Ushering in the Next Generation of Core Systems

Michael Kelly admires and respects change. When it comes to making waves, Kelly refuses to conform to the status quo—all in the name of putting people at the center of modern core life software systems. As a leader who gives his team the overdrive, Kelly understands that change is essential, and embracing and keeping up with the pace of continuous change is imperative to take advantage of new technologies. Today, Kelly and his team at FINEOS are driving this transformation in the life, accident and health insurance industry that continues to rely on decades-old mainframes and green screen applications operating in siloed environments. For long, insurance carriers have resorted to disparate and disconnected systems for various aspects of life, accident, and health insurance—from billing and policy administration to claims management and payments. Hamstrung by such complex legacy core systems, executives struggle to match the unrelenting pace of technology disruptions; dismissing the emerging trends is often at their peril. FINEOS is here to change this industry narrative.

“To help insurers move with the times, capitalize on the opportunities to work with employers, employees, and individuals, and support the most stringent security and regulatory requirements, FINEOS is successfully transforming those core systems,” begins Kelly, CEO, FINEOS—a global software company providing modern customer-centric core software to the life, accident and health industry. Attuned to the rapidly evolving business and technology landscapes, FINEOS AdminSuite is the first truly component-based core product suite developed organically and specifically for group, voluntary and individual life, accident, and health insurance carriers.

While the fact that FINEOS AdminSuite caters to both the group and individual insurance market is a winning differentiator, the powerful platform and comprehensive core insurance suite also marks its prominence with the scalability, agility, and flexibility it provides to its customers to explore different markets. As a strong proponent of technology, Kelly views technology as an enabler to transform inefficient and cumbersome legacy systems into digital systems for breaking down organizational silos. With a sharp focus on improving business outcomes and customer care, FINEOS AdminSuite is an ideal replacement for inflexible technologies employed by insurers. With six components—payments, billing, claims, policy administration, absence, and provider management—packed in a single technology platform, FINEOS AdminSuite seamlessly eliminates the adoption of multiple systems and enables improved operational efficiency, increased effectiveness, and excellent customer care.

While the life, accident and health insurance today demands more than just a system of record and financially covering the protection needs of employers and employees, FINEOS goes the extra mile to help its clients offer added benefits in the form of concierge services. These employee benefits include consulting services to help them reduce stress, tend to their mental health, and preempt or prevent accidents or injuries. The FINEOS AdminSuite helps the employers actively get involved in employee wellness and encourage them to deal with everyday issues. FINEOS AdminSuite finds a “sweet spot” in the employee benefits market in the US and Canada with its ability to support fully Integrated Disability and Absence Management (IDAM), which is a crucial solution for employee benefits carriers to achieve and maintain a competitive edge. The company is adjudicating absenteeism with an easy-to-use absence management solution that records the correct reasons, simplifies the complexity, and automates the processes around both paid and unpaid absences. Moreover, with transactions and data occurring in multiple engagement patterns, based on constantly changing roles and access methods, FINEOS AdminSuite is flexible enough to adapt to those changes.

Besides AdminSuite, FINEOS has product extensions—FINEOS Engage and FINEOS Insight—designed specifically to enable frictionless engagement and empower users with real-time analytics to influence business decisions and drive better outcomes. The company’s modern digital core system has deployed a set of APIs that allow digital engagement with third parties platforms and integrates with the other parts of the value chain. FINEOS APIs go beyond the nominal core insurance platform by providing digital services to which the insurer’s own B2B ecosystem can be integrated. “To deliver frictionless service to both consumers and brokers, FINEOS APIs provide the flexibility and agility and allow us to connect and work with third parties, bringing innovative technologies to this space,” adds Kelly. Within the FINEOS Platform, Insight capabilities provision a common and customer-centric data model for insurers. This model enables them to capture and analyze data from multiple channels within and outside of their ecosystem and across all insurance functions. Furthermore, the FINEOS Platform helps insurers embed predictive insights in core business processes through its analytics and AI-powered Insight. FINEOS AdminSuite, FINEOS Engage, and FINEOS Insight cohesively present an unparalleled mix of capabilities that can be accessed through a single platform.

The unique FINEOS platform is also beefed up with remarkable customer support and professional end-to-end services to cover the needs of the carrier in terms of knowledge and daily operations. The company upgrades its software on a regular basis and features new releases frequently. Hence, the FINEOS product suite is always up to date with the latest technology and market changes. The company’s product consulting division helps customers derive the best value from the system. These consultants also work closely with the customers to train them in implementing and integrating the product into their business in the best possible manner.

With a global clientele including the premier names in the insurance industry and valued consulting, technology, and industry partnerships, FINEOS stands at the forefront of the life, accident, and health insurance technology space with its impressive lineup of core products. Moving ahead, FINEOS will continue to foray deeper into the industry and invest in its platform enhancement. The company is also ramping up efforts to expand its insurance footprint in the North American market, which comprises nearly 40 percent of the global market. As for the future, the company has plans to unlock opportunities in the Asia Pacific region and Europe. “We want to reach out to new entities, and we are constantly carrying out investigations to make our products and platform better,” concludes Kelly.