Partners Life, one of the largest life and health insurers in New Zealand, has turned to FINEOS to kick off its plans for digital transformation, beginning with the transition to the cloud-native purpose-built FINEOS Platform.
The partnership enabled the company, founded in 2011, to elevate its claims processing capabilities, reduce claims leakage and enhance the overall user experience for the benefit of 300,000 policyholders.
In early 2022, Partners Life became the first life insurance company in New Zealand to go live on the FINEOS Platform. This involved replacing its legacy system with FINEOS Claims, which covered various insurance types, including life, total and permanent disability (TPD), trauma, and income protection.
The second phase of the transformative project, which concluded this year, introduced the component-based functionalities of FINEOS AdminSuite to handle medical claims at Partners Life. FINEOS Life Insurance Solution Australasia (LISA) enabled this integration, as it was tailor-made to align with the unique value proposition of the regional market while meeting customer needs and complying with regulatory requirements.
In New Zealand, residents have access to a public healthcare system for emergency care. However, many opt to purchase private insurance to cover additional expenses and reduce wait times for non-emergency hospital treatments.
Daniel Walker, Partners Life chief operating officer, commented on the positive impact of these changes on both employees and customers: “Automation allows our case managers to do what they do best: help our clients who need them. Our operations are more efficient, and we will build on these steps to improve our clients’ digital experience.”
While Michael Kelly, FINEOS founder and CEO, praised Partners Life for its long-term vision and systematic approach to transformation. “FINEOS LISA was configured to address this market, and we are pleased to be able to prove how its capabilities translate to medical claims,” he added.
Partners Life’s journey
With the FINEOS Platform in place, the insurer plans to revisit its plans for digital transformation, which include integrating a claims rules engine, implementing a digital lodgement solution, and creating a customer portal. The goal is to enhance the overall customer experience, delivering greater value to policyholders.
Partners Life also solidified its position in the market with the acquisition of BNZ Life Insurance in October 2022. By leveraging FINEOS Claims, Partners Life seamlessly scaled up its operations and smoothly integrated retail claims stemming from the acquisition.
It said this approach meant it could avoid the common challenge of operating on legacy systems after a merger or acquisition, ensuring a cohesive and efficient transition.