Principal Financial Group® Migrates to the FINEOS Platform to Deliver Advanced Digital Capability

The cloud-based FINEOS Platform will enable the carrier to streamline their customer experience and adapt to changing customer expectations

ATLANTA--(BUSINESS WIRE)--FINEOS Corporation (ASX:FCL), a leading core system provider for the global life, accident and health insurance industry, today announced that Principal Financial Group® will be migrating from their on-premise FINEOS Claims system to the cloud-based FINEOS Platform. Set to begin in 2021, the upgrade to the cloud allows Principal to benefit from the security, scalability and efficiency delivered by the FINEOS Platform.

“FINEOS is a service focused partner with a shared commitment to the employee benefits market. Migrating FINEOS Claims to the cloud-based FINEOS Platform will allow us to deliver a faster and more streamlined customer experience through their innovative, agile system,” said Cheryl Paine, AVP of specialty benefits claims at Principal®. “Not only will this help us get benefit payments to customers even more timely but also will position us to adapt more quickly to evolving customer expectations.”

The FINEOS Platform provides core administration capabilities including absence management, billing, claims, payments, policy administration, provider management and new business and underwriting; all of which are configurable to operate independently or optimally as FINEOS AdminSuite, an end-to-end core administration suite. The FINEOS Platform also provides a wide range of APIs to enable digital engagement and connectivity; and real-time analytics that utilize core system data to enable business insights and automation.

“We’re thrilled to do this migration to the FINEOS Platform with Principal Financial Group. They have been a service partner since 2005 and we look forward to seeing the positive impact this migration will have on their customers’ satisfaction. The migration will enable Principal to take advantage of the FINEOS APIs to drive digital engagement, open connectivity, and a better overall digital client experience.” said Michael Kelly, FINEOS CEO. “Today’s group insurance carriers stand to benefit greatly from modern core systems with robust digital capabilities that add value to their products and allow them to keep up with rapidly changing employee expectations.”

For more information on the FINEOS Platform please visit www.FINEOS.com/platform.

About FINEOS Corporation

FINEOS is a leading provider of core systems for life, accident and health insurers globally with 7 of the 10 largest group life and health carriers in the US as well as 6 of the largest life insurers in Australia. With employees and offices throughout the world, FINEOS continues to scale rapidly, working with innovative progressive insurers in North America, Europe, and Asia Pacific.

The FINEOS Platform provides core administration capabilities including absence management, billing, claims, payments, policy administration, provider management and new business and underwriting; all of which are configurable to operate independently or as FINEOS AdminSuite, an end-to-end core administration suite.

For more information, visit www.FINEOS.com.

About Principal

Principal helps people and companies around the world build, protect and advance their financial well-being through retirement, insurance and asset management solutions that fit their lives. Our employees are passionate about helping clients of all income and portfolio sizes achieve their goals–offering innovative ideas, investment expertise and real-life solutions to make financial progress possible. To find out more, visit www.principal.com.

©2021 Principal Financial Services, Inc. Insurance products issued by Principal National Life Insurance Co (except in NY) and Principal Life Insurance Co. Plan administrative services offered by Principal Life. Principal Funds, Inc. is distributed by Principal Funds Distributor, Inc. Securities offered through Principal Securities, Inc., 888-774-6267, member SIPC and/or independent broker/-dealers. Referenced companies are members of the Principal Financial Group®, Des Moines, IA 50392. ​

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