Armed Forces Benefit Association (AFBA) and 5Star Life Insurance Company Select FINEOS to Manage Life Claims

Business Wire

DUBLIN--(BUSINESS WIRE)-- FINEOS Corporation, a market leading provider of core systems for Life, Accident, and Health insurance, today announced that Armed Forces Benefit Association (AFBA) and 5Star Life Insurance Company (5Star Life), an AFBA related enterprise, have selected FINEOS and its industry leading claims management system, FINEOS Claims, to manage their enterprise life, supplemental and voluntary product claims.

FINEOS Claims will be used by AFBA and 5Star Life to manage the entire claims process, from initial notification through final claim payment. The system will enable AFBA and 5Star to enhance the customer management experience for its valued insureds through improved communication, automation, personalization, and proactive claim management. In addition, FINEOS Claims will increase AFBA and 5Star Life’s ability to grow while improving its reporting, product flexibility, payment accuracy, and overall auditability around the entire claims process.

Claudia Gabriel, Senior Vice President, Operations, AFBA and 5Star Life, welcomed the decision to select FINEOS. She said, “We looked at a number of solution options in order to deliver the best outcome for our members and customers and in the end we felt FINEOS provided the best fit for us in terms of the capabilities it offered around managing claims. Overall, we see the solution adding tremendous benefit to our enterprise”.

Commenting on the new signing, FINEOS CEO, Michael Kelly said, "We are delighted AFBA and 5Star Life have selected FINEOS Claims to improve care and service to their members. We look forward to a fast and smooth system implementation to enable AFBA and 5Star Life to gain the benefits of FINEOS as early as possible”.

About Armed Forces Benefit Association (AFBA)

Headquartered in Alexandria, VA, AFBA was established in 1947 with the support of the General of the Army, Dwight D. Eisenhower to ease the strain on military members and their families. At that time, military members could not purchase life insurance that would pay a death benefit if the member was killed in combat. AFBA continues to honor the mission set forth by its founders—to promote the welfare of its members and their families by providing high quality, low cost life insurance products and other financial benefits and services in peace and in war.

From its first offices in the basement of the Pentagon and for almost 70 years, AFBA has stood by our country’s armed forces. Today, AFBA is a market leader in offering low cost life insurance to those who serve this great nation to include members of the uniformed services, first responders, government employees, and their families. AFBA currently has over 435,000 members with over $42 billion of life insurance in force and in excess of $1.7 billion of claims paid since inception. These life insurance programs are underwritten by 5Star Life Insurance Company, a related enterprise of AFBA. Visit AFBA @ www.afba.com.

About 5Star Life Insurance Company (5Star Life)

5Star Life is the underwriter of AFBA member policies and is also a growing provider of supplemental and other voluntary life insurance products. Its flexible business model enables 5Star Life to serve the needs of a diverse clientele — as an insurance advisor to individuals and organizations, and as a trusted partner to brokers. Headquartered in Alexandria, VA, 5Star Life is currently licensed in 49 states, the District of Columbia, Puerto Rico, the Virgin Islands, Guam, American Samoa, and the Northern Mariana Islands. Visit 5Star Life @ www.5starlifeinsurance.com.

About FINEOS Corporation

The FINEOS flagship product, the FINEOS AdminSuite, is based on the FINEOS Digital Platform and will deliver a full service Policy, Billing and Claims software solution that provides best in class functionality for Group, Voluntary and Individual Policy administration on a single platform while also supporting self-admin, full-admin and TPA models. Established in 1993, FINEOS delivers innovative solutions to a global market and has customers, employees and established bases in North America, Europe, Africa and the Asia Pacific markets. For more information, visit www.FINEOS.com

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