FINEOS Policy is the complete source of truth for an insurer’s policies and products, managing the full lifecycle and all transactions and interactions at both group and member level. By offering a centralized view, it fosters service quality, efficiency, and accuracy. Its highly visual navigation metaphors allow users to master the increased data complexity of policies in today’s benefits industry, speeding service resolution and reducing errors and leakage. Its product factory / product lifecycle management capabilities, along with the wide range of admin models supported provide the flexibility, transparency and control necessary for true market agility and good governance.
Recorded FINEOS Webinar
Expect to connect: The next generation of employee benefits core systems
In this 45-minute webinar, Chuck Johnston, Chief Marketing Officer at FINEOS, will discuss the new business capabilities and connectivity options that a modern PAS must provide to support new business and partner models.
View the FINEOS AdminSuite video which looks at the components of the suite including FINEOS Policy, FINEOS Billing, and FINEOS Claims – all powered by the FINEOS Digital Platform. Each component can be deployed standalone within an insurer’s existing application environment, or as part of a complete end to end suite solution leveraging shared comprehensive customer data and process management inherent to the FINEOS Digital Platform. This flexible approach to project management and implementation enables customers to approach deployment incrementally based on readiness, comfort level and budget to reduce risk, while ensuring the benefits of an integrated suite can be immediately realized with full transformation completed on a company-specific timeline.
Efficient Policy Admin Teams
As the central source of truth, FINEOS Policy offers a single system simplified environment, improving service, productivity, and accuracy while reducing or eliminating fragmentation, dependency on shadow IT, manual processes, and the need for rekeying of data. Case setup is accurate and fast, and checked for data integrity and product-rule compliance at every step. Users are guided through events with potentially complex consequences, such as retroactive alterations. The self-service Viewpoint capabilities reduces admin team’s workload while increasing client satisfaction.
Policy Data Continuum
FINEOS Policy manages the entire journey of a policy, both its group and memberlevel constituent parts, from notification of sale forward through to renewal and beyond. With integrated workflow management, stakeholder communications, calculations, validations / quality review, and full versioning, it provides a truly consolidated view through time. Data currency is maintained through remaining highly connected to upstream systems such as enrollment, quoting, and underwriting, while APIs coordinate the provision of accurate and timely inputs to downstream processes such as contract issuance, billing, and claims.
Expanded Strike Zone
Benefits insurers can increase their addressable market through a flexible and extensible product factory that provides both speed to market for new or updated products and configurable tailoring for rapid onboarding of new takeover business. The modular administrative model is designed for today’s increasingly matrixed admin environment, in which parts of the value chain are frequently managed by third parties. The range of admin models supported helps insurers to match or exceed prior carrier admin arrangements and to optimize client convenience.
Short Time to Value
Deployment may be phased by product, admin model, geography, or other factors. Out-of-the-box accelerators for the major industry products and their common variations reduce product factory setup effort for carriers. Data migration tooling is provided for policies, parties, and other key legacy records, with or without reprocessing capability. APIs ensure smooth integration with pre-sales, billing, claims and other upstream and downstream systems.
The product base is managed in a way to avoid bloat and to retain control. New products may be rapidly composed of components of existing products, with or without cloning or separation. Small variations are managed without necessitating wholesale new product creation. Search, browse, and comparison tooling provide transparency of both product data and product behaviours. Product rules govern the latitude allowed at the policy or case level.