EY and FINEOS form a strategic alliance to accelerate the intelligent digital transformation of life, accident and health insurers

  • Supports intelligent digital transformation on a large scale

  • Realizes tangible operational efficiencies using innovative technology

  • Accelerate opportunities for new business models while increasing capabilities

LondonAnd May 22 2022 /PRNewswire/ – EY today announced an alliance between FINEOS – the global market leader for life, accident and health insurance platforms – and Ernst & Young Business Consultants (EY Ireland). The alliance will help carriers achieve intelligent digital transformation. In addition, it will make a positive impact across the employee benefits value chain, from insurers and employers to employees, while achieving tangible operational efficiencies. The alliance also extended to the United States, with further global expansion planned over time.

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EY – Building a better world of work (PRNewsFoto/EY) (PRNewsfoto/EY) (PRNewsfoto/EY)

EY teams with FINEOS implement programs with a range of life, accident and health insurance companies with the goal of helping companies achieve their transformation journeys through a wide range of technologies and services – from consulting to implementation and on-site integration.

The need to digitize the employee benefit space

Many insurance companies are now taking manual steps that lead to the emergence of a host of inefficiencies. Therefore, there is a growing need for carriers to take advantage of digital and analytics solutions, while redesigning customer processes and service models.

The alliance provides customers with the technology needed to help achieve these transformation goals. It will also help EY teams build services around already successful teams deploying the FINEOS platform. In addition, FINEOS has built a core cloud-based suite of software as a service (SaaS) products, covering the insurance lifecycle, including quotes, ratings, underwriting, absences, claims, policy management and billing. FINEOS and EY teams can bring artificial intelligence (AI) and machine learning capabilities, as well as data analysis software through them FINEOS EngageAnd Venus Insight And EY Nexus.

The industry knowledge and global reach of EY and FINEOS will help clients around the world accelerate intelligent digital transformation. Ultimately, this alliance will help accelerate innovation and digitization in the employee benefits market.

Matthias LuoEY Global FINEOS Alliance sponsor says:
“The collaboration between the EY Foundation and FINEOS will help clients improve the value of their digital transformation efforts. By pairing the FINEOS platform with the advisory capabilities of EY teams, insurers are likely to increase the success rate and the overall value they achieve. They build their future-ready organizations.”

Jason T AndrewCEO of the FINEOS Alliance, says:
“As the global life, health and health insurance market continues to rapidly transform, this new alliance with EY brings additional business and technical expertise and system integration capabilities to help clients achieve their goals. As FINEOS continues to proactively invest in new product and growth plans, We want to ensure our customers have the market support and system integration knowledge that is essential to their transformation plans. With ongoing implementations around new FINEOS business and underwriting, FINEOS claims and the absence of FINEOS, this announcement reinforces our commitment to forging strategic alliances to better support our clients’ digital transformation efforts.”

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About EY

EY exists to build a better world of work, helping to create long-term value for customers, people and society and building trust in capital markets.

With data and technology, EY’s diverse teams in more than 150 countries provide trust through assurance and help customers grow, transform, and operate.

Working across assurance, advisory, law, strategy, tax and transaction, EY teams ask better questions to find new answers to the complex issues facing our world today.

EY refers to the global organization, and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a British company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation is available at ey.com/privacy. EY member firms do not practice law if local laws are prohibited. For more information about our organization, please visit ey.com.

This press release was issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.

ABOUT FINEOS

FINEOS is the leading platform provider for life, accident, and health insurance companies globally with 7 of the 10 largest employee benefit insurers in the United States as well as 6 of the largest life insurers in the world. Australia. With employees and offices around the world, FINEOS continues to expand rapidly, working with innovative and advanced insurance companies in North AmaricaAnd EuropeAnd Asia Pacific.

The THE FINEOS PLATFORM It is the only SaaS insurance solution designed specifically for the life, accident and health market. The FINEOS AdminSuite Provides industry-leading capabilities across core management including absence management, billing, claims, payments, policy management, provider management, new business and underwriting; They are all configurable to operate independently or as a single suite. Enable machine learning FINEOS Engage The solution provides powerful digital engagement paths first for people and Venus Insight The solution provides predictive analytics and reporting across businesses.

For more information visit www.FINEOS.com.

Eric Minuskin
EY . Global Media Relations
+1 908770 9758
eric.j.minuskin@ey.com

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SOURCE EY