• 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"
Are you really evolving? Watch now!

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.

View Careers »

FAST News

FAST Named XCelent Award Winner in Two Categories

-Wins XCelent Awards for Advanced Technology and Depth of Customer Service-

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 XCelent awards for Advanced Technology and Depth of Customer Service. Celent’s rigorous criteria included the modernity of the platform, UI, deployment option flexibility, core adaptability and extendibility, and ease of change along with the size of its professional services and support team and insurers’ post-implementation experiences.

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In its Policy Administration System Report, Celent’s accolades for FAST abound. It praises FAST’s usability and configurability. 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 five 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.

To read the full FAST report, please navigate here: http://www.fasttechnology.com/app_media/pdf/FAST-XCelent2015.pdf

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)

 

 

The FAST Actuarial Group

-Accomplished Team Helps Companies Introduce Innovative Insurance Products-

FAST’s ability to help companies rapidly introduce innovative insurance products and features continues to grow and is really setting FAST apart from other insurance software vendors. Bob Grotyohann, FAST’s Chief Actuary and the brains behind FAST’s success in this area, has built a solid group of software-focused actuaries that is seriously changing the way insurers view the introduction of new products. Bob’s comprehensive product architectures, configured using FAST Insurance Components product engine, deliver the framework for accelerating product introduction onto the platform in a clear, logical manner. His team then takes that framework to the next level when working with FAST customers.

Because insurance products are at the core of our business, more than 1 in 7 (about 15%) of FAST employees are part of the FAST actuarial team. FAST’s recent rapid growth in the market, coupled with our leading edge software and configuration capabilities, have allowed us to attract the best and brightest in the industry. The actuarial team includes:

  • Four Fellows of the Society of Actuaries (FSAs)
  • Two Associates of the Society of Actuaries (ASAs)
  • Four experienced actuarial consultants with 20+ years of experience in the life industry
  • Five team members who are actively taking actuarial exams

To assist individuals seeking to obtain either an ASA or FSA, FAST has enlisted the help of one of our Actuarial SMEs to develop an Actuarial Study Program to further promote growth on the team and assist team members with the arduous learning process.

“I’m really proud of our team and how far we’ve come in such a short time,” said Bob. “The product skills and leadership the team provides for our customers is second to none.”

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

FAST Applies for Associate Membership of American Fraternal Alliance

-Attends 2015 Annual Meeting to Learn More About Fraternal Organizations-

With its rapid expansion and rise to the top within the life and annuity vertical, FAST has had the good fortune of undertaking three fraternal projects with Catholic United, Modern Woodmen, and Woman’s Life. As more and more fraternal organizations seek to modernize their legacy systems while maintaining outstanding customer service to their members, FAST constantly seeks to better understand and accommodate to its fraternal clients’ needs.

American Fraternal Alliance’s 2015 Annual Meeting, held in Indianapolis on September 10th to the 11th, provided the perfect opportunity for FAST to expand these relationships while gaining further insight into fraternal benefit societies. The conference highlighted fraternals looking to rebrand themselves, positioning for the 21st century, and emphasizing the importance of participating in Alliance-sponsored political advocacy initiatives.

FAST applied to be an associate member to the alliance, cementing its desire to build relationships and a strong reputation with fraternal benefit societies and help sponsor future AFA conferences. As more fraternals seek better, more modern solutions, FAST will be prepared on how to best meet their needs.

While many consumers may not be familiar with fraternal benefit societies, Joe Annotti, CEO of American Fraternal Alliance, explains that once they learn about the mission of fraternals, they describe them as “the coolest business model.” He expounds that through various volunteer efforts, member-driven projects, and charitable programs, fraternals give back their revenues to local communities in addition to their members.

FAST’s representative at the conference, Terrence Gorman, Senior Sales Associate, recounted, “I was impressed with the attendees’ passion, commitment, and willingness to embrace innovation. AFA’s leadership presented a clear vision for the future viability of this model and I believe software will be fundamental in enabling that path forward. I learned a great deal and got a chance to meet with some wonderful people.”

