• FAST has been at the forefront of implementing Services Oriented Architecture (SOA) in the insurance industry. Using FAST Insurance Components in concert with FAST 8x, we can help you create and integrate new business capabilities and technologies with your enterprise architecture.

    • Achieve early benefits through rapid delivery of components
    • Reduces risk by using prebuilt logic from FAST and by leveraging your existing software assets
    • Our ability to quickly configure and build new software; coupled with our prebuilt components reduces cost
    • Experience and expertise implementing policy administration systems
  • FAST Insurance Components allow carriers to achieve legacy modernization without the cost and risk of "big bang" projects. Our plug and play approach delivers targeted as well as full end-to-end solutions for core functional areas.

    • Include pre-built components and services
    • Orchestrations for business process management
    • Pre-configured business rules that can be integrated as full applications
    • Components can be wrapped around your legacy system or can be used to overhaul the system piece by piece
  • FAST 8x is a software development framework that automates the development process and dramatically reduces the time required to build software.

    • Creates innovative and cutting edge software
    • Drives greater efficiency, at a fraction of the cost
    • Individual components can be deployed as standalone applications
    • Innovation is the key to success - our solution provides you with the business tools you need to succeed
  • With FAST, you can get the best of both worlds: best Policy Administration solution on the market – with more than 80 business processes from new business to claims; in a fraction of the time, cost, and risk.

    • Feature rich functionality and the best technology
    • Create innovative products and services
    • A system designed around business processes
    • A fresh approach for insurance companies looking to replace legacy systems, create new functionality or revitalize existing applications
  • We think it is fun to solve hard problems. Our entrepreneurial culture is comprised of a resourceful team, creative of people who have a vested interest in our clients' success.

    • Best architecture and technology on the market
    • Ultimate in configurability
    • Business process driven solution business partners love
    • Highly maintainable technology that provides "legacy avoidance"
    • FAST is "easy to do business with"
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FAST Careers

FAST is always on the lookout for top talent. If you enjoy solving complex problems and want to be part of building what analysts have described as "the next big thing," FAST might be the perfect fit for you.

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FAST News

Insurance Networking News: Woman’s Life Deploys New Business System

Reposted from: Insurance Networking News 

insurance networking newsThe provider of life and annuity products rolls out new components for application entry, case management and underwriting, and product calculation.

INN Breaking News, July 24, 2014

Bob Violino

Below is the 4th of 11 Novarica Research Council Impact Award nominee case studies, which INN is presenting in no particular order. The awards will be presented at the research and advisory firm’s August 13th event in New York and honor best practices in insurance industry IT initiatives and strategy.

Woman’s Life, a provider of life and annuity products and fraternal benefits, set out to streamline new business processing for life and annuity product lines.

The firm rolled out components for application entry, case management and underwriting, and product calculation. The solution also integrated with the company’s policy administration system and a content management tool to provide capabilities to direct new business workflow to internal and external underwriters.

Prior to the deployment, a vendor team worked with company representatives, discussing design considerations and determining how the solution could meet corporate goals such as reducing turnaround time, improving process efficiency and maximizing value.

Implementation and testing of the solution took less than five months.

A tool called FAST provided a service-oriented architecture with components for targeted functionality, including application entry, case management, underwriting and product calculation. The FAST components were integrated with Vector, the policy administration system, and DocuShare, the content management system.

The company had a tight timeline in which to work and a mandate to deliver early success that demonstrated the financial benefits of the system.

With a fixed budget, Woman’s Life had to manage the scope of the project tightly. This was done through aggressively managing the prioritization and implementation of functionality.

Another challenge was that gaps emerged in managing communication between multiple sources (such as different service providers) early on, which were quickly addressed through direct communication and increased collaboration.

The quality of the application entry process was improved through validations and reminders regarding policy replacements and plan and rider selections. Intangible improvements include reduced “off-system” documentation such as paper applications, underwriting spreadsheets and follow-up sticky notes. It’s also easier to train new hires on simpler business processes.

