FINEOS and New York Life Group Benefit Solutions Release Digital Transformation Case Study – InsuranceNewsNet

Developing an End-to-End, Future-Ready SaaS Core System Is Revolutionizing the Benefits Industry

ATLANTE–(BUSINESS WIRE)–
The FINEOS Corporation (ASX:FCL), a leading global provider of end-to-end SaaS core systems, in partnership with New York Life Group Benefit Solutions¹ (Group Benefit Solutions), today released a case study detailing how the companies merged their vision to create a modern and comprehensive core insurance system for employee benefits, FINEOS AdminSuite. The case study, “New York Life Group Benefit Solutions: Core Administration System Total Digital Transformation,” tells the story of the journey that began with the selection of FINEOS to manage disability insurance claims and continues today, preparing group benefits solutions for the future with the first SaaS core system purpose-built for employee benefits.

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The development of FINEOS AdminSuite enabled Group Benefit Solutions to undergo a full digital transformation, replacing six legacy back-office systems. As a single platform, FINEOS AdminSuite provides centralized policy administration, integrated claims and leave management, as well as complex billing and revenue management, as well as digital and analytical tools to further improve the experience of employers and their employees. In addition to meeting the needs of Group Benefit Solutions, the resulting cloud-native architecture and its core components have been specifically designed for the life, accident and health insurance industry so that FINEOS AdminSuite can be implemented in phases or in as a complete future-ready digital core. and a data solution for other insurance companies.

“Our partnership with New York Life Group Benefit Solutions has made our purpose-built FINEOS AdminSuite the industry benchmark it is today,” said FINEOS CEO Michael Kelly. “This case study shows the impact of a comprehensive digital transformation on every participant along the benefits journey – for an insurer, its employees, its client employers and the people it insures.”

“The FINEOS partnership has positioned us with best-in-class technology to move into the future with maximum benefits efficiency,” said Kristina Welke, Product Manager at Group Benefit Solutions. “We have leveraged FINEOS AdminSuite to revolutionize our entire technical ecosystem to develop simplified and connected experiences for our customers and their employees.”

“We have seen and heard time and time again in our industry surveys, reports and engagements that one of the top technology priorities for insurance companies is to have a fully integrated, end-to-end administrative system that resides on the cloud,” said Chip BircherHead of Solution Provider Consulting Services at Aite-Novarica Group. “A technology and operational solution that integrates personalization, scalability and resilience will enable operators to provide their customers and team members with a seamless, intuitive and secure commerce experience.”

Additional case study material

About FINEOS Corporation

FINEOS is a leading provider of core systems for life, accident and health insurers worldwide with 7 of the top 10 employee benefits insurers in the United States as well as 6 of the largest life insurers in the United States. Australia. With employees and offices around the world, FINEOS continues to grow rapidly, working with innovative and progressive insurers in North America, Europeand 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 central 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-based FINEOS Engage solution provides people-centric digital engagement pathways and the FINEOS Insight solution provides predictive analytics and enterprise-wide reporting.

For more information, visit www.fineos.com

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¹ The New York Life Insurance Company has acquired the group life, accident and disability insurance business of CIGNA© – formerly known as Cigna Group Insurance (CGI) – on December 31, 2020. This efficient company January 1, 2021, became known as New York Life Group Benefit Solutions (Group Benefit Solutions). To learn more about the company, click here.

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Audrey Honig Geragosian
FINEOS Media Relations Manager

860-538-6638

Source: FINEOS Corporation