In compiling the report for CIOs and IT leaders to evaluate solutions and understand the market, the analysts concluded that demand for cloud adoption is mainstream and growing. Furthermore, they found that insurance companies are replacing their legacy PAS to provide more digital and data capabilities to meet customer expectations.
According to Nancy Casbarro, Senior Principal at Aite-Novarica Group and lead author for this report, “To stay competitive, carriers need a policy administration system with configuration capabilities to easily rollout and refine current and new product offerings. They should also consider the ease of integration that modern policy administration systems provide as well as the advantages that a managed cloud implementation will provide.”
The FINEOS Platform was purpose-built to provide cloud-based software-as-a-service (SaaS) policy administration supporting group, voluntary and individual insurance. It provides policy and member lifecycle management, absence, billing, claims, new business and underwriting to give customers flexibility and speed to market.
“The Aite-Novarica report underscores what we have been working across FINEOS to achieve – the market-leading solution for policy administration systems in North America,” said FINEOS CEO Michael Kelly. “Our configurable solutions make life, accident and health insurers future-ready at reduced costs, and with real and achievable efficiencies, which is what every insurer should expect.”
Historically, Aite-Novarica consistently rated FINEOS the market leader in LA&H claims systems in North America in its Market Navigator reports. FINEOS was profiled across a wide range of criteria including functionality, technology, differentiators, and implementation capabilities for this most critical capability for insurers.
Read an excerpt from Impact Report: Life/Annuity/Benefits Policy Administration Systems.
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 U.S. as well as a 70% market share of group insurance in Australia. With employees and offices throughout the world, FINEOS continues to work with innovative, progressive insurers in North America, Europe, and Asia Pacific.
For more information, visit www.FINEOS.com
