FINEOS, a global provider and recognized expert in the development of packaged software solutions for the insurance and banking industries, today announced the release of FINEOS 5, the next generation of its award-winning rules-driven componentized product platform.
Building on 13 years experience with some of the world's top insurance and financial services companies, FINEOS 5 marks a major evolution of the software resulting in a suite of highly integrated application modules, new functionality in the area of business process management (BPM) and an expanded service-oriented architecture (SOA). This release directly addresses the challenge of providing a modular approach to achieving operational enablement for growth and operational efficiency for profitability including transforming and consolidating legacy systems and automating or eliminating manual processes.
FINEOS 5 features functionality designed for improved decision making, flexible transaction routing, process lifecycle management, workflow automation and validation and provides the ability to redesign process flows easily as the business changes and grows. The release was developed to ensure business processes are intelligently orchestrated including enabling front office users to automatically extract information from the back office and bridge operational silos by sharing business and customer data across the enterprise.
"FINEOS 5 is a major milestone in the platform's evolution and represents a total of over 500 man years invested to date," said Michael Kelly, CEO and president of FINEOS. "Companies that are struggling to achieve straight through processing by automating back-end functionality originating in front-office applications will especially benefit from this release. The combination of our functionally-rich line-of-business application suites with our enterprise architecture enables a modular approach to legacy transformation that will have a tremendous impact on operational enablement and efficiency for our clients."
According to Todd Eyler, Research Vice President with Gartner, "Vendors providing both a modular suite of application solutions and a business rules-driven, componentized architecture enable transformation of existing legacy systems without the risk of a "rip and replace" project which can be costly and is more prone to failure. Financial services and insurance companies may find this the optimal approach in transforming their core systems and processes to meet their changing business requirements and operational goals."