Partners Life, one of the leading private life and health insurance companies in New Zealand, has recently achieved a significant milestone by successfully launching medical claims on the FINEOS Platform. This cloud-native and purpose-built platform enables Partners Life to revolutionize claims processing, enhance customer experience, and minimize claims leakage for its base of 300,000 Kiwis.
Background on Partners Life
In just over a decade, Partners Life has experienced remarkable growth, evolving from a startup to an award-winning market leader. Recognizing the need for digital transformation to meet customer expectations more effectively, the company sought to partner with a technology solution provider offering a modern, cloud-based claims system.
Implementation of the FINEOS Platform
To facilitate this digital transformation, Partners Life made the decision to replace its legacy system with the FINEOS Platform. Last year, Partners Life became the first life insurance company in New Zealand to go live on the FINEOS Platform, implementing FINEOS Claims for life, total and permanent disability (TPD), trauma, and income protection.
Expansion on Medical Claims
Building on the initial success with FINEOS Claims, Partners Life completed the second phase of its digital transformation project this year. This involved integrating the component-based capabilities of FINEOS AdminSuite and FINEOS Life Insurance Solution Australasia (LISA) to handle medical claims. FINEOS LISA was custom-configured to address the unique value proposition of the regional market, while ensuring compliance with customer needs and regulations. This tailored solution allows Partners Life to streamline the claims process, harness automation, and provide an improved digital experience for its customers and employees.
Benefits and Impact
The implementation of the FINEOS Platform for medical claims brings numerous benefits to Partners Life and its stakeholders. The move to the cloud-native platform ensures enhanced claims processing, reducing the chances of claims leakage and simplifying the overall claims experience. This modernization speeds up the claims process, ultimately providing better service to customers in their time of need. Partners Life employees and customers are already reaping the rewards of this significant shift in operations. Automation enables case managers to focus on what they do best: supporting clients who require assistance. The company’s operations have become more efficient, and this foundational improvement paves the way for further enhancements in the digital experience offered to policyholders.
Conclusion and Future Steps
Partners Life’s successful integration of medical claims on the FINEOS Platform reinforces its commitment to leveraging innovative technologies to better serve its customers. The implementation of FINEOS LISA, specifically tailored to address the market’s unique requirements, demonstrates the platform’s versatility and ability to effectively handle medical claims. Moving forward, Partners Life plans to build on this digital transformation to further refine and improve its clients’ digital experience. The success of the FINEOS Platform in managing medical claims serves as a testament to its capabilities and opens up new opportunities for Partners Life to strengthen its position as a market leader in the insurance industry.