Everest Group evaluated FINEOS and its competitors on scale of operations, scope, technology and innovation, delivery footprint, and buyer satisfaction, in addition to revenue, number of clients and year-over-year growth. The comparative research included customer reference interviews.
“Significant market success for its claims and absence management solutions, and investments in building a robust API library for data transfer across employer portals and enterprise systems have helped FINEOS garner mindshare with group life insurers,” said Vigitesh Tewary, Practice Director, Everest Group.
Leaders identified by Everest Group have proven capabilities, wide acceptance and an extensive footprint in North America. With this designation, FINEOS has differentiated itself with its industry experience, extensive support for group and voluntary benefits products, and proactive investment to maximize its value proposition through partnerships and alliances.
“Recent acquisitions to enhance coverage across quoting, rating, and underwriting business functions; focused investments to bolster AI/ML capabilities, and user persona-specific messaging and offerings to deliver superior digital experience have helped FINEOS earn a Leader recognition on Everest Group’s inaugural Policy Administration Systems (PAS) Products PEAK Matrix Assessment 2023 – North America,” Tewary continued.
“In the wake of our ground-breaking case study on how FINEOS replaced six legacy systems with the FINEOS Platform, this recognition underscores how FINEOS continues to lead North American insurers to become future-ready with core, digital and data solutions,” said FINEOS CEO Michael Kelly. “Everest Group called out the strength of FINEOS claims and absence management, our robust APIs and our critical investment in new business and underwriting, AI/machine learning and automation, which keep us at the front of the pack. Our relationships with our customers are the bedrock of solving problems for them, so knowing that their feedback was part of this critical evaluation is especially gratifying.”
Read a licensed excerpt of the PEAK Matrix® Assessment.
The placement of FINEOS as a Leader in the inaugural PEAK Matrix® Assessment of group and life policy administration systems for North America comes on the heels of another exclusive positioning. Last week, FINEOS announced that Aite-Novarica Group placed the company in the select tier of group core system vendors with over 20 clients in its 2023 Impact Report.
About FINEOS Corporation
FINEOS is a leading provider of core systems for life, accident and health insurers globally with 7 of the 10 largest employee benefits insurers in the U.S. as well as a 70% market share of group insurance in Australia. With employees and offices throughout the world, FINEOS continues to work with innovative, progressive insurers in North America, Europe, and Asia Pacific.
For more information, visit www.FINEOS.com