Dublin/London, 30th April 2003 - FINEOS Corporation, a leading innovator of banking and insurance software, has just announced the general release of FINEOS 4.0(tm), its line-of-business software suite of front and back office solutions designed to optimise the sales, servicing and product management processes of financial services organisations.
FINEOS 4.0 arranges the company's complete product portfolio into six industry-specific pre-packaged solutions that have enhanced functionality in customer, case, contract and work management. The six solutions include FINEOS Life, FINEOS Pensions, FINEOS Insure, FINEOS Banking, FINEOS Lending and, specially packaged for the North American insurance industry, FINEOS Employee Benefits. Each vertical solution area will be rolled out in a phased approach over the coming months.
With FINEOS 4.0, each line-of-business area is divided into separate Front Office and Back Office component software suites that can be deployed individually (e.g. FINEOS Life Front Office), or combined together as a complete enterprise-wide solution.
FINEOS Front Office(tm) is the FINEOS suite of highly integrated application modules and internet portals that deliver enterprise-wide customer relationship management (CRM) and straight through processing (STP). Version 4.0 enhancements in Front Office functionality provides for greater workflow automation, process engineering, and case management, addressing the following key functional areas:
- 360-degree sales lead management, distribution and follow-up
- Complete support for renewals and new business for group and
- individual business
- Automated underwriting decision-making
- Full-cycle support for claims, redemptions and maturities
FINEOS Back Office(tm) is the FINEOS suite of full-lifecycle contract management applications. Release 4.0 includes a number of significant enhancements to FINEOS Life, particularly the contract administration functionality, as well as the release of the company's Intelligent Event Engine for the delivery of event-based business transaction processing for each of its lines of business.
Significantly, version 4.0 Front Office components are now fully thin-client, allowing multi-channel, multi-location product fulfilment processes to be seamlessly integrated by providing appropriate, user-specific remote support for customers, intermediaries, and field staff. The company's complete range of portals can be deployed with or without a commercial portal server such as IBM Websphere Portal Server, allowing FINEOS customers to make their own decisions based on functionality and cost requirements.
Commenting on the launch, Michael Kelly, CEO, FINEOS, said: "The market has finally realised again that software solutions should be developed and delivered to suit specific vertical lines of business. There has been a move away from trying to make generic industry products fit specific vertical businesses by over customisation. The real benefit of the FINEOS 4.0 product suite is that it enables clients to avail of specific front and back office functionality specifically designed and tailored for their line of business. And because each solution is developed with a product focus, it provides clients with a lower cost of ownership as well as significant strategic benefit for ongoing solution evolution. Already, FINEOS products have been proven to enable clients to provide products and services faster, more effectively, more efficiently, and in a way that addresses the wide range of customer needs and preferences with a demonstrated return on investment."