“We are pleased with our performance over the past year, especially given the challenges we all face in these times of COVID,” said Michael Kelly, CEO of FINEOS. “Many of our global clients are actively engaged in brand-new installations, version upgrades and platform migrations. This tells us that our clients see the value of our significant R&D investment made over the past 5 years and indeed are modernizing their core systems in support of their digital transformation. We are grateful to our clients and SI partners for the tremendous implementation and upgrade achievements over the past year.”
By upgrading to the SaaS-based FINEOS Platform, clients will reap the benefits of a more modern and comprehensive unified system for integrated absence, group and voluntary benefits.
“The FINEOS Platform is purpose built to support the Employee Benefits market and therefore provides several advantages to our clients over repurposed P&C core systems,” said Chuck Johnston, CMO of FINEOS. “As a result, our clients enjoy easier installations and upgrades. What’s more, innate policy and customer management capabilities that exist across the entire FINEOS Platform provide consistent product information as well as powerful, frictionless process and workflows across the platform. These foundational capabilities are distinctive to the FINEOS Platform market offerings from claims to Integrated Disability and Absence Management (IDAM) to the full FINEOS AdminSuite which enables clients to move to quote to claim on one system.”
Demonstrated client success metrics include:
- 40% improvement in staff satisfaction in billing and policy admin
- 27% reduction in disability duration
- 10% increase in client on-time contact
- 25% increase in claim settlements per day
- 12% improvement in RTW (Return to Work)
- 93% reduction for claims acceptance time: now accepted within five days of an accident, down from seventy
Since the start of the COVID-19 pandemic, Employee Benefits carriers in North America and protection schemes across the globe have seen increased demand from their customers for new products, remote functionality, and faster processing times that cannot be achieved with legacy systems.
The value of the FINEOS Platform with excellent client support is evident in the company’s long-term partnerships. “Our partnership with FINEOS continues to grow and we are realizing benefits from the FINEOS system, including streamlined processes which enable our managers to focus on providing excellent outcomes to QSuper members,” said Phil Frazer, CEO of QInsure, Australia. “We are excited to continue our partnership with FINEOS to help support our organization’s agility, digital customer experience and our service excellence.”
In North America, where claims and paid leave laws continue to reverberate with change due to COVID, the necessity for carriers to embrace Integrated Disability and Absence Management (IDAM) remains a critical path to future success. Throughout 2020, FINEOS continued to focus on integrated absence management as a core capability, helping carriers simplify the complex process of managing absence to improve engagement and user experience. As the industry leader for core software, FINEOS plans to raise the industry standard in 2021 even further by continually expanding the FINEOS Platform for Employee Benefits.
“Insurers need technology solutions to meet the increased expectations for customer experience and to increase efficiencies and outcomes for key products like Disability and Absence Management,” says Nancy Casbarro, Vice President of Research and Consulting at Novarica. “They’re looking to solution providers like FINEOS for solutions that offer digital solutions for self-service, configurable policy administration, enrollment and claims capabilities all driving greater efficiency, reliable upgrades and long-term system lifecycle support.”
About FINEOS Corporation
FINEOS is a leading provider of core systems for life, accident and health insurers globally with 7 of the 10 largest group life and health carriers in the US as well as 6 of the largest life insurers in Australia. With employees and offices throughout the world, FINEOS continues to scale rapidly, working with innovative progressive insurers in North America, Europe, and Asia Pacific.
The FINEOS Platform provides core administration capabilities including absence management, billing, claims, payments, policy administration, provider management and new business and underwriting; all of which are configurable to operate independently or as FINEOS AdminSuite, an end-to-end core administration suite.
For more information, visit www.FINEOS.com.