EY and FINEOS form strategic alliance to accelerate smart digital transformation for insurance carriers in the life, accident and health industry

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May 22, 2022, 19:01 ET

Supports smart digital transformation at scale
Realizes tangible operational efficiencies with innovative technology
Accelerates new business model opportunities with increased capabilities

LONDON, May 22, 2022 /PRNewswire/ -- EY today announces an alliance between FINEOS – a global market leader of core systems for life, accident and health insurers – and Ernst & Young Business Consultants (EY Ireland). The Alliance will help carriers achieve smart digital transformation. In addition, it will bring positive impact across employee benefits value chain, from insurers and employers to employees, while also achieving tangible operational efficiencies. The Alliance has also been extended to the US, with further global expansion planned over time.

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EY teams have been collaborating with FINEOS on software implementations with a range of life, accident and health insurance carriers with the aim of helping companies realize their transformation journeys through a wide range of technologies and services – from consulting to on-site execution and integration.

The need to digitalize the employee benefits space

Many insurance carriers currently undertake manual steps that give rise to a host of inefficiencies. There is, therefore, a growing need for carriers to leverage digital and analytical solutions, while redesigning customer operations and service models.

The Alliance provides clients with the technology required to help achieve these transformation goals. It will also help EY teams to build services around the already successful teams that are deploying the FINEOS Platform. In addition, FINEOS has built a leading cloud-based end-to-end software-as-a-service (SaaS) core product suite, which covers the insurance lifecycle, including quotes, rating and underwriting, absence, claims, policy administration and billing. FINEOS and EY teams can bring artificial intelligence (AI) and machine learning capabilities, as well as data analytics software through FINEOS Engage, FINEOS Insight and EY Nexus.

The industry knowledge and global reach of the EY organization and FINEOS will help clients from around the world to accelerate smart digital transformation. Ultimately, this Alliance will help accelerate innovation and digitization in the employee benefits market.

Matthias Loh, EY Global FINEOS Alliance Sponsor, says:
"The collaboration between the EY organization and FINEOS will help clients optimize the value of their digital transformation efforts. By pairing the FINEOS Platform with the consulting capabilities of EY teams, insurance carriers are likely to increase the success rate and the total value they achieve as they construct their future-ready organizations."

Michael Kelly, FINEOS CEO and Founder, says:
"As the global life, accident and health insurance market continues to rapidly transform, this new alliance with the EY organization brings added business and technology experience and systems integration capabilities to help clients achieve their objectives. As FINEOS continues to proactively invest in new product and growth plans, we want to ensure that our clients have access to the market support and system integration knowledge that's essential to their transformation plans. With implementations in progress around FINEOS New Business & Underwriting, FINEOS Claims and FINEOS Absence, this announcement emboldens our commitment to forging strategic alliances to better support our clients' digital transformation efforts."

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About EY

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This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.

About FINEOS

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 delivers 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.

Eric Minuskin
EY Global Media Relations
+1 908 770 9758
[email protected]

SOURCE EY