Research from Aite-Novarica Group positioned FINEOS as one of the largest suppliers of core administration systems to the North American group insurance market, FINEOS revealed. In their Impact Report: Life/Annuity/Benefits Policy Administration Systems (PAS), the analysts placed FINEOS in exclusive company: Group core system vendors with over 20 customers.
Why was FINEOS named in the exclusive category?
In compiling the report for Chief Information Officers and IT leaders to evaluate solutions and understand the market, the analysts concluded that demand for cloud adoption is already mainstream and growing. Furthermore, they found that insurance companies are replacing their legacy PAS to provide more digital and data capabilities to meet customer expectations.
Nancy Casbarro, Senior Principal at Aite-Novarica Group and lead author for this report, commented, “To stay competitive, carriers need a policy administration system with configuration capabilities to easily rollout and refine current and new product offerings. They should also consider the ease of integration that modern policy administration systems provide as well as the advantages that a managed cloud implementation will provide.”
The FINEOS Platform was built to provide cloud-based SaaS policy administration supporting group, voluntary and individual insurance. It offers member lifecycle management, absence, billing, claims, new business and underwriting to give clients flexibility and speed to market.
What does the recognition mean for FINEOS?
Commenting on the research report, FINEOS Chief Executive Officer, Michael Kelly, said,“The Aite-Novarica report underscores what we have been working across FINEOS to achieve – the market-leading solution for policy administration systems in North America. Our configurable solutions make life, accident and health insurers future-ready at reduced costs, and with real and achievable efficiencies, which is what every insurer should expect.”
Historically, Aite-Novarica has consistently rated FINEOS Corporation the market leader in LA&H claims systems in North America in its Market Navigator reports. FINEOS Corporation was profiled across a wide range of criteria including functionality, technology, differentiators, and implementation capabilities for this most critical capability for insurers.
Read an excerpt from Impact Report here.
