An announcement on Partners Life and FINEOS Corporation claims system partnership has been made public. The partnership will mean that current claims systems and processes will be replaced. See details below.
“DUBLIN--(BUSINESS WIRE)--FINEOS Corporation (ASX:FCL), the market-leading provider of group and individual core systems for life, accident and health insurance, today announced that Partners Life, following a comprehensive market evaluation of Claims Management System vendors, has selected the FINEOS Platform for life insurance and medical claims.
The Partners Life and FINEOS partnership will bring about changes focused on replacing existing claims systems and processes with a differentiated value proposition. This will bring key operational benefits such as efficient, integrated and automated workflow processes and accurate claims covering life, TPD, trauma, income protection and medical products.
Speaking about the selection, Tracey Lonergan, Partners Life Chief Claims Officer said, “Claims service is at the core of Partners Life’s business and so when we looked for a credible provider it was important that the provider had the capability, experience and infrastructure to deliver and support a Claims Management System that would integrate into the Partners Life ecosystem. Also important to us was that the selected vendor come with a strong record of successful implementations and strong support of its Claims Management System within the New Zealand and Australian life and health insurance industry. FINEOS met these requirements. Our initial collaboration has been extremely positive, and we envisage that the project will deliver high quality results”
Commenting on the deal, Michael Kelly, CEO, FINEOS added, “We’re delighted that Partners Life has selected to partner with FINEOS and adopt the FINEOS Platform for life insurance and medical claims. The FINEOS Platform includes a market tested, pre-configured pack for the region known as LISA (Life Insurance Solutions Australasia). This is an exciting project for us in New Zealand and we look forward to a fast and smooth system implementation to enable the benefits of using FINEOS as early as possible thereby delivering a high-level service to its customers and independent financial advisers across New Zealand.
The FINEOS Platform provides a comprehensive SaaS end to end core solution for the Global Life, Accident and Health market. Key to the solution is the rich functionality that underlies FINEOS AdminSuite, FINEOS Engage and FINEOS Insight, a common set of capabilities including workflow, rules engine, customer management, no-code/low-code configuration tools, a standardized API connection and the cloud environment powered by AWS.”
More details for FINEOS can be found here. We think that claims automation will become increasingly important to ensure a range of claims goals: such as fair application of policy terms, meeting the requirements of good conduct obligations, containing costs, and speeding up the whole process.