streamlines Pregnancy Disability and Family Leave Benefits

Megan G. Holstein, Esq., SVP Absence and Claims Product

New Jersey has updates to its statutory temporary disability (TDI) and paid family leave (FLI) benefit programs. Beginning on October 4, 2019, New Jersey will be streamlining its TDI and FLI benefit programs to provide a smoother transition between TDI and FLI benefits. Two bills were recently signed by New Jersey’s Governor, NJ Assembly Bill … Read More

Women in Insurance Leadership Conference

Megan G. Holstein, Esq., SVP Absence and Claims Product

Digital Insurance recently held its annual Women in Insurance Leadership conference. It was a day and a half event for insurance industry leaders to learn, network, and share ideas. The event nurtured the need for both continued professional, industry education and personal leadership growth. Risk Taking Lessons The speakers and panelists all had diverse backgrounds … Read More

Spotlight on Claims Automation: Observations from the 2018 Eastern Claims Conference

David Schulman, Principal Product Consultant

At the 2018 Eastern Claims Conference in Boston, Massachusetts, the hot topic was  “Automation.”  From the keynote speaker addressing artificial intelligence (AI) to sessions on robotics, the need to modernize a claim organization by empowering, not replacing, the worker was the major theme. Having spent the majority of the last 20 years helping companies with … Read More

The Year of the Platform: Mind the Gap but Look for the Edges

Chuck Johnston, Chief Marketing Officer

Designing a new insurance platform is an exciting challenge. Today, there are a number of great service capabilities available from leading technology providers that greatly enhance the insurance life cycle and value chain. Insurers can provide a digital user experience to their customers leveraging AI as a service, creating user experiences tailored to their needs.  … Read More

The Year of the Platform: Back to the Future or Return to Jurassic Park?

Chuck Johnston, Chief Marketing Officer

A noted insurance industry analyst recently suggested that, for insurers, 2018 will be the “Year of the Platform,” as 2017 was the “Year of Insurtech.” I agree that there is a lot of focus on platforms and platform economies in insurance right now, however there are a lot of different meanings packed into the term … Continued

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Doomed to Repeat? Patterns in the Life Insurance Industry’s Long (& Peculiar) Relationship with Technology

Eoin Kirwan, VP Product Management

Turns out that life insurance industry’s relationship with information technology didn’t begin with computers. Before World War I, the opportunity arose to leverage so-called tabulating machines, originally developed by Hermann Hollerith for the United States census of 1890. Predecessors to computers, these large wooden machines used punched cards for fast counting, sorting, adding and later, … Read More

The Ever Evolving Insurance Market – Observations from LIMRA’s Annual Enrollment Technology Strategy Seminar

David Schulman, Principal Product Consultant

Last month I had the distinction of once again representing FINEOS at LIMRA’s annual Enrollment Technology Strategy Seminar (ETSS).  The night before the conference, FINEOS sponsored a hot topics round table, which I had the opportunity to lead.  The topic for our table was the “Ever Evolving Insurance Market,” and how it is affected by … Read More

The Expanding Importance of the Chief Information Officer for Life, Accident and Health Insurers

Michael Kelly, CEO

The CIO is a top team position; the same level as Sales, People (HR), Customer Service, Operations, Product, and Finance.  The CIO must appreciate the business’s challenges, strategies and goals, and be a leader who can influence C-suite colleagues with respect to how technology will support and deliver business improvements.  This key position plays a pivotal role in the digital transformation of the company and must work closely with all ...

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The Administrative Evolution in Group Benefits

Dan Watt, AVP, Product Marketing

It’s getting confusing out there! If you already had a hard time making sense of administrative and service needs, things are only going to get more complicated.  The industry has changed, client expectations have increased, and digital customer needs are sky-rocketing, demanding more from the insurance industry.  “Dogs and cats, living together… mass hysteria!”.  Customers … Read More

Why are you not a digital insurer? Blog 3

Jonathan Boylan, Chief Technology Officer

In this blog series, I’ve talked about the need for Life and Health insurers to address digital service and some of the challenges we face. In this blog, part three, I’ll focus on some of the ways our customers have made progress.

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