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.” (Watch the Opening Video Here)
- Two FINEOS customers, QSuper and the Accident Compensation Corporation (ACC), were awarded FINEOS Innovation and Excellence Awards.
- 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 management software, Providers and Payments.
- Dr 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 of Directors.
- Michael 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
- An engaging panel discussed: Change in the Insurance Industry: Challenges, Opportunities and Unintended Consequences. Participants included:
- Margot Wilson, Director, Underwriting, Service and Claims, AMP
- Neil Borthwick, Head of Claims at Westpac Group
- Peter Fletcher, CTTO, ACC
- David Fodor, Business Development Manager – Financial Services, AWS
- Dr Martin Fahy, CEO, ASFA
- Jonathan 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 management software and Billing system, as well as Customer Rehab within FINEOS Claims, Reporting and Digital Service.
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.”
FINEOS 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, claims, or policy, 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.
