Through the acquisition of US company Limelight Health, Fineos will be able to deliver more product options for clients.
Dublin-based insurtech business Fineos has announced its plans to acquire Limelight Health in a deal worth $75m.
Founded in 1993, Fineos develops core software systems for life, accident and health insurance carriers, providing services to group life and health carriers in Europe, North America, Australia and Asia Pacific.
It plans to expand its product offering with the acquisition of Limelight Health, a US-based provider of quoting, rating and underwriting solutions for group and voluntary employee benefits.
According to Fineos, the combined company 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.
‘Accelerating combined growth’
Michael Kelly, CEO of Fineos, commented: “We’re delighted to welcome the Limelight Health team and their clients to Fineos, and we look forward to accelerating our combined growth for the benefit of all of our clients, people and partners.
“This acquisition delivers more product options for our clients as they accelerate their digital transformations and reduce their reliance on legacy core systems. Today we are over 1,000 people with our total focus on helping life, accident and health carriers to serve their clients and customers with superior insurance technology.”
Limelight Health’s products for streamlining and automating sales and underwriting functions for group benefits insurers will be available as an optional component of Fineos AdminSuite, while continuing to be available to the market as a standalone SaaS products.
The two companies have already built integrations between their products to enable joint go-to-market and system delivery to meet clients’ needs. According to Fineos, this acquisition will enable deeper integration and make it easier to do business with the unified company.
Jason T Andrew, CEO of Limelight Health, said: “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.
“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.”