Operations

Content grouped by Operations

FINEOS White Paper: Overcome Digital Transformation Distress

Digital has become one of the most over-loaded words in the English language, meaning very different things in different contexts. Insurers have been digital since the first policy was recorded on  magnetic drum or tape in the 1960s. Oddly enough, insurers now lag considerably behind other industries in their digital maturity and stage of adoption. Despite the challenges, LA&H insurers are putting more comprehensive digital strategies into ...

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White Paper: Are Insurers Ready for the New Worker? The Future of Work and Benefits

FINEOS has served the Life, Accident and Health insurance sector for many years and we are seeing the greatest shift in our customer’s business landscape in over 20 years. As we continue to provide insurers with superior technology solutions that enable them to care for the people that they serve, we must support the current market and build for tomorrow’s customer. To do this, we need to tap into the best thinking about the future of the ...

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CEO Perspective: Core Systems of Differentiation to Deliver 360 Service in the Digital Age

Over the past fifty years we have enjoyed incredible computer technology advances, bringing huge benefits to the way we live and work. However, a concerning issue for the insurance industry has to be the many core software systems in back office environments that were originally designed and written for the IBM System/360 and subsequent mainframe generations. Granted, a lot of this software …

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FINEOS Perspective: Slow Learners or a Different Class?

The perception we develop of the computer systems we use has several influences: Does it do what we want? Is it easy to access? Is it fast? Is it pretty? Most of all perhaps we judge a system by what it feels like to use. In the technical world we call this the ‘User Experience’, a term covering a variety of considerations and shortened, as is obligatory for technical terms these days, to ‘UX’. Designers of apps and consumer oriented ...

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Novarica Report: Overcoming the Challenges of Life Insurance Billing

Group insurers are facing several challenges, including a competitive market for group life and voluntary benefits/worksite products, the emergence of private exchanges as a new distribution channel and increased agent and customer demands for self-service capabilities. IT leaders at group insurers are looking to modernize their aging core systems to better support rapid product development and increased customer expectations. While interest ...

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FINEOS White Paper: Disruption in the Employee Benefits Market

The intersection of changing regulation, employer cost pressures, and the rise of consumerism is creating disruption in the employee benefits market, a market that has traditionally been both operationally complex and relatively resistant to change compared to other segments of the insurance market. Could this disruption serve as a catalyst for creating real enterprise transformation, beginning with process and technology change in the back ...

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FINEOS White Paper: Challenge to Change by David Smith

Over the next decade and beyond, a combination of forces will transform the world as we know it. Global economic advantage is being redistributed and several economic certainties from as recent as 2007 now seem extremely distant. Rising life expectancy is rapidly altering the calculations of product and service providers as well as impacting the face of tomorrow’s workforce. Rapidly evolving social attitudes, enabled and at times ...

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FINEOS White Paper: APRA Prudential Practice Guide SPG 250

As the provider of an insurer’s claims management system, FINEOS sees itself as playing an important role in ensuring compliance with SPG 250 regulations for both the RSE licensee and the insurer. FINEOS strives to keep up to date with the latest Australian Life Insurance trends and regulations so that the FINEOS claims solution may be adapted to this changing industry and best serve FINEOS customers. This white paper provides a summary ...

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FINEOS White Paper: Insurance Innovation

“Insurance companies have five years to embark on business model refashioning; any longer and they risk severe talent shortages that will take the ability to proactively change out of their hands.” - David Smith Life and health insurers face perhaps some of the most significant changes of any insurance sector, partly due to the drastically changing nature of healthcare and healthcare technologies. Noted futurist and technologist, David ...

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FINEOS White Paper: The Future of Disability Claims Management

This whitepaper outlines the changes in the disability market from both a medical and a technical perspective and will highlight the key areas of opportunity for insurers that we see happening today and emerging in the near term. There is a key focus on: Why the challenges we will face are shifting faster as we learn more about disabilities How technology is radically reshaping claim service standards in disability How ...

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FINEOS White Paper: Recent Trends in the Australian Disability Income Protection Insurance Market. Are There Lessons for Other Markets?

The Australian Life insurance market accounts for 1.67% of the world market but in recent years has been “punching above its weight” when it comes to the impact on global reinsurers. The deterioration in profitability in the Australian Income Protection market has flowed through to the results of the major reinsurers. It is a valuable exercise to understand the factors behind this deterioration and consider whether there are lessons for ...

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FINEOS White Paper: Building the Business Case for a New Life Claims System

A compelling business case is needed to provide the motivation and prioritization to introduce a new claims management system in any organization. The approach to such a business case involves assessing current business processes and performance, designing future processes, identifying the business benefits, calculating the IT system and related savings that can be made by retiring legacy software and finally calculating the ROI. Many ...

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FINEOS White Paper: Claims Service Differentiates Insurers

The vast majority of policyholder-insurer dialogue takes place up front as coverage terms and rates are worked out. When the policy is delivered and the first premium paid, the policy goes into force. Client-insurer discussions may cease for the most part. When the policyholder files a claim, however, exchanges between the insured and insurer resume. At this critical moment, the policyholder's service expectations create a prime ...

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FINEOS White Paper: How Technology Can Enable Disability Insurance Claims

This white paper examines the disability claims process, identifies inefficiencies and suggests area where improvements could to made to what can be a slow, sometimes confrontational and manually intensive process. It poses questions about specific issues facing claims handlers. In addition, it looks at how technology can resolve some of these issues and it concludes with an overview of FINEOS Claims for Disability and the benefits it can afford.

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