FINEOS: Providing Personalized Customer Centric Insurance Care

Michael Kelly, CEO, FineosMichael Kelly, CEO
The current insurance coresystems arena is witnessing an upsurge in rapid modernization with latest digital technologies. The technological advancements, digital and mobile revolution have raised the parameters of customer interactions today, demanding personalized care, with 24 hour access to information. Along with supporting a rapidly changing technology, product and distribution model with aging, inflexible core systems the need of the hour for insurance industry is to support a person centric approach once called a product, employer, and agentcentric business model. Bringing personalized customer centric care to paramount is Boston, MA based FINEOS providing modern software to life, accident and health insurance industry. FINEOS since its inception has encompassed on the vision to maintain a world where everyone obtains easy access to protection from illness, injury and untimely loss of a family member. “Our purpose is to help our clients care for the people they serve through the delivery of modern insurance technology,” delineates Michael Kelly, CEO,FINEOS.

Additionally CIO’s also face challenges in providing consistent omni channel servers social media, mobile, and cloud. FINEOS addresses these concerns by delivering a person centric core product suite that can hold and manage all types of customer data and relationships with policy, billing and claims core systems woven in to enable 360 degree service. FINEOS helps the insurers from outdated legacy administration systems to modern customer centric core product suite. “FINEOS is ahead of the curve on configurability, customer centricity, digital technology and extends beyond the organizations core system,” remarks Kelly.

FINEOS AdminSuite is a modern coreadministration solution designed especially for voluntary group, individual insurance, and public sector accident compensation insurance. The product is designed to support business process, person centric core processing, enabling to deploy very efficient and adaptive processes taking into account the roles and goals of the specific users.

Our purpose is to help our clients care for the people they serve through the delivery of modern insurance technology

Built on the proven FINEOS Digital Platform, AdminSuite is designed to manage the modern complex structures and relationships of group and individual insurance processing to optimize plan, coverage, data management, operational processing, business intelligence and provide fulltime access. The product also provides predictive analytics around customer or product behavior to iron out business process bottlenecks and exploit areas of opportunity.

Furthermore, FINEOS Billing product is a billing and reconciliation management product for group, voluntary and individual insurance supporting all product types and billing models. The product also offers online, mobile portal for selfservice efficiency, including automated omnichannel communication for all billing events. The product has been designed for both standalone deployment to consolidate multiple policy administration systems and part of an AdminSuite end to end installation. FINEOS Billing performs operational efficiency including support for local and global business units, support for local and regional billing regulation taxation. The product also provides predictive analysis of both chronically problematic customers and situ-ations where customer is acting counter to usual patterns where manual intervention is required.

In an instance, the New Zealand government insurer, the Accident Compensation Corporation (ACC) identified a requirement to replace its legacy claims system with a more flexible solution to allow it to become more claimant centric and prepare it for future business improvements. The firm approached FINEOS to install their solutions into the environment. “The FINEOS claims solution has enabled the replacement of our legacy claims system with a flexible, forward looking IT platform,” confides Dr. Jan White, Chief Executive, ACC.

About forging forward, the firm is aiming to be the global market leader of core systems for group and individual life, Accident and Health on single FINEOS Digital Platform. “We see an opportunity to build our claims market leadership and expansion to new countries” remarks Kelly.