EY and FINEOS form strategic alliance to accelerate smart digital transformation of life, casualty and health insurers
- Support large-scale intelligent digital transformation
- Achieve tangible operational efficiencies through innovative technology
- Accelerates opportunities for new business models with increased capabilities
LONDON, May 22, 2022 /PRNewswire/ — EY today announces an alliance between FINEOS – a global market leader in core systems for life, casualty and health insurers – and Ernst & Young Business Consultants (EY Ireland). The Alliance will help operators achieve smart digital transformation. Furthermore, it will have a positive impact on the entire employee benefits value chain, from insurers and employers to employees, while realizing tangible operational efficiencies. The Alliance has also been expanded into the United States, with further global expansion planned over time.
EY teams have collaborated with FINEOS on software implementations with a range of life, accident and health insurance companies to help companies achieve their transformation journeys through a wide range of technologies and services – from advice to execution and integration on site.
The need to digitize the benefits space
Many insurance companies are currently undertaking manual steps that result in a host of inefficiencies. There is therefore a growing need for carriers to take advantage of digital and analytical solutions, while rethinking customer operations and service models.
The Alliance provides its customers with the technology needed to achieve these transformational goals. It will also help EY teams build services around already successful teams deploying the FINEOS platform. In addition, FINEOS has developed a cloud-based, end-to-end software-as-a-service (SaaS) core product suite that covers the insurance lifecycle, including quotes, pricing and underwriting, absences, claims, policy administration and billing. . FINEOS and EY teams can contribute artificial intelligence (AI) and machine learning capabilities, as well as data analysis software via FINEOS Commit, FINEOS overview and EY Nexus.
The industry knowledge and global reach of the EY organization and FINEOS will help clients around the world accelerate intelligent digital transformation. Ultimately, this alliance will contribute to accelerating innovation and the digitalization of the social benefits market.
Matthias Lohsponsor of EY’s global FINEOS alliance, says:
“The collaboration between the EY organization and FINEOS will help clients maximize the value of their digital transformation efforts. By combining the FINEOS platform with the advisory capabilities of EY teams, insurers are likely to increase the success rate and total value they realize as they build their organizations ready for the future.”
Jason T.AndrewChief Alliance Officer of FINEOS, says:
“As the global life, accident and health insurance market continues to rapidly transform, this new alliance with the EY organization brings additional business and technology experience and systems integration capabilities to help clients achieve their goals.As FINEOS continues to proactively invest in new products and growth plans, we want to ensure that our customers have access to the market support and systems integration knowledge that is essential to their growth plans. transformation. With ongoing implementations around FINEOS New Business & Underwriting, FINEOS Claims and FINEOS Absence, this announcement reinforces our commitment to forging strategic alliances to better support our clients’ digital transformation efforts.”
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FINEOS is a leading provider of core systems for life, accident and health insurers worldwide with 7 of the top 10 employee benefits insurers in the United States as well as 6 of the largest life insurers in the United States . Australia. With employees and offices around the world, FINEOS continues to scale rapidly, working with innovative and progressive insurers in North America, Europeand Asia Pacific.
the FINEOS platform is the only end-to-end SaaS insurance solution specifically designed for the life, accident and health market. the FINEOS AdminSuite offers state-of-the-art capabilities in central administration, including absence management, billing, claims, payments, policy administration, vendor management, new business and underwriting; all of which are configurable to operate independently or as a single suite. machine learning FINEOS Commit offers robust, people-centric digital engagement pathways and FINEOS overview provides predictive analytics and enterprise-wide reporting.
For more information, visit www.FINEOS.com.
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