FINEOS Policy Datasheet

FINEOS Policy offers the most comprehensive policy administration software solution in the industry. Life, Accident and Health insurance products and policies are supported at both the group and member level. Digitally-optimized, fully configurable modules are architected to provide customer-centric views, enable self-service and ensure superior service delivery.

FINEOS Policy Administration Software

Key Features:

Pre-built configurable templates for rapid product and plan setup and conversion.
Fully-integrated, modularized functionality tailored to the organization’s business model.
Highly visual navigation tools to speed service delivery and reduce errors.
Integrated workflows, streamlined communications and automated calculations.
Consolidated views of product and policy information with full version and transaction history.
Fully-configurable tools to accelerate implementation and integration with other functions and applications.

OUTCOMES

Increased Customer Satisfaction:

New products and business processes achieved with minimal programming.
Improved speed to market and increased competitive advantage with faster implementation of new products and policy features.
Reduced frustration and time from having to work with multiple, fragmented systems and business processes.
Customer inquiries resolved and changes processed faster through self-service portals.

Reduced Costs and Risks:

Reduced cost, time and errors associated with manual business processes and calculations.
Costs and time associated with entering and storing data in multiple systems is reduced or eliminated.
Reduced risk through automated regulatory compliance, embedded security and a unified data archive.

Improved Operational Efficiency and Effectiveness:

Integrated Policy Book of Record to automate claims adjudication.
Customer-centric views of policy information and transaction history across departments enable faster service delivery.
Role-based portals provide a consistent, integrated customer service experience and support flexible organization structures and business models.
Shared central premium and coverage calculation module ensures consistency and reduces errors.
Streamlined workflows with highly visual, intelligent navigation and embedded help simplify the complexity of policy admin system revisions, including retroactive policy change.

Purpose-Built and Digitally Optimized for Policy Administration

User Experience:

Accelerate new employer on-boarding product and policy setup through pre-built templates.
Increase productivity through easy-to-navigate, highly visual, intelligent workflows.
Resolve service inquiries faster with a single view of customer inquiries and cross-departmental interactions over time.
Improve accuracy with automated coverage and premium calculations, rule-based validity and in-context help.
Generate policy revisions and amendments faster with self-service portals for scheduled and unscheduled policy lifecycle events.

Policy Administration:

Manage one book of record for product catalog, policy administration, and claims management software.
Leverage one policy setup to drive all downstream systems and operations.
Unify all policy administration transactions under a single system.
Simplify case and policy setup and revisions with integrated workflows, automated calculations and communications, and receive enhanced view of consolidated policy history.
Utilize maximum flexibility with carrier-configured product and plan eligibility rules.
Leverage a central policy calendar with auto-task generation for scheduled policy lifecycle events.
Streamline product governance with product versioning tools and integrated search.

Technology:

Open architecture with out-of-the-box accelerators to facilitate implementation, including data migration, third-party APIs and a suite of modern SaaS applications.
Architected to run as a standalone solution or as part of an integrated cloud-based platform, including SaaS.
Highly-configurable, scalable platform to accelerate growth and innovation.
State-of-the-art, integrated, component-based APIs to support transactions and customer interactions throughout the entire policy lifecycle.
Trusted and compliant platform to support the most stringent security and regulatory requirements.

The FINEOS Policy Administration System is supported by the FINEOS Platform which is purpose-built for the Life, Accident and Health industry and the Employee Benefits market to seamlessly support insurers, employers, and employees on their insurance journeys. It is deployed as an end-to-end core solution or as components for incremental transformation on secure, scalable SaaS cloud technology.

The FINEOS Platform is purpose-built for the Life, Accident and Health industry and the Employee Benefits market to seamlessly support insurers, employers, and employees on their insurance journeys. It is deployed as an end-to-end core solution or as components for incremental transformation on secure, scalable SaaS cloud technology.