Partners Life, one of New Zealand’s largest private life and health insurance companies, announced that it has become the first insurer to successfully launch medical claims on the FINEOS Platform, as outlined in a new case study. The groundbreaking move to the cloud-native purpose-built FINEOS Platform enables Partners Life to provide enhanced claims processing, reduced claims leakage, and streamlined user experience to 300,000 Kiwis.
Why did Partners Life onboard the FINEOS Platform?
New Zealanders have a public health care system for their emergency care but may purchase private insurance to cover additional costs and cut wait times for hospital treatment. In just over a decade, Partners Life had grown from a startup to an award-winning market leader.
It sought a software partner with a modern cloud-based claims solution to begin a digital transformation. It chose FINEOS based on its purpose-built platform, experience and capabilities, among other factors. Early last year, Partners Life became the first life insurance company in New Zealand to go live on the FINEOS Platform, replacing its legacy system with FINEOS Claims for life, total and permanent disability, trauma and income protection.
The second phase, completed this year, brought the component-based capabilities of FINEOS AdminSuite to claims at Partners Life through the preconfigured FINEOS Life Insurance Solution Australasia (LISA). FINEOS LISA was created to meet the unique value proposition of the regional market in line with customer needs and within compliance requirements.
What does the partnership mean for stakeholders?
“Partners Life employees and customers have already started to experience the benefits of this significant shift in operations. Automation allows our case managers to do what they do best: help our clients who need them. Our operations are more efficient and we will build on these steps to improve our clients’ digital experience,” said Daniel Walker, Partners Life COO.
Michael Kelly, FINEOS founder and CEO, applauded the long-term vision of the 2022 ANZIFF Company of the Year. “Partners Life’s leadership has a vision of the future and how to reach their goals through systematic transformation. They have implemented a significant change management program to ensure their success. FINEOS LISA was configured to address this market, and we’re pleased to prove how its capabilities translate to medical claims,” he said.
Details of the project are summarized in a case study on the website.
