FINEOS Corporation (ASX:FCL), a leading provider of core systems for life, accident and health insurers globally, and Beneva, the largest mutual insurance company in Canada, have jointly announced a partnership agreement for Beneva to use the FINEOS Platform as its Group Benefits claims management solution for Disability, Life, AD&D, and Critical Illness. Beneva was created in July 2020 by La Capitale and SSQ Insurance joining forces.
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Eric Trudel, Executive Vice-President and Lead – Group Insurance at Beneva (Photo: Business Wire)
“Looking to the future success of our organization, we need a modern, agile Group claims management system for Life & Disability benefits that will allow us to provide the very best service and online tools for our plan sponsors and customers,” said Eric Trudel, Executive Vice-President and Lead – Group Insurance at Beneva. “We’ve selected the FINEOS Platform as a long-term solution to simplify our business processes, yield faster turnaround times, and improve our customers’ digital experience. Also, the platform will allow us to provide our health continuum concept that goes from prevention, well-being though disability management and rehabilitation and return to work.”
Beneva will deploy the FINEOS Platform across their group insurance coverages, including Disability, Life, Critical Illness, and Accidental Death & Dismemberment, providing their staff with a unified view of the customer across all types of claims.
The FINEOS Platform is the leading claims processing software for the Life, Accident and Health insurance industry. Used globally by over 60 insurance organizations, the FINEOS tracking software supports both group and individual claims on a single SaaS platform.
“We’re very excited about this new partnership with Beneva and look forward to supporting them in achieving their digital transformation goals,” says Michael Kelly, FINEOS CEO. “By leveraging the FINEOS Platform, Beneva will be able to remain competitive in this quickly evolving market which demands that carriers deliver advanced digital capabilities and fast turnaround times.”
This new engagement with Beneva comes during a year of growth for FINEOS, having just recently completed the acquisition of Spraoi, a leading provider of machine learning capabilities for the Group Life and Employee Benefits industry. The acquisition adds advanced digital and machine learning capabilities to the FINEOS Platform.
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.
Beneva was created by the coming together of La Capitale and SSQ Insurance to become the largest mutual insurance company in Canada with more than 3.5 million members and customers. Beneva employs over 5,000 dedicated employees: people looking out for people. Its human approach is rooted in mutualist values that are shared by its employees. With $25 billion in assets, Beneva positions itself as a major player in the insurance and financial services industry. Its head office is located in Quebec City.
For more information, please consult beneva.ca.