FINEOS Corporation (ASX:FCL), the leading core platform for life, accident and health insurance globally, is delighted to announce today it has signed a new license agreement with a Tier 1 U.S. Insurer for the FINEOS Platform to support IDAM in the cloud for their Employee Benefits division.
The contract has an initial 5-year term and all the revenue associated with the contract for FY20 has been incorporated in the current forecasts, as previously communicated to the market on 16 December.
FINEOS CEO Michael Kelly said: “We are delighted to have this leading multi-national insurance carrier selecting our FINEOS Platform to support their Employee Benefits. The Employee Benefits industry is experiencing enormous change in support of the modern and flexible benefits employers want for their employees today. The FINEOS Platform is designed specifically to support the group and voluntary benefits insurance industry, with absence management being a fully integrated part of our overall core solution. We are uniquely positioned to support insurance carriers in this industry to deliver great digital customer experience and overall operational efficiency. By implementing the FINEOS Platform in support of their IDAM needs, our new customer will be strongly positioned to serve employers and employees and we will help to ensure they can keep pace with future advances in technology and regulatory changes.”
This new customer further strengthens the FINEOS market position in the U.S. – 7 of the top 10 group life and health carriers have selected FINEOS.
This notice has been authorized for provision to the ASX by the Company’s CEO.
About FINEOS Corporation
FINEOS is a leading provider of core systems for life, accident and health insurers globally with 7 of the 10 largest group life and health carriers in the US as well as 6 of the largest life insurers in Australia. 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