FINEOS Corporation (ASX:FCL), one of the global market leaders in core systems for life, accident and health insurance, has entered into an agreement to acquire Limelight Health, a leading North American provider of quoting, rating and underwriting solutions for group and voluntary employee benefits, for $75M US.
The union will provide an end-to-end SaaS core product suite from quote, rate and underwrite through to billing, policy administration, absence and claims management for the global life, accident, and health industry.
“This acquisition combines two of the most modern systems in the market today to offer customers a flexible SaaS platform that keeps them future-ready,” said Jason T. Andrew, CEO of Limelight Health.
“Joining with FINEOS makes the most of our extensive experience in group benefits and our strong customer base in the US to support our expansion into individual insurance and global markets. Our customers will be able to depend on our combined team with a strong presence in North America, Europe, and Asia. The two companies share similar collaborative values, which will assist us in rapidly and successfully integrating.”
Limelight Health solutions streamline and automate the sales and underwriting functions for group benefits insurers, enabling carriers to win more business with faster, more accurate proposals and an online broker interface. The suite of products for rating, underwriting, and quoting will be available as an optional component of FINEOS AdminSuite, while continuing to be available to the market as a standalone SaaS product solution which readily integrates with third-party and legacy core solutions.
FINEOS and Limelight Health have already built integrations between their products to enable joint go-to-market and system delivery to meet their clients’ needs. This acquisition will enable deeper integration and make it easier to do business with the unified company. The objective is to provide a strong and seamless user experience to everyone inside and outside the carrier’s business operations, making the FINEOS Platform an even more attractive offering to the employee benefits industry.
The FINEOS platform runs on Amazon Web Services by the way.
The transaction is subject to customary closing conditions and is expected to complete quickly. As FINEOS and Limelight Health integrate the business over the coming months, the priority will be to continue to operate on a business as usual basis in order to meet customer needs.
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