Partners Life selects FINEOS Platform for claims management

Irish insurtech company FINEOS said that the FINEOS Platform has been selected by Kiwi health and life insurer Partners Life for processing life insurance and medical claims.

According to FINEOS, the SaaS contract has an initial term of five years.

Tracey Lonergan – Partners Life Chief Claims Officer said: “Claims service is at the core of Partners Life’s business and so when we looked for a credible provider it was important that the provider had the capability, experience and infrastructure to deliver and support a Claims Management System that would integrate into the Partners Life ecosystem.

“Also important to us was that the selected vendor come with a strong record of successful implementations and strong support of its Claims Management System within the New Zealand and Australian life and health insurance industry. FINEOS met these requirements.”

The partnership between the firms will bring about changes centered on the replacement of existing claims systems and processes with a differentiated value proposition.

This will provide significant operational benefits like efficient, integrated and automated workflow processes and also accurate claims covering life, trauma, TPD, medical products, and income protection.

The FINEOS Platform caters to the global life, accident and health market with its SaaS end to end core solution.

Partners Life selects FINEOS Platform for claims management. Photo courtesy of Adam Radosavljevic from Pixabay.

Michael Kelly – CEO of FINEOS said: “The FINEOS Platform includes a market tested, pre-configured pack for the region known as LISA (Life Insurance Solutions Australasia).

“This is an exciting project for us in New Zealand and we look forward to a fast and smooth system implementation to enable the benefits of using FINEOS as early as possible thereby delivering a high-level service to its customers and independent financial advisers across New Zealand.”

Michael Kelly further said that the key to the solution is the rich functionality that underlies FINEOS AdminSuite, FINEOS Insight, and FINEOS Engage, which are a common set of capabilities that include workflow, customer management, rules engine, no-code/low-code configuration tools, a standardized API connection, and an AWS powered cloud environment.

In late 2020, Partners Life signed a deal worth NZD 290 million ($206.45 million) to acquire BNZ Life, the life insurance business of National Australia Bank (NAB) in New Zealand.