Allison Koppel, Executive Vice President at American Fraternal Alliance, has received a positive response from this year’s attendees, stating, “The Alliance Annual Meeting was extremely well received by our members. Over 90% of survey respondents ranked the event as “Excellent” or “Very Good”… Workshops and keynote speakers all were highly evaluated. We delivered a great program.”

To keep up with American Fraternal Alliance, visit their website here or visit Joe Annotti’s blog here.

About American Fraternal Alliance

The American Fraternal Alliance promotes and supports the missions of its 68 not-for-profit fraternal benefit society members operating in 50 states, the District of Columbia and Canada. Fraternal benefit societies separate themselves from their competitors by securing members’ futures through reliable financial service offerings and giving back to their local communities through meaningful volunteer activities. Alliance member societies represent nearly 9 million individuals, making it one of America’s largest member-volunteer networks. The Alliance promotes the fraternal model, member involvement and interaction as well as collaboration with industry, public policymakers and non-profit community.

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 Secures Funding from Moelis Capital Partners, Retains Autonomy

Reposted from: Insurance Innovation Reporter

The private equity fund calls FAST the most innovative core life insurance software platform in the marketplace, ideally positioned to continue capitalizing on the software modernization trend.

//

FAST (Flexible Architecture and Simplified Technology, Edison, N.J.), a provider of core insurance software and consulting services for the life insurance industry, designed as an alternative to large packaged software, has secured funding from Moelis Capital Partners (MCP, New York). FAST will add members of the middle-market capital fund to its board but the company will retain autonomy.  Terms of the investment were not disclosed.

“We appreciate how much confidence our investors, MCP, have in our vision for the business,” comments John Gorman, COO, FAST.  “They believe, as we do, that we FAST can serve our insurance carrier customers in a very unique and valuable way.”

Tom Famularo, CEO, FAST.

“We are very excited to be FAST’s partner and to help management execute on numerous exciting growth initiatives,” comments Joel Killion, a Partner at MCP. “With the most innovative core life insurance software platform in the marketplace, we believe the company is ideally positioned to continue capitalizing on the software modernization trend within the insurance industry.”

Killion and other MCP representatives, including Managing Partner Kurt Larsen and Operating Partner Ned Stringham, will join the FAST’s board of directors alongside the vendor’s executives CEO Tom Famularo, John Gorman and Mike Roe, an investor in and long-time strategic adviser to the company.

Consistent Objectives

MCPs objectives for FAST are consistent with the direction of the company envisioned by CEO Tom Famularo. “I believe our customers will be well-served by this relationship, as MCP is a strong capital partner with significant resources and insights that will accelerate our maturity as an organization,” he says.  “We remain focused on our vision of providing transformative technology that enables true innovation for life and annuity companies.”

Sherman & Company LLC served as FAST’s financial adviser on the transaction and Chiesa Shahinian & Giantomasi PC provided legal advice to the company. Lowenstein Sandler LLP acted as legal counsel to MCP, while Celent assisted with industry due diligence.

Tom Scales, Research Director, Celent.

“We were pleased to assist Moelis Capital Partners in their analysis of the market for policy administration systems,” comments Tom Scales, Research Director, Celent. “Insurers are under pressure to respond to the digital age and are being held back by their legacy state.  FAST is recognized as one of the technology leaders in the US marketplace, and is well-positioned to capture growth as insurers look to acquire more agile technology solutions.”

FAST characterizes its offering as the first truly component-based software solution for life insurers. The vendor’s capabilities include policy administration, new business, underwriting, distribution management and claims processing.

ANTHONY R. O’DONNELL // Anthony O’Donnell is Executive Editor of Insurance Innovation Reporter. For over a decade he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached atAnthODonnell@IIReporter.com or (503) 936-2803.

