FINEOS Expands Into German Market With Sale To Canada Life

Portland, Maine - March 5, 2003 - FINEOS Corporation, a leading innovator of insurance and banking software, has announced its first move into the German market with the sale of its life and pensions distribution and servicing system, FINEOS Life Front Office, to Canada Life. 

The deal will see Canada Life Assurance (Ireland) Limited expand on its current licensing agreement with FINEOS to service the insurer’s German-based business. Canada Life recently expanded its business in Germany by acquiring the business operations of Prudential plc in Germany. This acquisition positions Canada Life as one of the top five companies in the German broker unit-linked market and the market leader in Serious Illness in Germany. 

Canada Life will use FINEOS Life Front Office to provide sales and service staff based in Dublin, Cologne and Neu-Isenburg with a single view of customer information across all locations and distribution channels. Integrated workflow automation within the FINEOS solution will intelligently create, route and monitor tasks, ensuring that service levels are always maintained. Canada Life will service the new German business from Dublin and Neu-Isenburg while using its almost 7,000-strong German-based intermediary network for distribution. 

Commenting on the announcement, Sean Mullarkey, IT Manager, Canada Life, said: “The FINEOS solution will improve the servicing of policies for our staff – and more importantly for our customers and brokers. The solution already has a huge impact on customer service in our Dublin office for our Irish portfolio and I have no doubt that that level of service will be replicated in Germany by making the FINEOS solution available for this market.”

Derek Finnerty, Sales and Marketing Director, FINEOS, added: “We’re delighted with this sale to Canada Life as it shows the company is committed to FINEOS as a supplier for its Irish and international operations. Moving into the German market is an important step for FINEOS as it gives us our first local reference customer in Europe’s largest insurance market. The German market is facing huge issues as it moves more towards deregulation in line with European policy. Obviously this will bring great opportunities for FINEOS to help local companies and new entrants, like Canada Life, improve their efficiency and customer service.”

Canada Life is one of FINEOS’s earliest customers and has been using the FINEOS product in its UK operation since 1997 and in Ireland since 1999. 

About FINEOS:

FINEOS Corporation is a leading innovator in banking and insurance software. The company’s product suite includes a range of customer management, business process automation and product management systems. In the front office, these solutions enable banks and insurers to effectively acquire, service and build customer relationships, improve service levels and reduce operating costs, while in the back office they provide for rapid product development and maintenance capacity. 

FINEOS products can be deployed individually as focussed solutions or together as a complete enterprise-wide solution. They can be deployed across all company channels, including branches, call centres and the internet, and can be accessed remotely by staff, intermediaries and customers.

The FINEOS customer base incorporates many of the world’s leading financial institutions, including ABN AMRO, Allianz, Fortis Inc., Skandia and the Zurich Financial Services Group. Privately held, the company employs almost 250 staff at its offices in Ireland, the UK, the Netherlands, Scandinavia and USA.

For more information, see www.FINEOS.com 

About Canada Life:

Founded in 1847, Canada Life is the oldest Canadian Life assurance company. 

Headquartered in Toronto, Canada Life operates in the United States, Canada, United Kingdom, Brazil, Germany and other countries through branch operations and subsidiary companies. Canada Life serves over 10 million people under individual and group contracts world-wide. 

Canada Life began operating in Ireland in 1903, and trades in Ireland today as Canada Life Assurance (Ireland) Limited. In Ireland, Canada Life is one of the leading providers of life assurance, serious illness cover, pensions, savings and investments, with over 190,000 policyholders.

Total assets under management for Canada Life Financial Corporation are Ca$54 billion. In Ireland, Canada Life manages funds exceeding £1.6 billion and employs 468 people in our head office and branch network. We distribute our products through a network of over 1500 independent brokers and a further 300 sales associates countrywide.

For more information, see www.canadalife.ie

For more information, please contact:

Jason O’Connor
Media Relations Manager
FINEOS Corporation
Tel: +353 (1) 6399923
Email: jason.oconnor@FINEOS.com