FINEOS was selected for the enterprise transformation project that implemented the SaaS FINEOS AdminSuite group and voluntary insurance core system to enable the migration and digital transformation of New York Life Group Benefit Solutions (NYL GBS). The program involved NYL GBS migrating the majority of its $4 billion book of insurance policies, including 9 million customers, to the FINEOS AdminSuite, leading to the retirement of six legacy core systems.
FINEOS AdminSuite delivers industry-leading capabilities for employee benefits administration, including absence management, billing, claims, payments, policy administration, provider management, new business and underwriting; all of which are configurable to operate independently or as one suite.
“FINEOS is proud of this achievement and what it represents for New York Life Group Benefit Solutions and for our own teams,” said Michael Kelly, CEO and founder of FINEOS. “NYL GBS has the only proven end-to-end modern core system fully deployed for its employee benefits book of business, creating a more human-centered experience for both customers and their employees. This award is important recognition for the NYL GBS team, who worked in partnership with FINEOS to provide best-in-class employee benefits administration that stands as a model for the industry.”
The collaboration used the SAFE agile IT approach with continuous program governance provided by the joint leadership and executive teams.
About FINEOS Corporation
FINEOS is a leading provider of core systems for life, accident and health insurers globally with 7 of the 10 largest employee benefits insurers in the US as well as a 70% market share of group insurance 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.
For more information, visit www.FINEOS.com