Adam Edwards (FINEOS)
Partners Life has become the first life and health insurance company in New Zealand to go live on the FINEOS SaaS platform.
The purpose-built platform for life, accident and health insurers promises improved risk controls and claims management workflow covering life, disability, trauma, income protection and medical products.
The platform includes a pre-configured business and regulatory content pack for the region known as FINEOS LISA (life insurance solutions Australasia).
The launch is the first stage of the company's claims transformation, with medical claims debuting on the platform later this year. It also lays the foundation for the final stage where Partners Life clients will have access to digital self-service.
“FINEOS has proven to be the strong partner within the New Zealand and Australian life and health insurance industry we needed,” said Daniel Walker, chief of operations at Partners Life.
“Our clients, who are already managing health difficulties, will have an easier time accessing their benefits because of our digital transformation, and our employees are able to dedicate more time to helping them because of the benefits of automation brought by FINEOS.”
Key to the solution is an underlying common set of capabilities including workflow, rules engine, customer management, no-code/low-code configuration tools, a standardised API connection and the cloud environment powered by AWS.
Adam Edwards, APAC product manager at ASX-listed but Dublin-based FINEOS, said Partners Life saw the direction the voluntary benefits industry was going and put itself ahead by investing in a cloud-based core solution.
“It is exciting for FINEOS to deepen our engagement in the region, which dates back almost 20 years and involves six of the largest life insurers in Australia.
In February, FINEOS told investors revenue was expected to be between €125M and €130M (NZ$202M to $210M) off annualised subscription growth of around 30 per cent for the year to the end of June 2022.
