Novarica Market Navigator Report Validates FINEOS is the Market Leader in Life, Accident & Health Claims Systems in North Ame...
November 11 2019 - 09:20AM
Business Wire
FINEOS Corporation (ASX: FCL), the leading core insurance
platform vendor for life, accident and health (LA&H), was
profiled in the recent Novarica Market Navigator Life/Health Claims
Systems (September 2019). The report shows FINEOS has the largest
client base for LA&H Claims in North America covering both
individual and group markets. The Novarica Market Navigator report
provides an overview of available stand-alone claims systems for
Life, Accident & Health insurers. FINEOS was profiled across a
wide range of criteria including functionality, technology,
differentiators and implementation capabilities as shown in this
report excerpt.
The report found that claims gained ground as one of the most
critical capabilities an insurer needs to meet heightened customer
expectations to match service levels provided across all types of
business including retailers and financial services. Additional
findings reveal that advanced claims processing capabilities like
triage-based STP, skill-based routing and access to modern
analytics and digital tools are critical to meeting insurers and
claimants needs.
FINEOS Claims is part of the FINEOS AdminSuite, which is an
integrated core processing system. FINEOS Claims is highly
configurable to work independently or optimally with the entire
FINEOS AdminSuite and supports all the critical claims capabilities
mentioned in the Novarica report for both group and individual
lines.
FINEOS Claims, FINEOS Absence and FINEOS Payments – all
components of FINEOS AdminSuite – provide the complete FINEOS
Integrated Disability and Absence Management (IDAM) solution. As
one of the fastest growing lines of business for life, accident and
health, US employee benefit carriers seek a fully integrated IDAM
solution to maintain a competitive edge. FINEOS IDAM is the only
core solution on the market that supports disability, absence,
billing and payments for all insurance and leave types on a single
platform.
Michael Kelly, FINEOS CEO, commented, “It’s good to see Novarica
focusing on Claims as a key component of the insurance lifecycle
and the key to customer satisfaction. As the report shows, FINEOS
has the largest customer base across both Individual and Group
markets which has enabled us to build out even more capability for
our customers and to make further investments in FINEOS AdminSuite,
especially in FINEOS Absence and IDAM. Integrated disability and
absence management capabilities are a key element of many of our
insurance customer’s go to market strategy and we are pleased that
we can support them in providing this key differentiator in the
disability claims market.”
Nancy Casbarro, Novarica Vice President of Research &
Consulting, added, “Today's carriers demand stand-alone claims
solutions provide flexibility and efficiencies, but more
importantly, meet the ever-growing customer expectations for a
seamless digital experience.”
About Novarica
Novarica helps more than 100 insurers make better decisions
about technology projects and strategy through retained advisory
services, published research, and strategy consulting. Its
knowledge base covers trends, benchmarks, best practices, case
studies, and vendor solutions. Leveraging the expertise of its
senior team and of more than 300 CIO Research Council members,
Novarica provides clients with the ability to make faster, better,
more informed decisions. Its consulting services focus on vendor
selection, custom benchmarking, project checkpoints, and IT
strategy. More information at https://www.novarica.com/.
About FINEOS Corporation
FINEOS is a market leader in core systems for life, accident and
health insurance carriers globally with 6 of the 10 ten group life
and health carriers in the US as well as 6 of the top 10 life and
health carriers in Australia. With employees and offices throughout
the world, FINEOS continues to scale rapidly, working with
innovative progressive carriers in North America, Europe, and Asia
Pacific.
The FINEOS Platform provides customers full end to end core
administration for group, voluntary and individual across life,
accident and health. The FINEOS Platform includes the FINEOS
AdminSuite core product suite as well as add-on products, FINEOS
Engage to support digital engagement and FINEOS Insight for
analytics and reporting.
For more information, visit www.FINEOS.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20191111005039/en/
Contact: Victoria Jamison Marketing Manager FINEOS Corporation +
353 1 639 9700 victoria.jamison@FINEOS.com
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