FINEOS AdminSuite Summer Release Provides Enhanced Policy Administration Capabilities with Integrated Absence Management

2020 SEP 28 (NewsRx) -- By a News Reporter-Staff News Editor at CDC & FDA Daily -- FINEOS Corporation (ASX:FCL), the leading core platform for life, accident and health insurance globally announces significant product and operational enhancements to FINEOS AdminSuite, enabling increased product and digital functionality - all delivered in the cloud, powered by AWS. This most recent product release highlights the enriched capabilities of FINEOS AdminSuite with enhanced member functionality, voluntary policy administration, and more integrated disability and absence management. A modern employer portal with APIs was introduced along with an enhanced set of customer APIs to support the broader digital, integrated insurance ecosystem. FINEOS AdminSuite is the only fully integrated core insurance platform including leave management. This release also contains more tightly integrated disability and absence product management, updated state leave laws for MA, WA and NJ as well as federal, state and local COVID-19 related leave laws. FINEOS AdminSuite is the only purpose-built modern Employee Benefits core administration suite which includes support for new and evolving benefits plans and incorporates the industry LDEx Standards. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200915005976/en/FINEOS AdminSuite Webinar Ready to integrate, upgrade or replace? You want options and FINEOS AdminSuite delivers. “The evolving Employee Benefits market requires insurers to offer a wide portfolio of traditional and new products and many service-based offerings to meet employer needs, including Integrated Disability and Absence Management (IDAM)” said Michael Kelly, CEO, FINEOS. “Insurers must equip themselves with technology that can support multiple administrative patterns, including full support of IDAM and absence management within the product administration lifecycle. The FINEOS AdminSuite Summer Release provides Employee Benefits carriers with even more functionality, deeper capabilities and the flexibility needed to lead in today’s ever evolving workplace market.” Key FINEOS AdminSuite product updates include: FINEOS Absence New Digital Experience that includes employer portal and APIs, additional customer APIs

Updated regulatory compliance across NJ TDI and FLI Amendment, and COVID-19 related updates

MA PFML: Ability for private employer plans to meet or exceed statutory paid family and medical leave plans payment calculations, including Massachusetts and upcoming Connecticut and Oregon PFML laws.

Robust Integrated Disability and Absence Management (IDAM): Enhancements and efficiencies with integrated disability and paid leave; market-ready employer paid leave functionality. FINEOS Policy Case installation designed for voluntary benefits: accident, critical illness and hospital indemnity

Robust self-administration functionality to support changes, amendments, and ongoing servicing needs

Increased eligibility data integrated across FINEOS Platform to support claims adjudication

Sales & Underwriting API to drive seamless client install and reduced premium leakage Member Management Enrollment validation comparing elections to in-force plan design to ensure accuracy and improved case financials

LDEx standard support, providing underpinnings for scalable and flexible member data strategy

Enrollment validation for multiple administrative patterns; self, full, and hybrid

Digital first member API, enabling customer centricity across multiple products and services Product Designer Enhanced build and deploy capabilities to update product features quickly and speed to go-to-market strategies for the Insurer

Create tailored market offerings and new Voluntary product features, leveraging the no-code interface FINEOS Billing Voluntary New summary billing support for accident, critical illness, and hospital care

Multi-modal frequencies including 9 and 10 month frequencies

Self-accounting designed for voluntary marketplace Member Management Self service capabilities to review member elections

Member level premium calculation for itemized billing

Integrated Excel based tool for premium calculation for group life and disability products Group Insurance Billing formation, setup and granular organizational levels

Variance management functionality supporting multiple levels of automation

New product support: PFL & FMLA ADA billing FINEOS Claims Voluntary policy integration with claims administration

Increased flexibility for eligibility or census file feed-driven processes

Eligibility verification enabling claims acceleration, automation and auto-adjudication Additional Resources: FINEOS AdminSuite Product Update Webinar, September 24, 2020, 11:30am ET The Genesis of FINEOS AdminSuite - video Employee Benefits - vlog FINEOS IDAM Solution - datasheet About FINEOS Corporation FINEOS is a leading provider of core systems for life, accident and health insurers globally with 7 of the 10 largest group life and health carriers in the US as well as 6 of the largest life insurers in Australia. With employees and offices throughout the world, FINEOS continues to scale rapidly, working with innovative progressive insurers in North America, Europe, and Asia Pacific. The FINEOS Platform provides clients full end to end core insurance administration and includes the FINEOS AdminSuite core product suite as well as add-on products, FINEOS Engage to support digital engagement and FINEOS Insight for analytics and reporting. For more information, visit www.FINEOS.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20200915005976/en/

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