Increasing costs resulting from an aging population and improvements in the treatment and management of chronic disease have forced life insurance carriers to look at other areas for savings and growth. New market entrants with white labelled products and competition from online websites are eroding market share. Traditional distribution models based on agents, brokers, and intermediaries are being undermined. The human element is being removed to such an extent that many insurers are finding themselves relegated to nothing more than manufacturers. At the same time, consumers want low cost, simplified life insurance products supported by fast, responsive customer service available through multiple channels.
With over 50 customers globally, we understand the complexities in delivering the service that customers now expect. Life carriers need to operate in a complex environment created by regulatory compliance, internal business processes, multiple variants of policy conditions, and the calculations involved in applying the provisions of the life riders and income protection plans accurately. To be successful in this environment, life carriers need to combine the proper resources with the most effective technology available. As a market-leading software solution, FINEOS Claims enables customers to achieve an optimal outcome for the claimant, the insurer and, in the case of group schemes, the employer as well.
FINEOS for Life (Group & Individual)
- Term Life
- Whole Life
- Universal Life
- Income Protection
- Waiver of Premium
- Mortgage Protection
- Variable Life/Unit Link
- Creditor Insurance
Overcoming the Challenges of Life Insurance Billing
This webinar presents results from a survey carried out by Novarica on billing system capabilities at a number of mid to large-sized group carriers that offer group and voluntary benefits/worksite products. Insurer CIOs and IT leaders talk about challenges and limitations of their current billing solution, and their perspective of what is important in future systems.
Listen to the recording for valuable insight into how CIOs are facing similar billing system challenges and considering how to address them.