The Protection Insurance Industry and IT - A Mixed Picture of Success, Reports FINEOS

- FINEOS Sponsored Research Shows That IT Still Has a Way to Go to Deliver Real
Business Value for Insurers -
DUBLIN--(Business Wire)--
FINEOS Corporation, a global provider of innovative enterprise software
solutions for insurance, today announced the findings of the Protection Review
survey carried outfor the Personal Finance Society (PFS) and sponsored by
FINEOS. The survey offers a snapshot of the protection market and the results
help the life insurance industry develop the right solutions to meet advisers
and clients` personal insurance needs. The results of the survey, one of the
largest of its type ever conducted, were announced last night at a gala dinner
at the Marriott Hotel, Grosvenor Square, London.

Joint authors of the report, Andy Couchman and Peter Le Beau of the Protection
Review, found that while the current economic downturn is prompting more
consumers to consider their protection requirements, many advisers (67%) agree
that clients are often looking to cut premiums or discontinue cover altogether.
The survey also found that advisers would give greater emphasis to protection
products if they received better, faster service (83% agree) and innovative
products that better meet their client needs (82% agree).

A mixed picture emerges when advisers were asked their views on whether
technology had improved the products and service levels offered by life
insurance companies. Of those surveyed, 35% felt that technology had helped the
industry `a lot`, 30% felt it had improved things `a little` and 30% said that
it had improved things but `not as much as it could do`. The survey also
highlighted the areas where advisers would most like to see improvements over
the next two years. These include New Business applications (64%) and
Tele-underwriting (62%). Claims processing was seen as needing improvement by
half of all advisers.

Michael Kelly, CEO, FINEOS Corporation, welcomed the report. "The results show
that the Protection Industry has made some strides in successfully leveraging
technology but there is still room for improvement. We believe that leading
software vendors like FINEOS can help insurance organisations achieve
operational excellence while providing value and enhanced customer service to
their clients".

FINEOS is the world`s leading provider of claims solutions for the Life &
Disability (Income Protection) market. It has a blue chip client list including
Principal Financial Group, SalusAnsvar AB, Assurant, RBCI, and ING.

For more information, visitwww.protectionreview.co.uk

About FINEOS Corporation

FINEOS is a global innovator of enterprise software solutions for insurance,
bancassurance, and government. FINEOS solutions address core business processing
requirements including claims & case management, CRM, new business/underwriting,
and policy administration. FINEOS solutions are built on a rules-driven,
service-oriented, component-based enterprise platform that serves as a flexible
infrastructure for new product introduction, legacy enrichment, and business
transformation. FINEOS is delivering documented benefits for some of the world`s
leading insurers, government agencies and banking institutions. The company is
headquartered in Dublin, Ireland with offices in North America, Europe and
Australasia. For more information, please visit www.FINEOS.com.

FINEOS Corporation
Susanne Ryan
Senior Marketing Manager
+ 353 1 6399918
susanne.ryan@FINEOS.com

Copyright Business Wire 2009