EY announced an alliance between FINEOS and Ernst & Young Business Consultants (EY Ireland). The Alliance will help carriers achieve smart digital transformation. In addition, it will bring positive impact across employee benefits value chain, from insurers and employers to employees, while also achieving tangible operational efficiencies.

The Alliance has also been extended to the US, with further global expansion planned over time. EY teams have been collaborating with FINEOS on software implementations with a range of life, accident and health insurance carriers with the aim of helping companies realize their transformation journeys through a wide range of technologies and services – from consulting to on-site execution and integration. The need to digitalize the employee benefits space: Many insurance carriers currently undertake manual steps that give rise to a host of inefficiencies.

There is, therefore, a growing need for carriers to leverage digital and analytical solutions, while redesigning customer operations and service models. The Alliance provides clients with the technology required to help achieve these transformation goals. It will also help EY teams to build services around the already successful teams that are deploying the FINEOS platform.

In addition, FINEOS has built a leading cloud-based end-to-end software-as-a-service (SaaS) core product suite, which covers insurance lifecycle, including quotes, rating and underwriting, absence, claims, policy administration and billing. FINEOS and EY teams can bring artificial intelligence (AI) and machine learning capabilities, as well as data analytics software through FINEOS Engage, FINEOS Insight and EY Nexus. The industry knowledge and global reach of the EY organization and FINEOS will help clients from around the world to accelerate smart digital transformation.

Ultimately, this Alliance will help accelerate innovation and digitization in the employee benefits market.