FINEOS Corporation, the leading provider of enterprise solutions for banking and insurance, has released an innovative rules management solution, FINEOS Rules Manager.
The new product component enables organizations to create, manage and store sophisticated business rules that automate decisions and calculations, delivering faster and more efficient processing of business. It provides business process automation, product rules management and offers the ability to quickly react to legislative change.
The FINEOS Rules Manager can be implemented as part of the FINEOS enterprise product suite or as a stand-alone solution integrated with existing software systems. Users can enter powerful business rules into the FINEOS Rules Manager in simple language and notation, reducing and eliminating the need for IT development and maintenance of expensive custom programming code.
FINEOS Rules Manager offers organisations a flexible "once and done" tool-set to enable management decisions to be implemented and automated rapidly within the business. It provides a simple way to access data from external systems and it can be used to store and access constant data such as limits, product data, and reference tables, as well as providing the ability to easily respond to changing business rules through versioning, when required.
There are a number of immediate benefits provided by the product. These include greater business control by enabling super business managers to manage and control their own business rules; enhanced flexibility and responsiveness to business requirements by allowing these users to write versions of existing business rules; elimination of custom code by allowing clients to write their own business rules using FINEOS rules language; as well as reduced IT maintenance costs.
Commenting on the release, Michael Kelly, CEO of FINEOS, said: "The demand from customers for this product has been overwhelming. It's easy to see why. Business rules change; in fact, they change more often than processes so it's vital that when rules change, you can manage the business rules outside the process integration. By providing business managers with a drag-and-drop visual environment to create and manage business rules, you give them enormous power to create complex business rules and define actions and periods for rules. This gives much greater control over business processes to business managers."