Provider of SaaS enterprise claims software for the life, accident, and health industry FINEOS Corporation, has partnered with Empathy, a platform helping families navigate the emotional and logistical challenges of a loved one’s passing, to extend life insurance carriers’ offerings to families dealing with loss.
The FINEOS and Empathy partnership aims to offer the technology and services needed to life insurance carriers to provide comprehensive support to customers.
Empathy’s 2022 report The Cost of Dying reveals that families spend an average of 13 months after a loved one’s death to handle all affairs. This rises to 20 months if the estate goes through probate. The report’s findings highlight how families are often in need of additional resources, aside from life insurance payouts, to deal with administrative challenges.
The report also found that 52 per cent of respondents said that dealing with the loss of a loved one had a direct negative impact on their work performance. Fifty-seven per cent also experienced clinical physical or psychological symptoms of stress as a result of dealing with loss.
FINEOS Claims’ no-code configuration capabilities enable the integration of Empathy into intake call scripts, process flows, and self-service portals. This ensures that Empathy can support family affairs with administrative assistance for funeral planning, navigating probate, closing accounts and more. Empathy can also offer emotional support including on-demand grief counselling and guidance for returning to work.
‘Elevating the claims experience’
Michael Kelly, CEO of FINEOS Corporation, discussed how the partnership aims to support customers in need. Kelly said: “This partnership simply makes sense since Empathy helps deliver on our goal of elevating the claims experience. Together, our companies will raise awareness of the combined benefits we bring to life insurers and help benefit the customers they serve during some of life’s most difficult times.”
FINEOS and Empathy offer unique solutions for insurance companies to better support their beneficiaries. Life insurers can rapidly deliver on the financial protection promised using the automation and personalisation of FINEOS Claims.
Ron Gura, CEO of Empathy, also commented on how embracing innovation can help evolve the insurance market for good. Gura said: “I am delighted to partner with FINEOS in order to further our core mission of helping grieving families deal with the logistical and emotional challenges of loss.
“Modern life insurance carriers understand that customers seek comfort, stability, and peace of mind in addition to their policies. FINEOS is at the forefront of harnessing the latest innovations to benefit life insurance policyholders, including using technology to streamline once-cumbersome processes like claims and onboarding. We look forward to seeing how this partnership helps serve a vital need for the life insurance industry: alleviating the administrative burden of losing a loved one.”