banking and insurance software, has just announced the general release of
version 4.0 of FINEOS Life(tm), its enterprise front to back office system
designed to optimise the sales, servicing and product management processes
of life insurance companies.
This new release of FINEOS Life represents the first in a series of specific
line-of-business solution launches that was recently announced with the
unveiling of FINEOS 4.0(tm), the company's new enterprise platform for
banking and insurance. The other vertical solution sets include FINEOS
Pensions, FINEOS Insure, FINEOS Banking, FINEOS Lending and FINEOS Employee
Benefits, which will be individually rolled out over the coming months.
FINEOS Life incorporates the following pre-integrated product components,
which can be deployed individually or combined together as a complete
- Front Office, specific productised full-cycle support for claims, renewals and new business for group and individual business as well as generic functionality for single view of the customer, case management,
campaign management, imaging and document management
- Portals, a family of user-specific portals for remotely based staff, customers and intermediaries
- Back Office, a set of full-cycle contract management applications,
including support for product development, commissions, premium collections,
quotations, unit accounting and funds management
- Integrators, a set of pre-packaged integrators for back office life
As the world's first complete front-to-back solution, FINEOS Life provides for integrated customer management, workflow automation and rapid product development and maintenance capacity. This covers the design, development and administration of a broad range of life and investment products, including new business, underwriting, alterations and terminations, as well as incorporating sales, servicing and marketing automation in the front office.
The FINEOS Life product set enables clients to migrate from their old, legacy systems to a modern, multi-channel business environment. In this paradigm, where their businesses are integrated from the front to the back office and across all channels, they can enjoy the benefits of reduced unit overheads, greater flexibility and increased responsiveness to market changes.
Commenting on the launch, Michael Kelly, CEO, FINEOS, said: "The sales,
servicing and administration of life assurance is a complex business. Life
companies require software solutions that meet their specific requirements. For too long, IT projects for life companies have suffered because of the lack of expertise of their software vendor. Too often, IT systems were shoehorned into operation after expensive, time-consuming customisation. The ability of a specialised solution offering such as FINEOS Life to deliver proven return on investment will appeal to any life insurance CIO. That's why we've packaged our software to address the life assurance market specifically."
FINEOS Life is particularly targeted at the European life insurance administration system market. According to analysts Datamonitor, the market for replacement of policy administration legacy systems in Europe generated $3,588 million in 2002, a figure that is set to increase at a compound annual growth rate (CAGR) of 4.6% up to 2004.
An earlier version of FINEOS Life has been live at Allianz Nederland for over a year, providing sales and service functionality as well as a flexible product development factory and policy management capacity. The Dutch insurer subsequently received Money magazine's "Financial Product of the Year" award for a new life and pensions product launched with FINEOS Life.