FINEOS was established by Michael Kelly in 1993 as an IT services company – and its ensuing success allowed Michael to develop a core software platform for the Life, Accident and Health insurance industry. Today, this end-to-end SaaS platform helps life assurers globally provide the best possible service to their customers.
Combining a core insurance suite with digital and data capabilities, the FINEOS Platform is purpose-built for the Life, Accident and Health industry and the Employee Benefits market to seamlessly support insurers, employers, and employees on their insurance journeys. Teams can manage everything from absences to billing, claims, payments, policy administration, and providers – and, after acquiring Limelight Health in 2020 – FINEOS has created a complete quote-to-claim solution.
With secure and scalable cloud capabilities, low-code/no-code configuration, and the right APIs to support the broad partner ecosystem of Employee Benefits providers, Ian Lynagh, FINEOS Chief Financial Officer, believes the FINEOS Platform has become a key asset for the insurance industry worldwide. It is designed to support a variety of business models, languages and currencies enabling market solutions suitable for regional markets across the globe.
Simplifying insurance and finance processes
“FINEOS software helps the teams working in insurance deliver better customer service, process claims faster, develop new products, and make a bad day better for millions of people filing claims. Our presence is invisible to the consumer, but if FINEOS is there, we are simplifying their interactions,” according to the CFO.
FINEOS enables insurers to provide customer-centric group insurance that meets the demands of today’s workforce. In addition to traditional employer-paid benefits, the FINEOS Platform enables flexibility and speed to market for the wide variety of voluntary benefits that have been critical for American employers to retain and attract talent since the pandemic.
“Broadly, many Irish companies are performing very well in the financial services sector. However, within the life, accident and health insurance market, the growth trajectory for FINEOS required a reach beyond the Irish insurance sector. We took Irish technology know-how around the world, solving business challenges with a workforce that spread out from Ireland and grew over thirty years.”
And when taking it to the U.S. in particular, FINEOS found this complex market had a large ecosystem operating on legacy IT systems in need of incremental or total digital transformation. Therefore, its Employee Benefits solution found success there providing frictionless engagement to insurers, brokers, employers and consumers around disability, accident, and income protection.
Taking Irish technology around the world
Given the U.S. market’s reliance on commercial carriers for most work-related benefits, Ian goes on to explain why it’s the perfect customer base for the FINEOS Platform.
“Our biggest market is North America, and it represents about 30% of the global insurance market. FINEOS sees a huge opportunity to gain new name clients and expand relationships with current clients in Employee Benefits there.”
With a growing American presence, FINEOS now boasts a high-profile portfolio of industry leaders such as Mutual of Omaha, New York Life Group Benefit Solutions, Principal Financial Group, Sun Life Financial, Transamerica, and OneAmerica, among others.
But it doesn’t stop there – as the pioneering technology for the sector, FINEOS is prioritising R&D investments and data analytics to further its expertise. This means they are aligned with (and ahead of) global trends on a local scale. For example, total employee benefits management in the United States, hybrid state/private sector-driven benefits in Canada, Australia & New Zealand, and the international trend toward more flexible and integrated Life, Accident and Health benefits.
With this expertise, they have now built up a strong presence beyond the U.S., Canada, Australia, and New Zealand. And they plan to expand that presence globally, focusing on continued growth in the U.K. and Ireland while also exploring other markets in Europe and in Asia.