Discover how Partners Life and FINEOS transformed New Zealand insurance claims processing and user experience for 300,000 policyholders.
One of New Zealand’s biggest life and health insurance companies, Partners Life, has chosen FINEOS to help it launch its goals for digital transformation, starting with the switch to the platform’s cloud-native architecture.
For the benefit of 300,000 policyholders, the cooperation allowed the 2011-founded company to improve its claims processing capacity, decrease claims leakage, and improve user experience overall.
Partners Life became the first life insurance provider in New Zealand to launch on the FINEOS Platform in early 2022. FINEOS Claims, which covered a variety of insurance kinds including life, total and permanent disability (TPD), trauma, and income protection, was used to replace the system it had previously.
The second phase of Partners Life’s transformational project to manage medical claims introduced FINEOS AdminSuite’s component-based functionality this year. FINEOS Life Insurance Solution Australasia (LISA) was intended to match the local market’s value offer while meeting client needs and legal constraints, enabling this integration.
Residents of New Zealand can receive emergency care through the country’s public healthcare system. To cover additional costs and shorten wait times for non-emergency hospital services, many choose to get private insurance.
The chief operating officer of Partners Life, Daniel Walker, commented on how these improvements will benefit both staff members and customers: “Automation allows our case managers to do what they do best: assist our clients who need them. Our operations are more effective, and we will build on these developments to enhance the digital experience for our customers.
The founder and CEO of FINEOS, Michael Kelly, lauded Partners Life for its long-term perspective and methodical 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 continued.
Partners The path of life
The insurer intends to review its plans for digital transformation, which include integrating a claims rules engine, putting in place a digital lodgement solution, and developing a customer portal, once the FINEOS Platform is in place. The objective is to improve customer service overall and give policyholders more for their money.
In addition, Partners Life strengthened its position in the industry by acquiring BNZ Life Insurance in October 2022. Partners Life efficiently expanded its operations and smoothly integrated retail claims resulting from the purchase by utilizing FINEOS Claims.
It claimed that by using this strategy, it could avoid the typical difficulty of using legacy systems after a merger or acquisition, ensuring a smooth and effective transition.
