ATLANTA–(BUSINESS WIRE)–FINEOS Corporation (ASX:FCL), the leading core platform for life, accident and health insurance globally today announces significant product and operational enhancements to FINEOS AdminSuite, enabling increased product and digital functionality – all delivered in the cloud, powered by AWS. This most recent product release highlights the enriched capabilities of FINEOS AdminSuite with enhanced member functionality, voluntary policy administration, and more integrated disability and absence management. A modern employer portal with APIs was introduced along with an enhanced set of customer APIs to support the broader digital, integrated insurance ecosystem. FINEOS AdminSuite is the only fully integrated core insurance platform including leave management. This release also contains more tightly integrated disability and absence product management, updated state leave laws for MA, WA and NJ as well as federal, state and local COVID-19 related leave laws. FINEOS AdminSuite is the only purpose-built modern Employee Benefits core administration suite which includes support for new and evolving benefits plans and incorporates the industry LDEx Standards.
“The evolving Employee Benefits market requires insurers to offer a wide portfolio of traditional and new products and many service-based offerings to meet employer needs, including Integrated Disability and Absence Management (IDAM)” said Michael Kelly, CEO, FINEOS. “Insurers must equip themselves with technology that can support multiple administrative patterns, including full support of IDAM and absence management within the product administration lifecycle. The FINEOS AdminSuite Summer Release provides Employee Benefits carriers with even more functionality, deeper capabilities and the flexibility needed to lead in today’s ever evolving workplace market.”
Key FINEOS AdminSuite product updates include:
- New Digital Experience that includes employer portal and APIs, additional customer APIs
- Updated regulatory compliance across NJ TDI and FLI Amendment, and COVID-19 related updates
- MA PFML: Ability for private employer plans to meet or exceed statutory paid family and medical leave plans payment calculations, including Massachusetts and upcoming Connecticut and Oregon PFML laws.
- Robust Integrated Disability and Absence Management (IDAM): Enhancements and efficiencies with integrated disability and paid leave; market-ready employer paid leave functionality.
- Case installation designed for voluntary benefits: accident, critical illness and hospital indemnity
- Robust self-administration functionality to support changes, amendments, and ongoing servicing needs
- Increased eligibility data integrated across FINEOS Platform to support claims adjudication
- Sales & Underwriting API to drive seamless client install and reduced premium leakage
- Enrollment validation comparing elections to in-force plan design to ensure accuracy and improved case financials
- LDEx standard support, providing underpinnings for scalable and flexible member data strategy
- Enrollment validation for multiple administrative patterns; self, full, and hybrid
- Digital first member API, enabling customer centricity across multiple products and services
- Enhanced build and deploy capabilities to update product features quickly and speed to go-to-market strategies for the Insurer
- Create tailored market offerings and new Voluntary product features, leveraging the no-code interface
- New summary billing support for accident, critical illness, and hospital care
- Multi-modal frequencies including 9 and 10 month frequencies
- Self-accounting designed for voluntary marketplace
- Self service capabilities to review member elections
- Member level premium calculation for itemized billing
- Integrated Excel based tool for premium calculation for group life and disability products
- Billing formation, setup and granular organizational levels
- Variance management functionality supporting multiple levels of automation
- New product support: PFL & FMLA ADA billing
- Voluntary policy integration with claims administration
- Increased flexibility for eligibility or census file feed-driven processes
- Eligibility verification enabling claims acceleration, automation and auto-adjudication
About FINEOS Corporation
FINEOS is a leading provider of core systems for life, accident and health insurers globally with 7 of the 10 largest group life and health carriers 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 provides clients full end to end core insurance administration and 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.
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