Keys to the successful implementation included a strong team that was able to aggressively manage “scope creep” through prioritization based on pre-established criteria. The collaboration between the company and the vendor was another key to success. Because of the small size of the team, members had to work closely to achieve goals.

In her own words, Janet Carmody, director of information systems at Woman’s Life Insurance Society, shares lessons learned from this project.    

 Change Management

The project’s mandate of aligning Woman’s Life workflow, document management and the simplification of communication with external (off-site) underwriters was realized immediately. Specific procedural changes necessary for the processes continue to be refined.

Project Management

FAST utilized Agile development methodology which helped to define the project into small discrete stories which were then fully developed and implemented into FAST’s existing new business framework.  The scope of the project was limited to application entry, case management, underwriting and premium (net amount of risk) calculation. Integration to Xerox Docushare (document management), and a legacy policy administration system was also implemented. Because of the short project timeframe several components identified during the business study were removed from the project prior to the actual start date.

Tight timeline and a fixed budget required aggressive prioritization, functionality compromises and out-of-the-box problem solving. Communication during the project proved critical. Weekly and sometimes daily calls were scheduled to review functionality and UI components.

Staffing

The relative small project size resulted in a 3-person (50 percent time) commitment from Woman’s Life. As the project neared completion additional staffing was added to work through the testing and verification cycle.

Technology 

Test cases/test scenarios were developed jointly by Woman’s Life and FAST. Due to time constraints the system testing occurred fairly late in the project.

What would you do differently?

In hindsight, more testing including the integration with the legacy administration system should have been completed prior to the implementation date.

Woman’s Life Named Novarica 2014 Impact Award Finalist for New Business Deployment

Configurability of FAST solution enables an implementation in less than five months

 FAST is pleased to announce that Woman’s Life Insurance Society’s New Business Deployment project leveraging FAST Insurance Components was named as a finalist for the Novarica 2014 Impact Award.  For Woman’s Life, the project streamlined new business processes while enabling the company to use their existing policy administration system.  Capabilities implemented included application entry, case management, underwriting, premium quotes and issue calculations for life and annuity business.

Leveraging FAST’s Agile-based delivery methodology, the solution was implemented in less than five months by a team staffed by a core group of Woman’s Life and FAST personnel.  Between the two companies, the team size averaged less than four full-time equivalents for the project.

“It is an honor to have our accomplishments acknowledged by Novarica.  The project enabled us to significantly improve our new business processing capabilities in an accelerated timeframe,” said National President of Woman’s Life, Chris Martin. “It’s a testament to the hard work of our joint team and the underlying configurability of the FAST software that we would be considered for such a significant award.”

FAST Insurance Components is the industry’s first complete suite of more than 40 pre-built business process driven software components delivering targeted and end-to-end solutions. By leveraging FAST Insurance Components, carriers are able to cost effectively eliminate the redundancy in data and functionality in their enterprise. The solution allows carriers to achieve legacy modernization via a fully SOA-compliant alternative to conventional vendor systems.

“It’s rewarding to have a community of insurance industry leaders recognize the value our solution has been able to provide our client, “ said John Gorman, Chief Operating Officer of FAST. “We have a great deal of respect for Novarica and the     Novarica Research Council.”

The 2014 Novarica Research Impact Awards event will be held in New York on August 13, 2014.  Visit http://www.novarica.com/impact2014/ for more information.

Entrepreneur of the Year 2014 Finalist Video for CEO Tom Famularo

FAST CEO Tom Famularo was named a finalist for Ernst & Young’s Entrepreneur Of The Year™ 2014 Award in the New Jersey region. As part of this prestigious program, a special video was produced showcasing Tom’s entrepreneurial spirit, success, innovative approach, and commitment to FAST. The video aired during the awards gala to announce the award recipients on June 26.

