934 — FINEOS launches front to back office solution for wrap products

Nov 13, 2003 | Conteúdos Em Ingles

FINEOS Corporation, a manufacturer of banking and insurance software, has announced that it has the ability to fully support wrap products using its front to back office life, pension and investment solution, FINEOS Wraps. The product is a fully integrated, web-based distribution, servicing and product administration solution. The system includes customer relationship management, workflow automation and policy management and enables access over the web to customers and brokers alike.

A ‘wrap account’ is a new internet based investment account and financial services product which enables investors to view all their financial assets on one platform. Within a wrap account the whole portfolio can be analysed and quantified according to money value, tax treatment, product type and asset allocation.

FINEOS Wraps has the capability to fully support the wrap product concept from simple format to the more complex form. It can support different combinations of product in a tax efficient manner and caters for multiple investment categories within one or many contracts.

Changes to contracts due to lifecycle planning can be facilitated within the application. Administration fees can be levied once, if required. Initial set-up charges, investment percentages and commission can be based on the total premium and investment holding across all the sub-contracts.

From a cost perspective, FINEOS Wraps enables the customer to aggregate – and, as a result, reduce – previously fragmented fees into one policy structure. Furthermore, its fully integrated quotations module allows investors to adjust investment goals as income and lifestyle changes, and to assess the impact on their investment contributions at any stage.

FINEOS Wraps is divided into separate Front Office and Back Office component software suites that can be deployed individually (e.g. FINEOS Wraps Front Office ), or combined together as a complete enterprise-wide solution.

At the front end, CRM and workflow solutions can be implemented to integrate with existing wrap product administration systems. Alternatively, with the addition of the back office product administration system, FINEOS Wraps can be implemented as a front to back solution.