FINEOS Collaborates with Cigna Group Insurance to Develop Digital Core Suite

Cigna provided insight into their business practices and both companies collaborated to build the new software as a standard configurable business platform.

(Image source: Cigna Group Insurance website.)

FINEOS (Dublin), a global provider of core systems for life, accident and health insurance, has collaborated with Cigna Group Insurance (CGI, Atlanta) to implement the FINEOS Policy and FINEOS Billing components of FINEOS AdminSuite. As a long-time user of FINEOS Claims and a recent launch partner of FINEOS Absence for IDAM, CGI worked with FINEOS to deliver the complete FINEOS AdminSuite, which the vendor touts as the most advanced digital core solution for administering group and voluntary benefits.

“CGI has achieved an industry-first technology position with the first complete FINEOS AdminSuite implementation on the FINEOS Platform powered by AWS,” comments Matt Marze, CIO, Cigna Group Insurance. “FINEOS AdminSuite combined with other complementary cloud technology investments enable CGI to provide best-in-class benefits administration for our employer clients and their employees today while keeping pace with future market demands.”

Employee benefits companies are looking for new ways to provide new digital engagement capabilities to their customers and service chain partners, while continuing to provide accurate and scalable support for an increasing range of products, a FINEOS statement asserts. “Older core insurance systems are not designed for the speed and flexibility required in today’s market and may struggle in the future, even if paired with modern systems of engagement for digital service,” the statement says.

Michael Kelly, CEO, FINEOS.

FINEOS AdminSuite is an integrated core processing system that consists of absence, claims, payments, billing, policy, and provider administration, all of which are configurable to operate independently or optimally as a full core suite as part of the SaaS delivered FINEOS Platform, by the vendor’s description. Also included in the FINEOS Platform are FINEOS Engage for API-enabled digital engagement and FINEOS Insight for real-time analytics that utilize core system data to enable business insights and automation.

FINEOS and CGI had independently researched the market and identified a need for a modern core system that could support both group and voluntary benefits on a single technology platform, a FINEOS source told IIR. Both companies also agreed that the new platform should support absence management an paid leave. “FINEOS was already the market leader in Claims Management in North America and was keen to extend from this product into a complete core administration suite,” the source says. “Cigna provided insight into their business practices and both companies collaborated to build the new software as a standard configurable business platform which can now be used by many employee benefit carriers. FINEOS already has over 50 customers in the life, accident and health market and these customers can now easily adopt the new components of the FINEOS Platform.”

Brand New Solution

“The FINEOS and Cigna Group Insurance collaboration makes a great deal of sense,” adds Michael Kelly, CEO, FINEOS CEO Michael Kelly. “Together we have innovated and delivered FINEOS AdminSuite as a brand new solution that enables CGI to make the most of industry and technology advances to improve their client and customer experiences. Employee benefit carriers know they must move beyond legacy core systems to leverage new digital business models and technologies.”

“CGI’s employer clients and their employees can expect to benefit from a unified, streamlined, and more personalized service experience with best-in-class self-service for both employers and their employees,” comments Eoin Kirwan, VP, Product Management, FINEOS. “Employers and their employees will benefit from richer and substantially streamlined interactions with CGI, reduced overall administrative burden, and more integrated experiences that are consistent across all group benefits. Connectivity between FINEOS AdminSuite and the leading HRIS and payroll platforms will further advance data integration between these ecosystems.”

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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