FINEOS Corporation (ASX:FCL), the market-leading provider of group and individual core systems for life, accident and health insurance, today announced that it has executed a Heads of Agreement (HoA) with QInsure, a wholly owned subsidiary of the QSuper Group, one of Australia’s largest and most respected superannuation funds, which signals the intent to upgrade QInsure’s FINEOS Claims system to the FINEOS Claims SaaS edition on the FINEOS Platform, powered by AWS.
QInsure implemented and went live with FINEOS Claims in September 2019, which successfully delivered member-centric claims outcomes via improved, integrated and automated processes and workflow for claims covering life, Total and Permanent Disability (TPD) and Income Protection. Key highlights of the program included automatic payment calculations and the FINEOS Financial Services Council (FSC) Code of Practice business content that help case managers deliver on the insurance promise and meet regulatory obligations.
Speaking about the relationship, CEO of QInsure, Phil Fraser said, "Our partnership with FINEOS continues to grow and we are realising benefits from the FINEOS Claims system, including streamlined claims processes which enables our Claim Managers to focus on providing excellent outcomes to QSuper members. We are excited to continue our partnership with FINEOS to help support our organisation agility, digital customer experience and our service excellence."
Mr Fraser added "While our partnership with FINEOS is relatively new, they have proven to be a reliable and valued partner. We will be working closely with FINEOS under this HoA to ensure APRA (the Australian Prudential Regulation Authority) is supportive of our approach."
Michael Kelly, CEO, FINEOS concluded, "QInsure is a fantastic company to be in partnership with given their strong commitment to always doing the best by their members. We are excited about the next phase of our partnership with one of the most respected funds in Australia. The move to the FINEOS Platform is an exciting opportunity for FINEOS and our clients in the Australian and New Zealand region. Supporting this transition is a key strategic objective for FINEOS. Our North American clients have already adopted our SaaS based FINEOS Platform solutions over the past 3-4 years and we have been a ‘cloud only’ SaaS vendor in the US and Canada for over 3 years now."
Last year FINEOS achieved record new sales of core solutions on the FINEOS Platform and we are seeing widespread interest in cloud solutions in Australia and New Zealand today. Covid-19 has accelerated Digital Transformation within the life, accident and health industry and carriers want to move to cloud computing in support of having flexible, modern business models which support working, buying and obtaining customer service that can be achieved from anywhere.
Over the past 6 years FINEOS has invested over €100m in R&D to develop FINEOS AdminSuite, an end-to-end SaaS core administration system for life, accident and health, including policy, billing and claims management. FINEOS listed on the ASX in 2019, and in August 2020 FINEOS acquired Limelight, a Silicon Valley SaaS provider of Quote, Underwrite and Rating software to the group and voluntary employee benefits industry in the US.
FINEOS enjoys established, trusted relationships with some of the largest and most respected carriers across the ANZ region. We pride ourselves on a very strong local team that has an enviable delivery and client support track record, and we are delighted to continue to work in partnership with QInsure."
About FINEOS Corporation Limited
FINEOS is a leading provider of core systems for life, accident and health insurers globally with 6 of the largest life insurers in Australia as well as 7 of the 10 largest group life and health carriers in the US. With employees and offices throughout the world, FINEOS continues to scale rapidly, working with innovative progressive insurers in North America, Europe, and Asia Pacific.
The FINEOS Platform provides clients full end to end core insurance administration and includes the FINEOS AdminSuite core product suite as well as add-on products, FINEOS Engage to support digital engagement and FINEOS Insight for analytics and reporting.
For more information, visit www.FINEOS.com
QInsure was established to exclusively provide Group Life Insurance policies for QSuper, so life insurance benefits can be provided to QSuper members as part of their superannuation membership.
QInsure, the first insurance company set up by a superannuation fund in Australia, was established on 29 July 2015 as a wholly owned subsidiary of QSuper Limited and commenced issuing life insurance policies from 1 July 2016. The company has ASFL and APRA licenses to operate as an insurance company, as well as an independent Board of Directors and Executive Leadership Team.
QSuper started with an Act of Parliament in 1912 creating the entity now known as the QSuper Group.
Over time, QSuper expanded to become the superannuation fund for all current and former Queensland public sector employees and their spouses and is now Queensland’s largest super fund and one of the largest in Australia. QSuper has grown its range of products and services, with its customer base is now numbering more than 585,000 with over $113 billion in funds under administration.
With the passing of legislation in 2016 that removed the restrictions on who is eligible to join the Fund, from 1 July 2017 QSuper was able to welcome more Australians to experience the QSuper feeling.
For more information, visit https://qsuper.qld.gov.au/
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