Dublin/Portland (ME), 15th January 2002 - FINEOS, one of the world's fastest growing providers of enterprise solutions for banking and insurance, announced today that Royal Nederland Levensverzekeringen has gone live with FINEOS Life, the world's first policy administration system which has its own components for customer relationship management (CRM) and workflow automation.
Implemented over 18 months at Royal Nederland's head office in Utrecht, the FINEOS system combines front-end broker and customer sales and service functionality with a flexible product development engine and full contract maintenance capacity in the back office. The Dutch insurer is the first FINEOS customer to go-live with the complete FINEOS life and pensions solution, the result of over 400 man-years of R&D during the past six years.
At the front end, FINEOS Life is designed to unify company distribution channels, providing brokers and sales and service staff with up-to-date, consolidated customer information, whether they operate in a remote branch or head office. Incorporating in-built workflow automation rules, service levels and intelligent routing, the solution automates and integrates the sales, marketing and product administration process, allowing policies to be sold and processed far more efficiently and ensuring that alteration and termination service levels are always maintained, if not exceeded.
The implementation of FINEOS Life enables Royal Nederland Levensverzekeringen to introduce an innovative set of life and pensions offerings and investment propositions which are designed to offer maximum benefit to customers under the new Dutch tax system. Known as Universal Boxing, the product enables Royal to offer protection cover and investments according to a customer's individual tax position.
With FINEOS Life, Royal will be able to develop new products much faster by
cloning components of existing products in a simple drag-and-drop manner.
Without recourse to complex re-coding work, the speed at which it will be able to deliver products to market will give Royal a huge competitive advantage. Moreover, FINEOS Life enables Royal's brokers to adjust policies according to customer or broker needs, tailoring them to maximize tax savings relevant to each customer's income position.
FINEOS Life integrates easily with existing Royal systems, including SAP Financials. Geared for high-volume transactions, it will fully replace Royal Nederland's existing Life400 administration system in 2002. The breath of this FINEOS Life implementation, which comes pre-integrated with the FINEOS components for CRM and workflow automation, will save Royal significant integration and IT maintenance costs.
Commenting on the go-live, Govert Trouwborst, Director at Royal Nederland,
said: "Given the size of the project it has been a remarkable success.
FINEOS Life will enable us to bring products to market faster, maintain them easily, and swiftly implement changes in tax legislation. The system is very modern and gives us a real edge over our competitors. In fact, we think we
can maintain FINEOS Life with fewer staff than we required for our legacy system. This gives us tremendous possibilities for increasing our business with our existing staff capacity."
Michael Kelly, CEO of FINEOS said: "FINEOS has delivered a world's first to Royal Nederland which represents a revolutionary advance in the whole area of IT systems in insurance. FINEOS Life is a state-of-the-art life and pensions administration system, which comes delivered with the FINEOS CRM and workflow component solutions. By delivering a life and pensions system with in-built CRM and workflow, huge savings are achieved on software implementation as there is no requirement for bespoke systems integration.
We estimate FINEOS Life will enable up to 50% savings on typical IT implementation costs within insurance companies. On the business side massive savings and efficiencies are achieved through having an administration system which is totally customer-focused, driven by workflow and which enables the easy launch and maintenance of life and pensions policies. Insurance companies need to reduce their costs and increase their competitiveness for long-term survival and I believe FINEOS has produced the product which will deliver on these objectives."
The exceptional nature of the Royal Nederland Levensverzekeringen implementation has been recognized on a European level, with the award of EU-granted Eureka status for the project. The Eureka initiative is a European Research and Development program in which 25 European countries work together to encourage companies, through funding, to become involved in deeper international collaboration whether in R&D or in other areas of their business. The close cooperation, collaboration, and innovation shown by the joint FINEOS and Royal Nederland implementation team, as well as the groundbreaking nature of the project, were key factors in securing the award.
FINEOS Life is also being implemented at Dutch banking giant ABN AMRO for all of its life and pensions business. The product is gaining huge interest in the insurance market with many companies poised to implement new front to back office solutions to remove the dependence on outdated inflexible legacy administration systems.
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