FINEOS and Ernst & Young Business Consultants have announced an alliance (EY Ireland). The Alliance will support intelligent digital transformation for insurers. Furthermore, it will positively impact the entire employee benefits value chain, from insurers to employers to employees, while also achieving tangible operational efficiencies. The Alliance has also been expanded to include the United States, with further global expansion planned.
FINEOS is a global market leader in core life, accident, and health insurance systems. EY teams have worked with FINEOS on software implementations with different life, accident, and health insurance carriers. The goal of assisting these companies is to realize their transformation journeys through multiple technologies and services ranging from consulting to on-site execution and integration.
Many insurance companies currently use manual processes, which create a slew of inefficiencies. As a result, carriers are increasingly required to influence digital and analytical solutions while redesigning customer operations and service models.
The Alliance provides clients with the technology they need to achieve their transformation objectives. It will also assist EY teams in developing services around the already successful teams deploying the FINEOS Platform. FINEOS has also developed a leading cloud-based end-to-end software-as-a-service (SaaS) core product suite covering the insurance lifecycle, including rating and underwriting, quotes, claims, absence, billing, and policy administration. Through FINEOS Insight, FINEOS Engage, and EY Nexus, FINEOS and EY teams can bring artificial intelligence (AI) and machine learning capabilities and data analytics software.
The industry knowledge and global reach of the EY organization and FINEOS will assist clients worldwide in accelerating smart digital transformation. Finally, this Alliance will aid in the acceleration of innovation and digitization in the employee benefits market.
The collaboration between EY and FINEOS will assist clients in maximizing the value of their digital transformation efforts. Insurance carriers are likely to increase their success rate and total value as they build future-ready organizations by combining the FINEOS Platform with the consulting capabilities of EY teams."
Matthias Loh, the EY Global FINEOS Alliance Sponsor.
As the global life, accident, and health insurance market continues to evolve at a rapid pace, this new alliance with the EY organization brings additional business and technology experience, as well as systems integration capabilities, to assist clients in achieving their goals. As FINEOS continues to invest proactively in new products and growth plans, we want to ensure that our clients access the market support and system integration knowledge required for their transformation plans. With FINEOS New Business & Underwriting, FINEOS Claims, and FINEOS Absence implementations underway, this announcement reinforces our commitment to forging strategic alliances to better support our clients' digital transformation efforts."
FINEOS CEO and Founder Michael Kelly.