New Zealand life and health insurer Partners Life has become the first insurer to successfully launch medical claims on the Fineos Platform.
The move to the cloud-native and purpose-built platform enables enhanced claims processing, reduced claims leakage and streamlined user experience to 300,000 customers.
Partners Life, which has grown from a startup to a market leader over the past decade, sought a software partner with a modern cloud-based claims solution to begin a digital transformation and better serve customers.
The company was the first NZ life insurer to go live on the Fineos platform last year, replacing its legacy system with Fineos claims for life, total and permanent disability, trauma and income protection.
The second phase of the project, delivered directly this year, brought the component-based capabilities of Fineos AdminSuite to medical claims through the preconfigured Fineos Life Insurance Solution Australasia (LISA), created to meet the compliance ad customer needs of the regional market.
“Partners Life employees and customers have already started to experience the benefits of this significant shift in operations,” said Daniel Walker, the insurer's chief operating officer.
“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.”
Michael Kelly, Fineos founder and CEO, said Partners Life had a vision of the future and how to reach its goals through transformation. The company also implemented a significant change management programme to ensure success.
“Fineos LISA was configured to address this market, and we are pleased to be able to prove how its capabilities translate to medical claims," Kelly said.
Partners Life reported $571.2 million in revenue for the year to 31 March 2023, well up from $229.1 million in 2022. After tax profit was $51 million, up from $2.5 million.
On 30 September 2022, Partners Life acquired National Wealth Management NZ for $271 million, also gaining control of the company's subsidiaries BNZ Life and BNZ Insurance Services. That provided access to a bank distribution channel enabling diversification of its customer base.
Partners Life recognised a gain on bargain purchase of $26.9 million in relation to the deal in its profit and loss account due to the valuation of the acquired business exceeding the sum paid.
Partners Life was bought by global life insurance specialist Dai-ichi Life Holdings in a $1 billion deal in late 2022.
Fineos NZ reported revenues of $10.2 million in the year to 30 June 2022, down from $11.9 million in 2021.