FINEOS Corporation a provider of banking and insurance software, has announced its first move into the German market with the sale of its life and pensions distribution and servicing system, FINEOS Life Front Office, to Canada Life.The deal will see Canada Life Assurance (Ireland) expand on its current licensing agreement with FINEOS to service the insurer’s German-based business. Canada Life recently expanded its business in Germany by acquiring the business operations of Prudential in Germany.
Canada Life will use FINEOS Life Front Office to provide sales and service staff based in Dublin, Cologne and Neu-Isenburg with a single view of customer information across all locations and distribution channels.
Integrated workflow automation within the FINEOS solution will create, route and monitor tasks. Commenting on the announcement, Sean Mullarkey, IT manager, Canada Life, said: “The FINEOS solution will improve the servicing of policies for our staff – and more importantly for our customers and brokers. The solution already has a huge impact on customer service in our Dublin office for our Irish portfolio and I have no doubt that that level of service will be replicated in Germany by making the FINEOS solution available for this market.”
Derek Finnerty, sales and marketing director, FINEOS, added: “We’redelighted with this sale to Canada Life as it shows the company is committed to FINEOS as a supplier for its Irish and international operations. Moving into the German market is an important step for FINEOS as it gives us our first local reference customer in Europe’s largest insurance market.
The German market is facing huge issues as it moves more towards deregulation in line with European policy. Obviously this will bring great opportunities for FINEOS to help local companies and new entrants, like Canada Life, improve their efficiency and customer service.”
Canada Life is one of FINEOS‘s earliest customers and has been using the FINEOS product in its UK operation since 1997 and in Ireland since 1999.
2003-03-05
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