To view Tom’s finalist vignette video and catch a glimpse of Tom in action at our Edison office, please follow the link here: http://www.fasttechnology.com/videos/player/?vid=bZK8cRWD&src=videos%2F

National Life Group Licenses FAST as Strategic Platform

Solution will address PAS, new business, distribution management and group processing  

Edison, NJ – June 9, 2014.  FAST announced today that National Life Group® has licensed FAST Insurance Components to serve as the core of a significant legacy modernization initiative.  The solution will be implemented incrementally using an Agile-based methodology and will provide a broad spectrum of processing including new business, case management, policy administration, licensing, commissions, appointments and claims, as well as group processing.

“The FAST platform and implementation approach are allowing us to rapidly implement end-to-end processing in a highly collaborative way,” said Ruth Smith, executive vice president for protection at National Life Group.  “Our project team anticipates that the configurability and flexibility of the FAST platform, combined with its extensive out-of-box capabilities, will allow us to quickly get to a robust end-to-end platform.”

“I am genuinely excited about working with National Life Group and the fact that our software can enable this kind of ambitious initiative,” said Tom Famularo, Chief Executive Officer of FAST.  “I believe that when all is said and done, this project will be a model that the industry will follow.”

“The carriers that take advantage of platforms that are both feature-rich and configurable will have competitive advantage in the coming years,” said Tom Scales, research director, life and health at Celent.  “This is a trend that we expect will continue.”

About National Life Group

National Life Group® is a trade name of National Life Insurance Company, Montpelier, VT, Life Insurance Company of the Southwest (LSW), Addison, TX and their affiliates. Each company of National Life Group is solely responsible for its own financial condition and contractual obligations. LSW is not an authorized insurer in New York and does not conduct insurance business in New York.

About FAST

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

Contact:

John Gorman, COO

FAST

732.513.1400 (cell)

732.238.0005 (office)

EY Announces FAST CEO Tom Famularo as an EY Entrepreneur Of The Year™ 2014 Award Finalist in New Jersey

New Jersey, May 22 – EY today announced that CEO Tom Famularo of FAST is a finalist for the EY Entrepreneur Of The Year™ 2014 Award in the New Jersey region.  The awards program recognizes entrepreneurs who demonstrate excellence and extraordinary success in such areas as innovation, financial performance and personal commitment to their businesses and communities.  Tom was selected as a finalist by a panel of independent judges.  Award winners will be announced at a special gala event on Thursday, June 26th at the Hyatt Regency New Brunswick.

“With the ingenuity of our cutting edge technology and the support of a focused, seasoned team, being at the helm of FAST has been exhilarating. As FAST secures its place as the leading technology platform in the life and annuity space and continues to grow and form partnerships, I am certain the best is yet to come,” beamed Tom. “I’m honored to be recognized as a finalist for the EY Entrepreneur Of The Year 2014 award in my home state of New Jersey.”

FAST, which stands for “Flexible Architecture, Simplified Technology,” is a software provider focused on solving the challenges insurers and fraternal organizations face as they modernize their systems environments or replace legacy systems. FAST’s Insurance Components are offered individually or packaged for core functional areas, including Policy Administration, New Business and Underwriting, and Distribution Management.

Now in its 28th year, the program has expanded to recognize business leaders in more than 145 cities in more than 60 countries throughout the world.

Regional award winners are eligible for consideration for the EY Entrepreneur Of The Year National program.  Award winners in several national categories, as well as the EY Entrepreneur Of The Year National Overall Award winner, will be announced at the annual awards gala in Palm Springs, California, on November 15, 2014. The awards are the culminating event of the EY Strategic Growth Forum®, the nation’s most prestigious gathering of high-growth, market-leading companies.

Sponsors

Founded and produced by EY, the Entrepreneur Of The Year Awards are sponsored in the United States by the Ewing Marion Kauffman Foundation and SAP America.

