Partners Life Becomes First New Zealand Life and Health Insurer To Go Live On The FINEOS Platform
FINEOS Corporation (ASX:FCL), the market-leading provider of group and individual core systems for life, accident and health insurance, today announced that Partners Life has become the first life and health insurance company in New Zealand to go live on the FINEOS Platform. The FINEOS Platform is a purpose-built end-to-end SaaS core platform for life, accident and health insurers.
The Partners Life and FINEOS partnership replaced the insurer's existing system with FINEOS Claims, giving Partners Life unparalleled operational and customer service benefits. The FINEOS Platform includes a market-tested, pre-configured business and regulatory content pack for the region known as FINEOS LISA (Life Insurance Solutions Australasia). Internally, the company will experience improved risk controls and claims management workflow covering life, TPD, trauma, income protection and medical products.
This launch is the first stage of the company's claims transformation journey, with medical claims debuting on the FINEOS Platform later this year. It lays the foundation for the final stage where Partners Life clients will have access to digital self-service and elevated customer service.
"FINEOS has proven to be the strong partner within the New Zealand and Australian life and health insurance industry we needed," said Daniel Walker, Chief of Operations at Partners Life. "Our clients, who are already managing health difficulties, will have an easier time accessing their benefits because of our digital transformation, and our employes are able to dedicate more time to helping them because of the benefits of automation brought by FINEOS."
"Partners Life saw the direction the voluntary benefits industry is going and put itself ahead by investing in the power of a cloud-based core solution," said Adam Edwards, FINEOS APAC product manager.
"It is exciting for FINEOS to deepen our engagement in the region, which dates back almost 20 years and involves six of the largest life insurers in Australia. Partners Life brings FINEOS to the private life and health insurance sector in New Zealand," said FINEOS CEO Michael Kelly. "With Partners Life experiencing the benefits of our partnership and the FINEOS Platform, I'm confident additional growth opportunities will follow."
The FINEOS Platform provides a comprehensive SaaS end-to-end core solution for the Global Life, Accident and Health market. Key to the solution is the rich functionality that underlies FINEOS AdminSuite, FINEOS Engage and FINEOS Insight, a common set of capabilities including workflow, rules engine, customer management, no-code/low-code configuration tools, a standardized API connection and the cloud environment powered by AWS.
About FINEOS Corporation
FINEOS is a leading provider of core systems for life, accident and health insurers globally with 7 of the 10 largest employee benefits insurers 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 is the only purpose-built, end-to-end SaaS insurance solution for the life, accident and health market. The FINEOS AdminSuite delivers industry-leading capabilities across core administration including absence management, billing, claims, payments, policy administration, provider management and new business and underwriting; all of which are configurable to operate independently or as one suite. The machine learning-enabled FINEOS Engage solution creates robust, people-first digital engagement pathways and the FINEOS Insight solution provides predictive analytics and reporting across the business.
For more information, visit www.FINEOS.com.
About Partners Life
Partners Life is proud to be a New Zealand operated company. Like many Kiwi companies, they began with humble beginnings as a small start-up in 2011. Since then, they've become a recognised industry leader in life and health insurance. Their rapid rise to the top has only been made possible because of the strong partnerships they've built over time with their clients and with independent financial advisers across the country. That's why they're called Partners Life.
Their focus is on protecting Kiwi families and businesses. People need insurance when their lives are negatively affected by ill-health or death. This can be an incredibly stressful time for them and their families. By working with independent financial advisers, their clients can be confident that they have insurance tailored to fit them. This gives them the very best chance of getting their claims paid quickly and without any hassles. Their insurance products include life insurance, income protection, medical insurance, disability insurance, trauma cover and business risk protection.
They're an industry leader that Kiwis trust. Find out about the Solvency and Financial Strength of Partners Life.
For more information, visit https://www.partnerslife.co.nz/.