FINEOS Corporation (ASX: FCL), the leading core insurance platform vendor for life, accident and health (LA&H), was profiled in the recent Novarica Market Navigator Life/Health Claims Systems (September 2019). The report shows FINEOS has the largest client base for LA&H Claims in North America covering both individual and group markets. The Novarica Market Navigator report provides an overview of available stand-alone claims systems for Life, Accident & Health insurers. FINEOS was profiled across a wide range of criteria including functionality, technology, differentiators and implementation capabilities as shown in this report excerpt.
The report found that claims gained ground as one of the most critical capabilities an insurer needs to meet heightened customer expectations to match service levels provided across all types of business including retailers and financial services. Additional findings reveal that advanced claims processing capabilities like triage-based STP, skill-based routing and access to modern analytics and digital tools are critical to meeting insurers and claimants needs.
FINEOS Claims is part of the FINEOS AdminSuite, which is an integrated core processing system. FINEOS Claims is highly configurable to work independently or optimally with the entire FINEOS AdminSuite and supports all the critical claims capabilities mentioned in the Novarica report for both group and individual lines.
FINEOS Claims, FINEOS Absence and FINEOS Payments – all components of FINEOS AdminSuite – provide the complete FINEOS Integrated Disability and Absence Management (IDAM) solution. As one of the fastest growing lines of business for life, accident and health, US employee benefit carriers seek a fully integrated IDAM solution to maintain a competitive edge. FINEOS IDAM is the only core solution on the market that supports disability, absence, billing and payments for all insurance and leave types on a single platform.
Michael Kelly, FINEOS CEO, commented, “It’s good to see Novarica focusing on Claims as a key component of the insurance lifecycle and the key to customer satisfaction. As the report shows, FINEOS has the largest customer base across both Individual and Group markets which has enabled us to build out even more capability for our customers and to make further investments in FINEOS AdminSuite, especially in FINEOS Absence and IDAM. Integrated disability and absence management capabilities are a key element of many of our insurance customer’s go to market strategy and we are pleased that we can support them in providing this key differentiator in the disability claims market.”
Nancy Casbarro, Novarica Vice President of Research & Consulting, added, “Today’s carriers demand stand-alone claims solutions provide flexibility and efficiencies, but more importantly, meet the ever-growing customer expectations for a seamless digital experience.”
Novarica helps more than 100 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and of more than 300 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. More information at https://www.novarica.com/.
About FINEOS Corporation
FINEOS is a market leader in core systems for life, accident and health insurance carriers globally with 6 of the 10 ten group life and health carriers in the US as well as 6 of the top 10 life and health carriers in Australia. With employees and offices throughout the world, FINEOS continues to scale rapidly, working with innovative progressive carriers in North America, Europe, and Asia Pacific.
The FINEOS Platform provides customers full end to end core administration for group, voluntary and individual across life, accident and health. The FINEOS Platform includes the FINEOS AdminSuite core product suite as well as add-on products, FINEOS Engage to support digital engagement and FINEOS Insight for analytics and reporting.
For more information, visit www.FINEOS.com.