FINEOS: The Architects of modern, Customer-Centric Digital Insurance

Follow FINEOS on :

Chuck Johnston, CMO, FINEOSChuck Johnston, CMO
In the not so distant past, the insurance industry was described as the stagnant backwaters of the financial landscape—unexposed to digital disruption because of its legacy systems and numerous regulatory barriers. But today, things have changed. Ready to eschew their old practices and embrace the digital world, insurance companies are keen to offer an intuitive and streamlined experience that is similar to online shopping. However, what remains ambiguous is, “understanding how best to capture the value of those digital promises,” points out Chuck Johnston, CMO of FINEOS, a leading-edge insurance technology solutions provider. “This is precisely where we make our mark in the insurance world.” Enabling insurance carriers to upgrade their legacy systems and helping them wade through their digital engagement challenges, FINEOS offers improved operational efficiency, increased effectiveness, and excellent customer care.

Catering primarily to the life, accident, and health insurance industry, FINEOS’ motto is simple: “to create a world where protection from illness, injury, and loss is accessible to everyone.” However, in pursuit of achieving this vision, FINEOS realized that the present insurance sector is driven by disconnected, siloed policy administration systems. “We were quick to understand that the policy administration systems of the future need to offer more functionalities than just handle claims and renew policies,” states Johnston. As a result, FINEOS AdminSuite, a core product suite for claims, billing, and policy administration, was designed to support group, voluntary, and individual insurance businesses. FINEOS AdminSuite is comprised of pre-integrated, best-of-breed components: FINEOS Absence, FINEOS Billing, FINEOS Claims, FINEOS Payments, FINEOS Policy, and FINEOS Provider, where each component can either be deployed as a standalone application within an insurer’s existing systems or coalesced to offer a complete end-to-end solution.

Underpinning the holistic and flexible architecture of FINEOS AdminSuite is the company’s superior digital engagement strategies. Offering a “role and goal” based customer experience, “our digital engagement applications have the ability to provide frictionless policy and claims processing for large-scale insurers with intricate customer relationships and multiple stakeholders,” highlights Johnston.

Underpinning the holistic and flexible architecture of FINEOS AdminSuite is the company’s superior digital engagement strategies

Together with that, insurance companies can use FINEOS Engage—the digital component of the FINEOS Platform—to build new applications using its configuration tools and APIs to extend FINEOS AdminSuite’s capabilities even further.

Another key aspect that adds to FINEOS’ robustness in the insurance space is its analytics-driven processes. “A data-centric approach at the core of what an insurance company does and how it does it is extremely significant for a company to sustain its competitive edge in the market,” believes Johnston. Bearing that in mind, the FINEOS Insight suite of analytics tools not only generates detailed reports but also aims to improve the efficiency of the overall processes. “Simultaneously, we also leverage AI, natural language processing, and deep learning to execute the processes without a glitch,” Johnston adds.

Today, FINEOS’ comprehensive and modern Open Core administration solution has earned numerous accolades from its clients. “We have become a ‘partner of choice’ for most insurance companies in Australia and New Zealand,” says Johnston. A case in point is FINEOS’ venture with the Transport Accident Commission (TAC)—a statutory insurer of third-party personal liability for road accidents in the state of Victoria, Australia. With a vision to radically change claims processing and make it more transparent and frictionless, TAC came onboard with FINEOS. “We used APIs to connect their policy administration suite with hospitals, ambulance companies, and medical supply providers,” explains Johnston. This approach helped TAC to connect better with the rest of the healthcare ecosystem and ensure that the time taken by a road accident victim to receive medical care is dramatically reduced (by 60-75 percent). Alongside a more streamlined process, TAC was also able to save an additional $3.4 million per annum. In a nutshell, FINEOS aided TAC in not only simplifying their processes but also creating an ecosystem where people in need are provided better care without drowning them with paperwork.

Success stories like these help FINEOS constantly propel forward. Looking ahead, FINEOS intends to roll out more sophisticated AI capabilities to bolster their offering, and also expand their organization’s reach across countries like Hong Kong, Singapore, and Japan. “Alongside, we also wish to strengthen our partnership with technology veterans like Salesforce, AWS, and Microsoft to make our products simple, cost-effective, and transparent,” says Johnston. Keeping these goals in mind, Johnston is confident that FINEOS’ Open Core administration suite is going to usher in new horizons in the insurance landscape.