FINEOS purchases underwriting solution provider Limelight Health

The insurance sector is becoming increasingly profit-oriented, prompting global leaders across underwriting, and technology fields to engage in strategic tactics such as M&As. To that end, Ireland-based insurance software leader FINEOS Corporation has apparently sealed a acquisition deal with the North America-based Limelight Health, a prominent provider of rating, underwriting, and quoting solutions. The deal has apparently been finalized at USD 75 million.

As per sources familiar with the knowledge of the matter, the combined entity will be providing an end-to-end, core SaaS product suite, right from rating, quoting, and underwriting through to policy administration, billing, and absence and claims management for the accident health, and life insurance sector.

Michael Kelly, the Chief Executive of FINEOS, is delighted to welcome the team of Limelight Health and their clients to the company, and he was quoted to state that the firm looks forward to ensure the combined growth of both parties for the benefit of all their partners, clients, and the masses. This acquisition will deliver a huge product portfolio for clients as they fast-track their digital transformation and also lower their dependency on legacy core systems, he says, adding that as a combined entity, both the companies form a group of over 1,000 people whose sole focus is on helping accident, life, and health carriers better cater to their clients, leveraging the power of superior insurance technology.

Echoing similar sentiments, Jason T. Andrew, Chief Executive, Limelight Health, has been quoted stating that this takeover combines two modern systems to offer users a highly flexible SaaS platform which will keep them future-ready. Joining forces with FINEOS will help Limelight make the most of its massive experience in group benefits and its strong consumer pool in the United States to support its expansion into individual insurance and global markets, he says. He also added that their customers will now be able to depend on their combined team that has a strong presence worldwide with similar collaborative values.

Source Credits: https://www.businesswire.com/news/home/20200810005814/en/FINEOS-Acquires-Limelight-Health