Fineos Strengths, Domain Expertise, and Key Differentiators
FINEOS, a global provider of core systems for life, accident, and health insurance carriers, is rapidly expanding its presence and collaborating with forward-thinking carriers across North America, Europe, and the Asia Pacific. The FINEOS Platform offers comprehensive end-to-end core administration, covering group, voluntary, and individual insurance across life, accident, and health. This includes the FINEOS AdminSuite core product suite along with additional offerings like FINEOS Engage for digital engagement and FINEOS Insight for advanced analytics and reporting capabilities.
Fineos Recent Developments
In August 2023, Fineos secured $40 million in funding to fortify its balance sheet and support general working capital. The funding includes a fully underwritten $35 million institutional placement and a $5 million conditional placement from Fineos founder and CEO Michael Kelly, pending security holder approval at the upcoming annual general meeting.
In 2020, Fineos launched FINEOS Paid Leave Calculator at 2020 inaugural FINEOS Virtual Exchange, which allows consumers to estimate the amount of paid leave for qualifying absences due to COVID-19 related leave reasons and as authorized by the Families First Coronavirus Response Act (FFCRA).
Fineos Mergers and acquisitions (M&A) Activities
In May 2021, INEOS has completed the acquisition of the US-based tech developer Spraoi to step up its digital and machine learning capabilities.
Fineos Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Fineos applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Fineos and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified FINEOS AdminSuite customers.
Fineos Overview
Ownership: - FCL (ASX)
Number of Employees: 1042
Functional Market: Absence and Leave Management,
Key Verticals: Life Insurance,
Fineos Key Cloud and HCM Applications
FINEOS AdminSuite
Fineos HCM and Cloud HCM Applications Revenues, $M:
| Type/Year | 2022 | 2023 | YoY Growth, % |
|---|---|---|---|
| Total Revenues, $M | Subscribe | Subscribe | Subscribe |
| HCM Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
* HCM Applications Revenues = License + Support & Maintenance + SaaS ( Hardware and Prof. Services are Excluded )
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
Fineos Revenue Breakdown by Type:
Fineos HCM Applications Revenues By Sub-Functional Markets, $M:
Split by Sub-Functional Markets | % of HCM Revenue in the HR Segment | 2023 HCM Revenues, By HR Segment, $M | |
Fineos HCM Applications Revenues By Verticals, $M:
Fineos Total and HCM Applications Revenues by Region:
| Region | % of Total Revenues | 2023 Total Revenues, $M | 2023 HCM Applications Revenues, $M |
|---|---|---|---|
| Americas | Subscribe | Subscribe | Subscribe |
| EMEA | Subscribe | Subscribe | Subscribe |
| APAC | Subscribe | Subscribe | Subscribe |
| Total | Subscribe | Subscribe | Subscribe |
Fineos Direct vs Indirect sales
| Region | Direct Sales | Indirect Sales | Total |
|---|---|---|---|
| Type % | Subscribe | Subscribe | Subscribe |
| Revenues, $M | Subscribe | Subscribe | Subscribe |
Fineos Customers - Breakdown by Geo, Size, Vertical and Product
List of Verified Fineos Customers
No. of Fineos Customers: 50
No. of Fineos HCM Applications Customers: x
No. of Fineos Cloud HCM Customers: x
No. of Fineos Cloud HCM Subscribers: x
Among Fineos customers are, The Accident Compensation Corporation, Armed Forces Benefit Association (AFBA), Dearborn National, New Zealand Defence Force, OneAmerica, OTIP (Ontario Teachers Insurance Plan), QInsure, Sun Life Financial, AMP, ASEBP, Canada Life Ireland, CommInsure, FBD, Friends First, Liberty Specialty Markets, icare, Manitoba Public Insurance, The Manitoba Teachers’ Society, McLarens, Mutual of Omaha, BT Insurance and many others.
Fineos Market Opportunities, M&A and Geo Expansions
In line with the growth strategy, Fineos continues to invest in product research and development, sales and marketing, and cloud operations support. The total research and development investment for 2020 was 47.33 USD million, up 45.0% from 32.55 million in the previous year, reflecting increased client demand and additional development activity carried out by Limelight.
Fineos Risks and Challenges
In each of the 2021 and 2020 financial years, the three largest customers accounted for 35% and 46% of the Group’s revenue.
Fineos Ecosystem, Partners, Resellers and SI
FINEOS is working with its partners to increase the pace of innovation, and industry experts and associations to ensure the FINEOS Platform maintains the most up to date capabilities. Among Fineos strategic systems integrators are, EY, PWC, Deloitte, Levio, and Sequential. They also have technical partners like IBM, Microsoft, Oracle, Amazon AWS and others.
Fineos Cloud Platform (PaaS) and Infrastructure (IaaS) Details
Subscribe to read more about:
- Fineos Public Cloud and Infrastructure (IaaS)
- Fineos Platform (PaaS)
- Fineos Application Delivery
- Fineos Private Cloud and Data Centers
Research Methodology
Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
For additional information on our methodologies, here's the link:
https://www.appsruntheworld.com/taxonomy
https://www.appsruntheworld.com/FAQ
