Global Bankers Licenses FAST for Policy Administration and Distribution Management
–FAST will provide core system for life and annuities–
FAST, a leading software company for the life and annuity industry, announced today that Global Bankers Insurance Group has licensed FAST Insurance Components to support new business, policy administration, and distribution management for life and annuity products. The solution is expected to play a pivotal role in Global Bankers’ strategy to boost operational efficiency through system modernization and consolidation.
“After assessing the leading software solutions in the market, we believed that FAST offered the best combination of functionality and technical architecture,” said Renga Appan, CEO and President of Eli Business Solutions. “Overall cost of ownership and commitment to support our plans for achieving self-sufficiency were also important in the decision process and FAST had good answers here.”
“This is a long term strategic commitment for us, so it was very important that we picked the right partner to support our aggressive growth plans. I think we have that in FAST,” said Joe Lurie, Chief Information Officer of Global Bankers Insurance Group. “I’ve been pleased with the collaboration thus far between our firms that will be essential to our success.”
“Global Bankers has fairly ambitious plans for replacing its legacy systems,” said John Gorman, Chief Operating Officer at FAST. “By embracing a pragmatic, Agile-based approach, we believe they can realize business value faster and deliver capabilities much more effectively.”
About Global Bankers Insurance Group
Global Bankers Insurance Group is a consortium of insurance and reinsurance companies, focusing on Life Insurance and Annuities. Some of its members include Colorado Bankers Life Insurance Company, Southland National Insurance Corporation and Mothe Life Insurance Company. Global Bankers Insurance Group is part of the of Eli Global federation of independent businesses, a privately-held consortium of over 50 autonomous companies serving a diversified range of industries including insurance, financial services, healthcare services, revenue cycle management, information technology, marketing and sales, publishing, distribution, market research, and business information.
FAST, which stands for “Flexible Architecture, Simplified Technology,” is a privately-held company located in Edison, NJ founded by the former leaders of NaviSys. FAST focuses on solving the challenges our financial services and insurance clients face as they seek to modernize their systems environments or completely replace legacy systems. Visit: www.fasttechnology.com
John Gorman, COO