FINEOS Achieves Four Major Life Claims Product Deliveries in Australia

Business Wire

FINEOS customers to benefit from improved efficiencies from the new software
Significant benefits delivered to over 1,000 FINEOS users

DUBLIN--(BUSINESS WIRE)-- FINEOS Corporation, a market leading provider of core processing systems for Life, Accident and Health insurance, today announced the achievement of four major claims transformation projects delivered using its FINEOS FastTrack agile delivery approach. Over 1,000 FINEOS users in Australia will benefit from the new FINEOS product functionality. Three of the transformation projects were for Tier-1 insurance carriers, owned by banks, which involved consolidating new lines of business and channels onto their FINEOS platform. The fourth project was for a very large multi-national provider of claims management services.

This impressive achievement by the FINEOS APAC team reinforces the dominant market position of FINEOS in the region where it has 13 insurance clients in live production with thousands of users and a healthy pipeline of new business. Overall FINEOS Claims has been purchased by carriers representing over 70% of life premiums in Australia.

FINEOS CEO, Michael Kelly commented, “FINEOS has a strong presence in APAC and our market share in Australia is very much a reflection of our investment in our people. Our team of over 100 people based at our capability centres in Sydney, Melbourne and Wellington in New Zealand are supplemented by the resources of several local partners. From our perspective, the larger multi-line carriers often have complex environments and processes around which we can partner together to simplify, streamline and automate. We use every one of these projects as a learning opportunity to understand more about our customers and to partner with them to address their business issues to drive additional value”.

FINEOS has been located in the Australian market for over 10 years supporting our customers locally and in the APAC region. In addition to having a dominant market share within the Life carrier market in Australia, the company lists a number of large critical Government Accident Compensation Agencies as customers, including the Accident Compensation Corporation (ACC) NZ, NZ Defence Force, the Victorian Government’s Transport Accident Commission (TAC) and WorkSafe, Victoria, as well as Life Time Care under the NSW Government’s new icare group.

About FINEOS Corporation

FINEOS is a global leader in insurance software with customers in nine countries and has been chosen by 8 of the top 20 Group Life & Health insurers in the US. FINEOS has over 20 years’ experience working with insurers in North America, Europe and Asia Pacific and has over 30,000 licenced users globally. 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, and with close to 500 employees, FINEOS delivers innovative solutions to a global market and has customers and established bases in North America, Europe and the Asia Pacific markets.