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FINEOS Gets Nod For IBM Insurance Process Acceleration Framework

FINEOS has been an IBM partner since 2002, during which time both the firms have worked together to deliver claims solutions to the insurance industry

FINEOS Corporation, a provider of enterprise software solutions for insurance, has announced that its software has been validated for the IBM Insurance Process Acceleration (IPA) Framework.

Insurance solutions offered by IBM are built on the IBM Framework that intends to create flexible, responsive companies through the transformation of operational processes. As part of this, IBM has teamed up with major software vendors in the core insurance space. FINEOS, a long established partner of IBM, offers solutions that improve the efficiency of core processes in areas such as claims and new business.

The IBM Insurance Framework offers insurance process solutions and industry-specific software accelerators based on a Smart SOATM platform. It provides companies with an approach that allows them to transform their core processes while also addressing the challenges of complex legacy systems that prolong delivery time, increase project risk and drive high delivery costs. FINEOS has been an IBM partner since 2002 during which time FINEOS and IBM have worked together to deliver claims solutions to the insurance industry.

Michael Kelly, CEO of FINEOS Corporation, said: “Working with IBM and leveraging the full power of SOA enables us to offer total solutions that will help our clients lower costs, increase customer satisfaction, and ultimately improve business agility.”

FINEOS solutions are built on the FINEOS Insurance Platform, a case centric, component-based product platform that delivers core processing against an enterprise business model. The basis of the FINEOS Insurance Platform is the rules-driven FINEOS technical architecture (FINEOS TA) which is web-centric. It is deployed on a JEE-based technology stack with a pre-built data model ensuring that systems can be easily integrated within an existing legacy environment.