APL invests in FINEOS platform to streamline legacy systems
FINEOS Corporation has announced its new partnership with American Public Life (APL) Insurance Company, which has invested in the platform for eight lines of business.
APL, a leading provider of supplemental worksite benefits, is hoping the move will streamline the customer experience and enhance core services that have previously been reliant on manual legacy systems for its quoting, rating and underwriting processes.
Founded in 1945, APL is one of the leading insurance providers in the US. The company has offices in Jackson, MS and Oklahoma City. APL is also licensed to conduct business in 49 states with sales through select independent brokers.
APL legacy systems
APL’s CEO and President, Jerry Horton, explained, “By leveraging the FINEO S Platform, we’ll be able to improve user experience with a powerful core system that automates processes which have historically been manual for us.”
He continued, “This partnership will enable us to speed up quote turnaround time, improve accuracy, and reduce risk to drive our organization’s growth and strategic innovation. Our customers will benefit from better service because of our decision to move from on-prem legacy systems to the cloud-based FINEOS Platform.”
For FINEOS, the new deal comes after 12 months of stratospheric success, with 10 major carrier clients going live with eight new installations and seven upgrades of the FINEOS Platform for Employee Benefits.
The company is a leading provider of core systems for life, accident and health insurers globally with seven of the 10 largest group life and health carriers in the US as well as six of the largest life insurers in Australia.
APL digital transformation
APL has been investigating ways in which it can improve operational efficiency for some time. The investment comes as APL prepares to roll out three new product lines which they will license via the FINEOS Platform, along with five existing lines of business.
Additionally, the cloud-based FINEOS Platform for New Business & Underwriting automates workflows and decision-making throughout the quoting lifecycle, from request for proposal intake to policy implementation.
The platform’s ultra-cutting-edge API service layers offer a streamlined integration with legacy systems and third-party ecosystems.
Speaking about the news, Michael Kelly, COE at FINEOS, said, “We’re thrilled about this partnership with APL and look forward to supporting them in achieving their organizational goals.”
He added, “With the FINEOS Platform for New Business & Underwriting, APL will be able to provide a superior digital user experience at every touchpoint of their quoting, rating and underwriting processes.”