Ernst & Young Business Consultants (EY Ireland) and FINEOS have formed an alliance to support digital transformation of insurance carriers.
The tie-up is also aimed at positively impacting the entire employee benefits value chain from insurers and employers to employees, while achieving operational efficiencies.
EY and FINEOS have been working together on software implementation for insurance carriers operating in life, accident, and health insurance space.
EY stated that manual processes in the employee benefits space result in several inefficiencies, which can be resolved using digital and analytical solutions.
The partnership will provide insurance carriers with the required solutions for digital transformation and allow EY teams to build services.
Additionally, FINEOS offers a cloud-based end-to-end software-as-a-service (SaaS) core product suite, which supports the entire insurance lifecycle, including quotes, underwriting, claims, administration and billing.
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EY Global FINEOS alliance sponsor Matthias Loh said: “The collaboration between the EY organisation and FINEOS will help clients optimise the value of their digital transformation efforts. By pairing the FINEOS platform with the consulting capabilities of EY teams, insurance carriers are likely to increase the success rate and the total value they achieve as they construct their future-ready organisations.”
The firms extended their partnership to the US and plan a global expansion gradually.
FINEOS CEO and founder Michael Kelly said: “As FINEOS continues to proactively invest in new product and growth plans, we want to ensure that our clients have access to the market support and system integration knowledge that’s essential to their transformation plans.
“With implementations in progress around FINEOS New Business & Underwriting, FINEOS Claims and FINEOS Absence, this announcement emboldens our commitment to forging strategic alliances to better support our clients’ digital transformation efforts.”
Last year, EY UK joined forces with Fadata to aid insurers in driving business performance.