FINEOS was incorporated in 1993 with the clear purpose of putting the customer at the heart of life assurance by creating a modern customer-centric, component-based core system for the global life insurance industry. The company was established as a life insurance IT consulting firm under the brand, Managed Solutions Corporation (MSC), with the intention to bootstrap our way into software development using consulting profits to fund product R&D. MSC’s consulting focus was to help life carriers implement third-party core systems on time and within budget. This foundational project management and consulting competency runs deep in the FINEOS DNA – it is paramount to customer success.
In 1997, we launched Clientwise, a multichannel Enterprise Customer Management system, delivering a “Single View of the Customer” across all channels, integrated with life core systems to enable our clients to understand and serve their customers.
In the year 2000, we rebranded MSC to FINEOS and began our global growth journey. FINEOS ─ meaning Financial (FI) New (NEO) Dawning (EOS). By that time, FINEOS had achieved 100% profitable growth annually since inception, but the dot-com bust by the end of the following year abruptly halted our growth, and we moved rapidly into survival mode. As we contemplated the future during a bleak 2002, we saw claims management as completely underserved in typical policy administration core systems. This became our product focus.
In 2004, we launched our flagship FINEOS Claims product to enable our clients focus on the greatest service of all – the customer care and payments service. FINEOS Claims was developed to support injury, illness and loss claims for group and individual life, accident and health. Around this time, we also established our presence in North America, Australia, and New Zealand.
By 2013, having grown FINEOS Claims to market leadership, our North American research informed us of the need for an end-to-end core system to support group and individual business on a single technology platform. Back then, core systems supported either group business or individual business, but no core system was architected for both variants.
In 2015, together with New York Life Group Benefit Solutions (NYL GBS), we embarked on the development of our “industry standard” FINEOS AdminSuite – our purpose-built, core platform for group, voluntary and individual employee benefits. Absence was growing as a service provided by group benefit carriers, so with guidance from our charter client, NYL GBS, we embraced absence as an integral product within our FINEOS Platform.
On the technology front, we could see cloud computing and SaaS becoming the enterprise software business model, so we developed our new platform as cloud-native on AWS.
In 2016, we raised significant funds from Enterprise Ireland and the European Investment Bank (EIB) to invest in research and development for our new product suite and SaaS platform.
In 2018, we went live with our FINEOS Absence product to support New York Paid Family Leave and followed this in 2019 with our FINEOS Policy and FINEOS Billing products going into production for NYL GBS.
To add further funding power to our growth, in August 2019 we undertook an initial public offering (IPO) on the Australian Stock Exchange (ASX).
We achieved one of our proudest moments with our partners at NYL GBS in 2021 with the successful migration of 6 legacy core systems to FINEOS AdminSuite. Today, NYL GBS manages their $4.1 Billion group insurance portfolio on the FINEOS Platform.
By this time, we also had 8 large US carriers using the FINEOS Platform for integrated disability and absence management (IDAM) and many of our clients were upgrading from our older on-premises version of FINEOS Claims to our FINEOS Platform.
Since 2021, more carriers have been migrating their business from legacy systems to the FINEOS Platform and as we build more customer success, this positive trend of legacy retirement and digital transformation is accelerating.
Today FINEOS stands as the largest core systems provider solely focused on group, voluntary and absence employee benefits, with over 60 clients globally, including 7 of the top 10 US group insurance carriers and many leading multinationals around the world. Our end-to-end purpose-built platform is the first and only proven platform enabling group carriers to transform away from legacy core systems to deliver operational excellence and a modern digital customer experience.
It’s been an incredible journey so far with lots of achievements, lasting relationships, and enjoyable experiences along the way. We survived the dot-com and global financial crises and, most recently, the global pandemic, emerging from each crisis stronger by accelerating change while doubling down on partnering with our clients.
We are on our third-generation technology stack, having started with a three-tier OO architecture using Visual Basic and C++. After the dot-com crash, we redeveloped everything as server-centric in Java. Then, following the global financial crisis, we researched and developed our SaaS FINEOS Platform on AWS.
Truly, the business model for enterprise software has changed from those early days when we were one of the first software vendors to advocate for life carriers to deliver a great customer experience for long-term growth and lasting sustainability.
Over the years we have grown as individuals and as one globally diverse team, raising families, partnering with our clients, and of course, helping them care for their customers – the people who depend on our collective efforts to protect and support them in their moments of need.
FINEOS continues to challenge and innovate on behalf of our clients and their customers. We improve and reinvent how we work to simplify complexity and enhance the customer experience.
Within our employee benefits, life, accident and health industry, advances in technology, access to information and the openness and speed provided by digital engagement have continually reemphasized the critical impact of customer satisfaction. For FINEOS then and now, this means using superior insurance technology to help our clients care for the people they serve.
December 2023
