FINEOS is a Business Reporter client
Many insurance companies are using old fashioned IT systems. In the past, these firms built their own back-end systems to enroll customers and process claims. He expected them to last for decades, and they did. As a result, while in-house server rooms are a relic of the past, many insurance companies are still using outdated legacy systems, which, while being inefficient and costly to run, need to adequately address cyber security and ensure private security. fail to do. Transmission of information in the cloud.
Today, there is a proven solution for the group and employee benefits segment of life, accident and health insurance: FINEOS AdminSuite. FINEOS AdminSuite now has unprecedented support New York Life Group Benefit Solutions Case Study It traces how the insurer successfully replaced six legacy systems.
a new way of working
Insurance software provider Finos saw the need to develop a new way of working to address the issue of outdated legacy systems. The insurance company, which provides $4.1 billion of life, accident and disability insurance for employers, benefits about nine million workers from these protections. FINEOS has a 30-year history of providing software to the life, accident and health insurance market that operates invisibly so that insurers, employers and customers can communicate seamlessly on their insurance journey.
The two companies collaborated to develop the group and the employee benefits industry’s first purpose-built core system, FineOS AdminSuite, Designed using industry best practice, the fully cloud-based system supports travel insurance with components addressing absence, billing, claims, payment, policy, provider, quote, rate and underwriting. FINEOS AdminSuite represents something previously unavailable to the industry: a proven data-driven core admin system that provides end-to-end support for administrative processes and customer service.
meeting user needs
It was clear that there was a real need for this new way of working. The employee benefits industry is a complex ecosystem: there are insurers, brokers, benefits administrators, human resources teams and, of course, individual employees. Everyone has different needs and resources that need to be managed.
The insurer was trying to drive business efficiencies throughout the customer and customer lifecycle. It required a complete end-to-end administration suite, with strong policy governance at its core and concurrently addressing both voluntary and group employee benefits. It also required an integrated service that could link disability and absenteeism management: this would support the insurer’s strategic vision of providing an enhanced, streamlined and customized customer experience. And it was looking for a holistic way for employers and their employees to introduce new products like paid family medical leave.
With these goals in mind, Finos conceived the idea of defining a complete suite, a single core administration solution for all products. The result was a highly integrated system that provided all users with an important advantage: a single source of truth. By connecting data from a variety of sources, including different products (such as life, accident and disability cover) and various processes (such as purchases, renewals or claims), users can get all the information in one place, simply and quickly.
finos platform The only purpose-built, end-to-end SaaS insurance solution for the Life, Accident and Health market. This includes FINEOS AdminSuite, FINEOS Engage and FINEOS Insight.
FINEOS AdminSuite supports the insurance journey from quote to claim with components addressing absenteeism, billing, claims, payment, policy, provider, quote, rate and underwriting, all of which can be operated independently or as a suite. are configurable. The machine-learning enabled FINEOS Engage solution empowers the people first digital engagement pathway, and the FINEOS Insight solution provides machine-learning models, predictive analytics, and reporting across the business.
The FINEOS platform provides a complete end-to-end solution to anyone in the employee benefits industry. Because it is “Software as a Service” (SaaS), it offers many benefits that a bespoke system does not.
Costs are reduced because investment in development is shared by all platform customers; Operating costs are low because systems specialists manage the software and provide regular upgrades, allowing insurance companies to manage their core business. And data security is supported through functionality such as multi-factor authentication, full data encryption both in process and at rest, and single sign on. The platform is compliant with security and privacy regulatory requirements including HIPAA and GDPR.
Furthermore, the Finos platform does not use heavy in-house servers. It’s cloud-based, which means lower set-up costs, more uptime, and the ability to access it from anywhere in the world, 24/7.
SaaS means that insurance companies are best positioned to leverage technology to improve their services. With all the important information available at one place, questions can be handled quickly and accurately. This results in fewer inquiries and less time spent pursuing information.
Benefits for insurance carriers
FINEOS AdminSuite provides insurance companies with centralized policy administration, integrated claim and leave management, and the ability to manage complex billing and revenue management needs. It offers several important benefits.
Productivity for insurance companies has increased significantly. Less time is spent on administration and with reduction in manual work, unnecessary problems like data transcription errors are avoided. With frictionless access to end customer information, the insurance employee user experience is improved.
In addition, IT costs are reduced. In the FINEOS case study, six legacy systems were removed, eliminating associated licensing and maintenance costs.
Importantly, FINEOS AdminSuite enables insurance companies to provide better customer service, with more accurate query resolution and faster implementation of policy requests. At the same time, insurance customers are given greater flexibility: they can configure benefits administration services to match the business processes of their finance and human resources benefits teams, and they can adapt to employee demands and changing regulatory requirements. can be completed.
The end user – the employee – also benefits from FINEOS AdminSuite. Insurance processes are centered around them rather than their employer, and automation speeds up the routine processes they must go through. Enhanced end-user experience includes the ability to access customer service across all digital channels and a comprehensive digital self-service feature that is easy to navigate 24/7.
future ready employee benefits
FINEOS has developed the employee benefits industry’s only purpose-built core administration suite. Adopting the latest digital technology, it enables insurers to adopt a future-ready approach that can meet the challenges of a rapidly changing industry. Its cloud-native foundation provides the flexibility and level of service that consumers and businesses now need from online services.
The suite provides a complete service from bidding to claim. By integrating employee and management data sources from an organization, it provides a “source of truth” where an employee’s entire enrollment can be viewed and managed in one place.
FINEOS AdminSuite improves the customer experience for all parties on the insurance journey: insurers, employers and end user employees.
FINEOS AdminSuite, as part of the FINEOS platform, provides industry-leading capabilities in core administration of employee insurance, including absenteeism management, billing, claims, payments, policy administration, provider management and new business and underwriting. visit for more information www.FINEOS.com
originally published on business reporter
Credit: www.independent.co.uk /