Many insurance carriers are operating computer systems that were built decades ago to administer and manage employee benefits. Over the years, they have augmented those systems, creating patchworks of software with homegrown code written to address each new need as it arose.
Despite the integration of new software to extend their information technology (IT) capabilities, the disparate technologies operate with fractured processes that harm customer (employee) experiences. Many of the legacy systems now contain gaps and redundancies.
Today, carriers continue to nurse those legacy systems, but it is costly. The systems in their current state are far from elegant, and they are approaching obsolescence.
Group and voluntary policy providers need to catch the insurtech wave to solve this problem by upgrading and modernizing their technology with an open, cloud solution. They will benefit most by adopting purpose-built technology that can weather market changes.
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 core administration capabilities including integrated disability and absence management (IDAM), billing, claims, payments, policy administration, provider management and new business and underwriting; all of which are configurable to operate independently or as FINEOS AdminSuite – the leading Employee Benefits end-to-end core administration suite.
