Dublin software firm Fineos reveals €250m of software exports in past 10 years

11 Oct 2012

Michael Kelly, founder and CEO, FINEOS, with An Taoiseach, Enda Kenny, TD

A Dublin-headquartered insurance software company called Fineos has revealed that in the past 10 years it has booked export revenues of around a quarter of a billion euros. The company handles €2bn worth of insurance claims a year and has generated 12 new jobs since July.

The company revealed the numbers in concert with a global forum of key customers that is being held in Dublin today.

Fineos, which is on track to become world’s leading provider of claims processing software to the insurance sector, reported a 10pc growth in customer numbers in the last quarter following the closure of four new deals, with two in the US and two in Australia.

Around 12 new jobs have been created since July 2012 to help support its strong growth and more jobs are planned.

Fineos’ global success includes the fact that it processes claims for five of the top 11 group life and disability insurers in the US; 100pc of all injury and illness compensation claims in New Zealand; 30pc of all government injury and illness claims in Australia; and 30pc of the general insurance market in Ireland.

Thinking out of the box

Speaking at the summit at the Ritz Carlton in Wicklow, Michael Kelly, founder and CEO, said, “Our business is very buoyant and we are ramping up to meet new customer demand. We are continuing to innovate new products which will allow us to significantly broaden our customer base and open new geographic markets, with China, in particular, offering strong growth potential.

“The key to our development so far has been our focus on providing complete claims solutions which excel at managing complex claims. We streamline the insurance claim process, from first notice of loss, to payment, recovery and closure. We built our business by being ultra customer-focused and ensuring that everybody – from the insurer to the claimant – has a positive experience of the claims process.

“We have had some notable achievements in the recent times. Our flagship Fineos Claims product handled €2bn of insurance claims payments in the last 12 months and we estimate that 40m claims are now in our system around the world.”

Kelly said the company is also focused on building new out-of-the-box software products to cater for different lines of insurance business and the needs of smaller insurance companies.

Addressing the first Fineos summit to be held outside the US, Taoiseach Enda Kenny, TD, congratulated the company on its achievements.

“Companies like Fineos show we can create truly world-class software businesses that can operate on a global basis and become market leaders in their specialities.

“The Government will continue to work hard on improving our competitiveness and building a strong base for exports so that companies like Fineos can continue to grow and we can reach our aim of Ireland becoming the best small country in the world for business,” Kenny said.

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years