In New Jersey sponsors include DLA Piper, Merrill Corporation, Morgan Lewis, PNC Bank, Willis of New Jersey, Empire Valuation Consultants, Scherzer International, SolomonEdwardsGroup, Cresa, Murray Devine, NJBIZ and NJTC.

About EY Entrepreneur Of The Year™

EY Entrepreneur Of The Year™ is the world’s most prestigious business award for entrepreneurs. The unique award makes a difference through the way it encourages entrepreneurial activity among those with potential and recognizes the contribution of people who inspire others with their vision, leadership and achievement. As the first and only truly global award of its kind, Entrepreneur Of The Year celebrates those who are building and leading successful, growing and dynamic businesses, recognizing them through regional, national and global awards programs in more than 145 cities in more than 60 countries.

About EY’s Strategic Growth Markets practice

EY’s Strategic Growth Markets (SGM) practices guide leading high-growth companies. Our multidisciplinary teams of elite professionals provide perspective and advice to help our clients accelerate market leadership. SGM delivers assurance, tax, transactions and advisory services to thousands of companies spanning all industries. EY is the undisputed leader in taking companies public, advising key government agencies on the issues impacting high-growth companies and convening the experts who shape the business climate. For more information, please visit us at ey.com/us/strategicgrowthmarkets, or follow news on Twitter @EY_Growth.

About EY

EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.

Modern Woodmen of America Licenses FAST for Policy Administration

FAST solution at core of modernization initiative 

Edison, NJ – May 5, 2014 .  FAST announced today that Modern Woodmen of America has licensed FAST Insurance Components to serve as its policy administration and new business system for life insurance and annuities.  The solution, which will be implemented as part of a multi-phased initiative, will provide Modern Woodmen with a state-of-the-art technology platform that will enable the organization to continue to offer world class service to its members.

“Our team did a thorough analysis of the top policy administration systems in the market and concluded that FAST offered the best solution to serve the needs of our members,” said Denny Prior, National Secretary of Modern Woodmen.  “As important, we believe that FAST is the right partner for this important journey.”

“I am pleased that FAST will be able to help Modern Woodmen with this important initiative.  As a large fraternal financial services organization, Modern Woodmen has unique needs that go beyond what we see in more traditional life insurers,” said Tom Famularo, Chief Executive Officer of FAST.  “This is a wonderful opportunity for our team.”  

“Leading carriers are looking for solutions that are more configurable and flexible than ever,” said Chad Hersh, Managing Director with Novarica.  “Carriers with such systems have a competitive advantage that has potential to drive increased profitability going forward.”  

About Modern Woodmen

Founded in 1883, Modern Woodmen touches lives and secures futures. The fraternal financial services organization offers financial services and fraternal member benefits to individuals and families throughout the United States.

About FAST

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

Contact:

John Gorman, COO

FAST

732.513.1400 (cell)

732.238.0005 (office)

FAST Releases New Video on Architecture

FAST’s latest video spotlights our groundbreaking architecture.

By moving away from large, monolithic systems, FAST’s cutting-edge architecture provides insurance companies with the ultimate in business agility and adaptability. With its truly componentized services oriented architecture, event driven business processes, highly configurable solutions, and strong governance model, FAST allows insurers to transform IT into a resource that opens new doors for business, rather than adding unnecessary constraints. It does so by allowing companies to expedite speed to market and create innovative products while simplifying integration and business processes.

To catch a glimpse of what our architecture can do for your business, follow the link here: http://www.fasttechnology.com/videos/player/?vid=i9xx5eDR&src=videos%2F

This video is the latest in our series highlighting FAST’s innovative approach to insurance software, which can be viewed here: http://www.fasttechnology.com/videos/

FBL Financial Goes Live with Initial Phase of Implementation

FAST is pleased to announce that FBL Financial Group has gone live with the first phase of its implementation of FAST Insurance Components.  This initial phase included new business for annuities, as well as indexing and related workflow for new business and inforce policies.  Over 15,000 items were indexed in the first month of usage.

