Principal Financial Group Migrates on-Premise FINEOS Platform to Cloud

The migration will enable Principal to take advantage of the FINEOS APIs to drive digital engagement, open connectivity, and a better overall digital client experience.

(Image source: Iowa Architectural Foundation.)

Principal Financial Group (Des Moines) will be migrating from its on-premise FINEOS Claims (Dublin) system to the cloud-based FINEOS Platform during 2021, according to a vendor statement.

Cheryl Paine, AVP, Specialty Benefits Claims, Principal Financial Group.

“FINEOS is a service focused partner with a shared commitment to the employee benefits market,” comments Cheryl Paine, AVP, specialty benefits claims, Principal. “Migrating FINEOS Claims to the cloud-based FINEOS Platform will allow us to deliver a faster and more streamlined customer experience through their innovative, agile system. Not only will this help us get benefit payments to customers even more timely but also will position us to adapt more quickly to evolving customer expectations.”

The FINEOS Platform provides core administration capabilities including absence management, billing, claims, payments, policy administration, provider management and new business and underwriting; all of which are configurable to operate independently or optimally as FINEOS AdminSuite, an end-to-end core administration suite, the vendor says. The FINEOS Platform also provides a wide range of APIs to enable digital engagement and connectivity; and real-time analytics that utilize core system data to enable business insights and automation.

Michael Kelly, CEO, FINEOS.

Driving Digital Engagement

“We’re thrilled to do this migration to the FINEOS Platform with Principal Financial Group. They have been a service partner since 2005 and we look forward to seeing the positive impact this migration will have on their customers’ satisfaction,” comments Michael Kelly, CEO, FINEOS. “The migration will enable Principal to take advantage of the FINEOS APIs to drive digital engagement, open connectivity, and a better overall digital client experience. Today’s group insurance carriers stand to benefit greatly from modern core systems with robust digital capabilities that add value to their products and allow them to keep up with rapidly changing employee expectations.”

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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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