Moelis Capital Partners Invests in Flexible Architecture and Simplified Technology

Moelis

 

New York, NY, September 9, 2015

​Moelis Capital Partners (“MCP”) today announced its investment in Flexible Architecture and Simplified Technology, LLC (“FAST”), a leading provider of core software solutions to the life insurance industry. Terms of the investment were not disclosed.

Headquartered in Edison, NJ, FAST provides the first truly component-based software solution for life insurers. The company’s capabilities include policy administration, new business, underwriting, distribution management and claims processing.

Tom Famularo, Chief Executive Officer of FAST, said, “MCP’s objectives for the business are directly in line with where I want to take FAST.  I believe our customers will be well-served by this relationship, as MCP is a strong capital partner with significant resources and insights that will accelerate our maturity as an organization.  We remain focused on our vision of providing transformative technology that enables true innovation for life and annuity companies.”

John Gorman, Chief Operating Officer of FAST, added, “The entire FAST team is excited about entering a new chapter.  Our team has great confidence in the business and we believe FAST is now even better-positioned to have an enduring positive impact on the life insurance industry.”

Joel Killion, a Partner at MCP, said, “We are very excited to be FAST’s partner and to help management execute on numerous exciting growth initiatives. With the most innovative core life insurance software platform in the marketplace, we believe the company is ideally positioned to continue capitalizing on the software modernization trend within the insurance industry.”

Mr. Killion and other MCP representatives, including Managing Partner Kurt Larsen and Operating Partner Ned Stringham, will join the company’s board of directors alongside FAST executives Mr. Famularo, Mr. Gorman and Mike Roe, an investor in and long-time strategic adviser to the company.

Sherman & Company LLC served as FAST’s financial adviser on the transaction and Chiesa Shahinian & Giantomasi PC provided legal advice to the company. Lowenstein Sandler LLP acted as legal counsel to MCP, while Celent assisted with industry due diligence.

“We were pleased to assist Moelis Capital Partners in their analysis of the market for policy administration systems,” said Tom Scales, Research Director, Celent, “Insurers are under pressure to respond to the digital age and are being held back by their legacy state.  FAST is recognized as one of the technology leaders in the US marketplace, and is well-positioned to capture growth as insurers look to acquire more agile technology solutions.”

About Moelis Capital Partners

Moelis Capital Partners LLC, a subsidiary of Moelis Asset Management LP, is a middle market private equity firm founded in 2007. MCP manages approximately $870 million of committed private equity capital and specializes in traditional private equity investments. For more information, please visit www.moeliscapital.com.
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. For more information, please visit www.fasttechnology.com.

Media Contact:

Andrea Hurst

Moelis & Company

T: + 1 212 883 3666

M: + 1 347 583 9705

andrea.hurst@moelis.com

FAST’s Industry Transformative Capabilities Highlighted at IASA

–FAST Revealed Market Leading Success Stories and Debuted Revolutionary New Capabilities –

The 2015 IASA Conference provided a great opportunity for FAST to showcase our feature-rich application, which provides end-to-end capabilities, highlights current project success stories, and meets with both current and prospective clients.IASA 2015

FAST debuted revolutionary auto-upgrade capabilities at the conference.  Live demonstrations allowed carriers to experience a visual representation of changes between a current site’s configuration and the cloud-based central repository.  This capability allows product development teams to browse by business use case and require the incremental selections that they may want to introduce into their environments to speed up the introduction of new insurance features, or promote back into the FAST central template repository something to be shared among the client community.  All done visually, real-time, and systematically through the graphical Composer configuration console.

Jenn Brugger, director from American Family, presented a case study of their 8-month implementation using a small core team, an elite group of vendors, and transformational approaches.  Kevin Walma introduced characteristics of modern systems, proven methodology best practices, and business aligned solutions.  Please contact Sarah Bogan at sbogan@fasttechnology.com if you would like to receive a copy of the presentation.