This initial implementation is part of a multi-phase project in which FBL plans to leverage the FAST solution to replace multiple core systems – including policy administration, underwriting and new business.

“FBL has been a great partner,” stated John Gorman, COO of FAST. “We are looking forward to completing additional phases later this year.”

FAST Named Top Technology Platform

As a testament to FAST’s continued success, Celent, a leading research and advisory firm serving the financial services market, recently awarded FAST its prestigious Top Technology Platform award for 2013. Celent’s rigorous criteria included the modernity of the platform, deployment option flexibility, core adaptability and extendibility, and ease of change.  FAST was distinguished both for its advanced technology and the breadth of its functionality.

Celent 2

In its Policy Administration System Report, Celent’s accolades for FAST abound. It praises FAST’s componentized system which “allows an insurer to add functionality as needed and when budget allows.” It claims FAST’s product and rules configuration are “straight forward” and “allows for easy debugging within the system.” Importantly, it asserts that “FAST is a great example of how an insurer is no longer just buying software when they buy a policy administration system. They are buying a well pre-thought out design for how things should be done at an insurer. The software is configurable and can be customized, but there is an underlying model for how an insurer operates.”

It is no wonder FAST excelled in the review. For the past four years, FAST has provided insurance companies with the ultimate in business agility and adaptability. With its truly componentized services oriented architecture, event driven business processes, highly configurable solutions, and strong governance model, FAST allows insurers to transform IT into a resource that opens new doors for business, rather than adding unnecessary constraints. It does so by allowing companies to expedite speed to market and create innovative products while simplifying integration and business processes.

While the recognition is an impressive achievement itself, the context of FAST’s win makes it all the more notable. Thanks to its groundbreaking approach, Celent acknowledged FAST for the breadth of its functionality, where FAST outshined the vast majority of the competition – some of which have been in the industry for more than 40 years. In just four years, FAST has managed to develop its technology and functionality in less than half the time of its closest competitors, which have been in the industry for fifteen to twenty years. To be recognized by industry leaders in such a short period since its founding is a true success.

“I’m very proud of our xCelent Award, especially because we haven’t been in the market nearly as long as our closest competitors” beamed Tom Famularo, CEO. “FAST is committed to building software for insurer’s needs today with the flexibility they need for years to come.”

FAST’s Planning and Strategy Day Brings Hockey Legend Jim Craig to Edison, New Jersey

jim-craig-hockey As the keynote speaker for FAST’s Planning and Strategy Day on December 12, 2013, Olympic gold medalist Jim Craig provided inspiration and winning guidance to FAST’s employees and clients.

As the goalkeeper for the 1980 U.S. Olympic Hockey Team, Jim helped lead his team to victory against the supposedly unbeatable Soviet Union in one of the most spectacular upsets in sports history, now called the “Miracle on Ice.” Jim and his teammates overcame the odds to win Olympic gold at a difficult time in U.S.–Soviet relations. Jim drew parallels to FAST’s recent wins in the marketplace and amazing success in such a short period of time.

Drawing on his experience as an elite athlete and accomplished businessman, Jim revealed how commitment, preparation, purpose, and effort turned 20 college hockey players into Olympians. Jim inspired the audience by drawing comparisons between the USA hockey team’s successes and how a successful business like FAST operates.  In his book “Gold Medal Strategies” he describes the hard work, determination, teamwork, accountability, and how the importance of creating a legacy can lead to realizing any goal. Through his vivid storytelling Jim provided extraordinary insights on winning and left his audience with a call to action – make a difference and commit to FAST’s shared vision.jim-craig

“Talking with many of our customers and employees after the session, it was clear that everyone in the room had a shared vision for how in 30 years, people in this industry will be talking about how insurance software was delivered before FAST changed the industry” remarked Tom Famularo, CEO at FAST.

Without a doubt, Jim Craig inspired everyone at FAST to “go for the gold”.

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