FINEOS product updates boost sales and service efficiency, bring new products to market faster, and improve the experience of multiple customers
ATLANTE, March 24, 2022–(BUSINESS WIRE)–The FINEOS Corporation (ASX: FCL), the leading leading platform for global life, accident and health insurance, has released a set of product updates within of the cloud-native FINEOS platform which provide extended capabilities across the group, Volunteering and absence management products. Updates address the needs of the full spectrum of customers across insurers, employers, and employees to support sales and service efficiency, new product speed to market, and an enriched customer experience .
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For more detailed information on the winter release of the FINEOS Platform, join the Product Management Live Chat: The FINEOS platform: specially designed for innovation and growth on April 14, 2022 at 11:30 a.m. ET.
“This release marks another significant step forward in how the FINEOS platform serves all parts of the group value chain, volunteering and absence. We are solving more problems for our customers and doing it in a unique and transparent way,” said Eoin Kirwan, Chief Product Officer, FINEOS.
Improvements to the FINEOS platform group, volunteering and absence management include:
Sales and underwriting efficiency
Integrated Experience Rating: NextGen functionality for underwriting and actuarial teams to increase the profitability of their business portfolio. With an integrated user experience, an underwriter can leverage past claims experience to provide the best appropriate rate for the customer while providing leading risk management principles to the insurer. The experience rate is mixed with the manual rate according to the rules and preferences of the insurer.
Enhanced Group Underwriting provides an employer view at time of submission: Built-in pricing flexibility and enhanced underwriting processes enable real-time adjustment to changing market needs. Global case underwriting helps optimize product bundles based on total employer needs and increase enrollment participation.
LIMRA LEx API enhancements: Enhanced LIMRA LDEx APIs include absence management connectivity and data management.
Acceleration of bringing new products to market
Voluntary Benefits Product Enhancements for Policy, Billing and Claims: Enhanced claims integration and automation capabilities for accident, critical illness, and hospital benefits allow insurers to leverage integrated eligibility and registration data for member elections to accelerate voluntary acceleration of product claims and automatic adjudication.
Additional member management and invoice processing: This release offers extensive support for the variety of administrative models across group insurance and the workplace for membership management.
Billing improvements: Enhanced list bill processing supports the increase in consumer-centric products and services required by the marketplace with additional billing support for insured Paid Medical and Family Leave (PFML) policies.
Robust Employer Dashboard and Reporting Portal and API: Real-time data dashboards allow employers to view workforce leave information and review data in graphical views, filter data by reason for leave, groups and dates . Reports can be exported in Excel or PDF format to get an overview of the details of each case.
Improving the intermittent discharge process: This release reduces the friction associated with intermittent holidays, including showing the right level of information and automation, low-contact and no-contact options, such as the overfrequency tolerance rule.
Integration of paid leave: Rich integration and automation between paid time off, unpaid time off, disability, and voluntary benefits that relates to an employee’s unique reason for leave, reduces duplication of work and errors, and provides a source single point of truth across the value chain for all elements of an employee’s leave request.
“As the only cloud-native basic insurance solution specifically designed for the life, accident and health market, the FINEOS platform remains at the forefront of meeting the technical and operational needs of insurers,” said Michael Kelly, CEO of FINEOS. “Deployable as a foundational end-to-end solution or as building blocks to enable incremental transformation efforts, the FINEOS platform has something for the entire benefits value chain, including better support for the sales/service process, customer experience and the ability to manage a wide range of products and services such as absence management,” added Kelly.
About FINEOS Corporation
FINEOS is a leading provider of core systems to life, accident and health insurers globally with 7 of the top 10 employee benefits insurers in the United States as well as 6 of the largest life insurers in Australia. With employees and offices around the world, FINEOS continues to grow rapidly, working with innovative and progressive insurers in North America, Europe and Asia-Pacific.
The FINEOS platform is the only end-to-end SaaS insurance solution specifically designed for the life, accident and health market. FINEOS AdminSuite offers state-of-the-art functionality in basic administration, including absence management, invoicing, claims, payments, policy administration, vendor management, new business and underwriting; all of which are configurable to operate independently or as a single suite. The machine learning-enabled FINEOS Engage solution enables robust digital engagement pathways for people and the FINEOS Insight solution provides predictive analytics and reporting across the enterprise.
For more information, visit www.FINEOS.com.
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