“The North American employee benefits industry is undergoing tremendous change, which is continually accelerating due to the competitive and regulatory environment, as well as the constant advancement of technology capabilities,” adds Kelly. “Spraoi is an innovative InsurTech in the Employee Benefits space whose leaders have a strong background in the Life, Accident and Health industry, as well as deep expertise in core systems and machine learning. That combination makes Spraoi a natural addition to the FINEOS team as we continually improve the FINEOS Platform to meet the needs of our clients.”
Nancy Casbarro, Vice President Research & Consulting, Novarica said, “Applying machine learning in the insurance industry can unlock the power of data for carriers to enhance the customer experience, as well as improve business outcomes across the entire lifecycle from case set-up to claims.”
Karan Mishra, co-founder of Spraoi said, “Spraoi’s technology offering, and services have allowed our clients to successfully optimize outcomes and see measurable ROI. Our deep machine learning, data and customer experience capabilities coupled with the robust FINEOS Platform enables clients to have a one-of-a-kind, pre-integrated platform to get the most out of their technology investments.”
Spraoi is an insurance technology solutions provider combining ‘Big 4’ insurance consulting experience with Silicon Valley technology acumen and offshore capability and scale in India. Its focus is on assisting carrier clients with the two most pressing needs confronting them today: how to leverage their data to optimize outcomes using the patent pending Spraoi platform and; how to better engage customers throughout the lifecycle using their customer engagement infrastructure. Spraoi has also created an innovation framework that provides accountability from concept through execution, eliminating technology as the impediment to progress.
This acquisition will enable FINEOS to make the best use of machine learning across the three pillars of the FINEOS Platform: Core, Digital and Data. Spraoi’s machine learning capabilities and service framework will increase digital service reach, reduce customer service friction, and provide much greater insight into the carrier/customer dynamic across the entire customer lifecycle, making the FINEOS Platform an even more attractive offering to the Employee Benefits and Life assurance industry.
The transaction is subject to customary closing conditions and is expected to complete quickly. As FINEOS and Spraoi integrate the business over the coming months, the priority will be to continue to operate on a business as usual basis in order to meet customer needs.
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 integrated disability and absence management (IDAM), billing, claims, payments, policy administration, provider management and new business and underwriting; all of which are configurable to operate independently or as FINEOS AdminSuite the leading Employee Benefits end-to-end core administration suite.
About Spraoi
Spraoi is a Pennsylvania limited liability company. Spraoi is the provider of machine learning platform and solutions to solve the challenges our insurance clients face as they seek to gain greater insight into their data. Visit www.spraoi.ai
For more information, visit www.FINEOS.com.
