DUBLIN–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/AdminSuite?src=hash” target=”_blank”gt;#AdminSuitelt;/agt;–FINEOS
Corporation, the market-leading provider of group, voluntary and
individual core systems for life, accident and health insurance, today
held its inaugural FINEOS
APAC Summit in the Westin, Sydney, Australia.
The exclusive event saw an engaged audience of over 100 attendees
comprised of customers from over 30 APAC regional insurers, global
partners and FINEOS staff.
The agenda was based around the theme “Transform Core Systems to
Deliver Excellent Digital Customer Experience.”
Two FINEOS customers, QSuper
and the Accident
Compensation Corporation (ACC), were awarded FINEOS Innovation and
QSuper, one of the largest superannuation funds in Australia has
recently created QInsure – a new insurance company to provide life
insurance to its members. QSuper adapted its processes and
approaches to align with the FINEOS APAC Life Target Operating
Model and underlying business content to maximise the use of the
‘out of the box’ solution and to minimise risk, cost and time. It
rapidly achieved this with high quality results while transforming
the entire business and embedding the new insurance company.
ACC uses FINEOS to administer over 2 million claims annually for
personal injury and accident compensation from 27 locations across
New Zealand. ACC is successfully undertaking an ambitious
Programme of Transformational Change across their enterprise
utilising FINEOS as its core platform for Claims, Providers and
- QSuper, one of the largest superannuation funds in Australia has
Martin Fahy gave the keynote entitled “The Changing Insurance
Landscape: Delivering Flawless Execution and Transformation in an
Increasingly Regulated World.” During the session, he examined how
the life, accident and health insurance landscape can deliver the
changes needed to ensure public trust and confidence in the category.
This was Dr Fahy’s first public appearance on behalf of FINEOS after
the announcement last week that he will be joining the FINEOS Board
Kelly, CEO, FINEOS, announced the launch of FINEOS
AdminSuite into the Asia Pacific market and provided a strategy
update on the company, including significant product achievements and
the future roadmap. Mr Kelly shared that FINEOS continues to invest
heavily in product R&D. In fact, the company committed to over $100m
to R&D during the past 4 years, which Mr Kelly states greatly
contributed to a sustained and notable period of growth for FINEOS.
Looking across Asia-Pacific, Mr Kelly outlined the current FINEOS
successes in the region including:
6 of the top 10 Life and Health insurers and 3 of the largest
State Government Insurers in Australia use FINEOS
- 100% of Accident Claims in New Zealand are processed on FINEOS
- 6 of the top 10 Life and Health insurers and 3 of the largest
An engaging panel discussed: Change in the Insurance Industry:
Challenges, Opportunities and Unintended Consequences.
Boylan, CTO, FINEOS and David
Fodor, Business Development Manager – Financial Services, Amazon
Web Services, gave a presentation on adopting FINEOS Cloud to
deliver improved digital service and lower total cost of ownership. As
a member of the AWS
partner network, the FINEOS Platform adheres to the AWS
Well-Architected Framework and best practice for security, high
availability, support, costs, and automation on AWS.
In addition to the FINEOS presentations, there were also software
demonstrations which included: FINEOS AdminSuite Policy and Billing,
as well as Customer Rehab within FINEOS Claims, Reporting and Digital
EY were the premier sponsors of the Summit. Andy
Parton, Partner, EY gave a presentation on “A Perfect Storm –
Surfing Big Waves to Successfully Transform”.
Commenting at the conclusion of the Summit, FINEOS CEO, Michael
Kelly said, “This is our first FINEOS Summit in APAC and it has been
a huge success. We have a very strong presence in the region and we knew
the time was right to bring this event to Sydney. It has been a great
opportunity to introduce FINEOS AdminSuite into the market.”
AdminSuite is the first truly component-based core product suite
developed organically and specifically for group, voluntary and
individual life, accident and health. It can be implemented on a phased
component-based basis, to initially address key pain points such as billing,
or it can be implemented as a full core suite in a single instance to
enable insurers to support new business, followed by continual migration
away from legacy systems.
About FINEOS Corporation
FINEOS has over 50 life, accident and health insurance customers
globally; including 6 of the top ten group life and health carriers in
the US and 6 of the top 10 life and health carriers in Australia. With
employees and offices throughout the world, FINEOS continues to scale
rapidly, working with innovative progressive carriers in North America,
Europe, and Asia Pacific.
The FINEOS Platform provides full end to end core claims, billing and
policy administration for group, voluntary and individual business
across life, accident and health. The FINEOS
Platform 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.
353 1 639 9700