Multinational professional services network, Ernst & Young (EY) has announced an alliance between global market leader of core systems for life, accident and health insurers – FINEOS, and Ernst & Young Business Consultants (EY Ireland).
The alliance between the companies will help carriers achieve smart digital transformation, as well as bringing a positive impact across employee benefits value chain, from insurers and employers to employees, while also achieving tangible operational efficiencies.
In a press release, it notes that EY teams have been collaborating with FINEOS on software implementations with a range of life, accident and health insurance carriers with the aim of helping companies realise their transformation journeys through a wide range of technologies and services, from consulting to on-site execution and integration.
In addition, while many insurance carriers currently undertake manual steps that give rise to a host of inefficiencies, there is, however, a growing need for carriers to leverage digital and analytical solutions, while redesigning customer operations and service models.
Therefore, the alliance will provide clients with the technology required to help achieve these transformation goals, as well as helping EY teams to build services around the already successful teams that are currently deploying the FINEOS platform.
Furthermore, FINEOS has built a leading cloud-based end-to-end software-as-a-service (SaaS) core product suite, which covers insurance lifecycle, including quotes, rating and underwriting, absence, claims, policy administration and billing.
EY notes that both FINEOS and EY teams can bring AI and machine learning capabilities, as well as data analytics software through FINEOS Engage, FINEOS Insight and EY Nexus.
EY said: “The industry knowledge and global reach of the EY organization and FINEOS will help clients from around the world to accelerate smart digital transformation. Ultimately, this Alliance will help accelerate innovation and digitization in the employee benefits market.”
Moreover, the alliance has also been extended to the US, with further global expansion planned over time.
Matthias Loh, EY Global FINEOS Alliance Sponsor, says: “The collaboration between the EY organization and FINEOS will help clients optimize the value of their digital transformation efforts. By pairing the FINEOS platform with the consulting capabilities of EY teams, insurance carriers are likely to increase the success rate and the total value they achieve as they construct their future-ready organizations.”
Jason T. Andrew, FINEOS Chief Alliance Officer, says: “As the global life, accident and health insurance market continues to rapidly transform, this new alliance with the EY organization brings added business and technology experience and systems integration capabilities to help clients achieve their objectives. As FINEOS continues to proactively invest in new product and growth plans, we want to ensure that our clients have access to the market support and system integration knowledge that’s essential to their transformation plans.
“With implementations in progress around FINEOS New Business & Underwriting, FINEOS Claims and FINEOS Absence, this announcement emboldens our commitment to forging strategic alliances to better support our clients’ digital transformation efforts.”
