(Donegal coast. Image credit: Chris Marquardt/Unsplash.)
The FINEOS Corporation (Dublin) a global provider of a core platform for life, accident and health insurance, has announced the release of a set of product updates within the cloud-native FINEOS Platform that provide expanded capabilities across Group, Voluntary, and Absence Management products. The updates fulfil needs throughout the full customer spectrum across insurers, employers, and employees to support sales and service effectiveness, new product speed to market, and an enriched customer experience, according to the FINEOS announcement.
“This release marks another significant step forward in how the FINEOS Platform serves all parts of the Group, Voluntary, and Absence value chain,” comments Eoin Kirwan, Chief Product Officer, FINEOS. “We are solving more problems for our customers and doing so in uniquely seamless ways.”
The FINEOS Platform Group, Voluntary, and Absence Management enhancement include the following, as described by the vendor:
Sales and Underwriting Effectiveness
- Integrated Experience Rating: NextGen functionality for the underwriting and actuarial teams to drive profitability across their book of business. Via an embedded user experience, an underwriter can leverage prior claims experience to provide the best appropriate rate for the customer while providing leading risk management principles for the insurer. The experience rate is blended with the manual rate based upon insurer rules and preferences.
- Enhanced Group Underwriting provides one view of the employer at time of quote: Integrated pricing flexibility and enhanced underwriting processes provides real time adjustment to changing market needs. Whole case underwriting enables optimized product bundles based on the employer’s total need and drives greater enrollment participation.
- LIMRA LDEx API Enhancements: Enhanced LIMRA LDEx APIs include absence management connectivity and data management.
New Product Speed to Market
- Voluntary Benefits Product Enhancements for Policy, Billing, and Claims: Enhanced claims integration and automation capabilities for accident, critical illness, and hospital indemnity enables insurers to leverage integrated eligibility and enrollment data for member elections to drive voluntary product claim acceleration and auto adjudication.
- Additional Member Management and Bill Processing: This release provides extended support for the variety of administrative models across group insurance and worksite for member management.
- Billing Enhancements: Enhanced list bill processing supports the increased consumer centric product and services required by the market with additional billing support for insured Paid Family and Medical Leave (PFML) policies.
- Robust Employer Dashboard and Reporting Portal and APIs: Real-time data dashboards enable employers to view workforce leave information and review data in graphical views, filter the data by leave reason, groups, and dates. Reports can be exported in Excel or PDF formats to gain insight into individual case details.
- Intermittent Leave Process Improvement: This release reduces friction associated with intermittent leave, including surfacing the right level of information and automation, low-touch, and no-touch options, such as over-frequency tolerance rule.
- Paid Leave Integration: Enriched integration and automation between paid leave, unpaid leave, disability, and voluntary benefits that pertain to an employee’s single leave reason, reduces duplicate work and errors, and providing a single source of truth across the value chain for all elements of an employee’s leave claim.
“As the only purpose-built, cloud-native core insurance solution for the life, accident and health market, the FINEOS Platform remains ahead of the curve in meeting the technical and operational needs of insurers,” comments Michael Kelly, CEO, FINEOS. “Deployable as an end-to-end core solution, or as components to enable incremental transformation efforts, the FINEOS Platform has something for the entire Employee Benefits value chain including better support for the sales/service process, the customer experience and the ability to deal with a broad range of products and services such as absence management,” added Kelly.
The vendor has planned a panel discussion on the Winter Release for April 14, 2022 at 11:30 am Eastern time: The FINEOS Platform: Purpose-Built for Innovation and Growth.