FINEOS Corporation, the leading core platform for life, accident and health insurance globally announces significant product and operational enhancements to FINEOS AdminSuite, enabling increased product and digital functionality – all delivered in the cloud, powered by AWS. This most recent product release highlights the enriched capabilities of FINEOS AdminSuite with enhanced member functionality, voluntary policy administration, and more integrated disability and absence management. A modern employer portal with APIs was introduced along with an enhanced set of customer APIs to support the broader digital, integrated insurance ecosystem. FINEOS AdminSuite is the only fully integrated core insurance platform including leave management. This release also contains more tightly integrated disability and absence product management, updated state leave laws for MA, WA and NJ as well as federal, state and local COVID-19 related leave laws. FINEOS AdminSuite is the only purpose-built modern Employee Benefits core administration suite which includes support for new and evolving benefits plans and incorporates the industry LDEx Standards.
HR Technology News: TecHRseries Interview with Josh Millet, Founder & CEO at Criteria
“The evolving Employee Benefits market requires insurers to offer a wide portfolio of traditional and new products and many service-based offerings to meet employer needs, including Integrated Disability and Absence Management (IDAM)”
“The evolving Employee Benefits market requires insurers to offer a wide portfolio of traditional and new products and many service-based offerings to meet employer needs, including Integrated Disability and Absence Management (IDAM)” said Michael Kelly, CEO, FINEOS. “Insurers must equip themselves with technology that can support multiple administrative patterns, including full support of IDAM and absence management within the product administration lifecycle. The FINEOS AdminSuite Summer Release provides Employee Benefits carriers with even more functionality, deeper capabilities and the flexibility needed to lead in today’s ever evolving workplace market.”
HR Technology News: TecHRseries Interview with Troy Thibodeau, Chief Marketing Officer, Ascentis
Key FINEOS AdminSuite product updates include:
FINEOS Absence
- New Digital Experience that includes employer portal and APIs, additional customer APIs
- Updated regulatory compliance across NJ TDI and FLI Amendment, and COVID-19 related updates
- MA PFML: Ability for private employer plans to meet or exceed statutory paid family and medical leave plans payment calculations, including Massachusetts and upcoming Connecticut and Oregon PFML laws.
- Robust Integrated Disability and Absence Management (IDAM): Enhancements and efficiencies with integrated disability and paid leave; market-ready employer paid leave functionality.
FINEOS Policy
- Case installation designed for voluntary benefits: accident, critical illness and hospital indemnity
- Robust self-administration functionality to support changes, amendments, and ongoing servicing needs
- Increased eligibility data integrated across FINEOS Platform to support claims adjudication
- Sales & Underwriting API to drive seamless client install and reduced premium leakage
Member Management
- Enrollment validation comparing elections to in-force plan design to ensure accuracy and improved case financials
- LDEx standard support, providing underpinnings for scalable and flexible member data strategy
- Enrollment validation for multiple administrative patterns; self, full, and hybrid
- Digital first member API, enabling customer centricity across multiple products and services
HR Technology News: Business Executives See Improved Prospects for Their Own Companies but Report Little Confidence in U.S. Economy Overall, AICPA Survey Finds