As a continued commitment to supporting our community, this year’s booth giveaway was a $500 donation to the winner’s choice.  We’re happy to announce that Patty Warmbrodt’s name was selected.  A $500 donation will be given to Wounded Warrior project in honor of her son, Matthew Warmbrodt, who is currently serving as a military policeman in the army.

FAST is looking forward to continued participation in IASA.  We are working within the IASA organization of our peer companies to drive more life and annuity focused content and attendees.

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)

About Wounded Warrior Project

Wounded Warrior Project is a charity and veterans service organization that offers a variety of programs, service and events for wounded veterans of the military actions following the events of September 11, 2001. It operates as a nonprofit 501C organization.

FAST Insurance Components Processes Ten Million Insurance Policies for Less Than Forty Dollars

Breakthrough insurance cloud processing capability processes 1.6 million transactions per hour

Edison, NJ – June 8, 2015.  FAST Insurance Components demonstrated breakthrough cloud processing capability by the processing of 1.6 million transactions (including premiums, withdrawals, and anniversaries) in one hour.  The test was executed on the Amazon Web Services (AWS) Cloud and peer observed by an independent Fortune 500 consulting company.

FAST’s architecture is designed to leverage the tremendous flexibility of enterprise-class cloud offerings. These servers provide additional capacity for horizontal scaling in real-time, which allows insurers to dynamically adjust the environment to the current workload.

“AWS provides low cost on-demand cloud services to process a 10 million policy block in an hour for less than 40 dollars,” said Mike Murphy, senior infrastructure architect at FAST.

“FAST is changing the competitive landscape of our industry,” FAST CEO Tom Famularo explained. “We’ve proven that we can provide strategic solutions and competitive advantage for even the largest of carriers.”

The test was conducted on AWS, leveraging commodity servers horizontally and vertically scaled in order to maintain the one hour SLA.

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)

732.225.0008 (office)

Reliance Standard Life Insurance Company Licenses FAST as Strategic Annuity Platform

FAST will provide PAS, new business and distribution management for annuity business

 Edison, NJ – May 19, 2015.  FAST announced today that Reliance Standard Life Insurance Company (Reliance Standard) has licensed FAST Insurance Components to serve as the core system for new business, policy administration and distribution management for its thriving annuity business.  The solution is being implemented as part of a strategic modernization initiative including improvements in technology, process and service delivery.

“Our goal with this initiative is to implement a modern platform that will enable growth and innovation in Reliance Standard’s business for years to come, so we were laser focused on finding the right partner,” said Dan Falkenstein, senior vice president and chief information officer of Reliance Standard.  “Naturally, functionality and architecture were key factors in making the selection, but we also put a lot of emphasis on the people we would be working with.  In this regard FAST emerged as an ideal partner during our assessment process.”

“At FAST, we look to work with innovative insurance companies who share our vision for the role of technology as well as its ability to strategically create business value now and in the future,” said Tom Famularo, chief executive officer of FAST.  “I’m pleased Reliance Standard selected us and we’re looking forward to delivering a fantastic solution with them.”

“Historically, carriers have been reluctant to move to a more modern technology platform because of the inherent cost and risk.  However, modern technology, agile implementation processes and increased business demands are changing the balance in favor of carriers taking on these challenges.  It’s exciting to see carriers truly transforming their business and underlying technology,” said Tom Scales, research director in the insurance practice at Celent.

About Reliance Standard Life Insurance Company

Reliance Standard Life Insurance Company (Reliance Standard) is a leading insurance carrier specializing in innovative and flexible employee benefits solutions including disability income and group term life insurance, a suite of Voluntary (employee paid) coverage options and, with sister company Matrix Absence Management, a fully integrated absence management program. Reliance Standard markets these solutions through independent brokers and agents to employers of all sizes. Rated A+ (Superior) by A.M. Best, Reliance Standard celebrated its centennial year in 2006.

Reliance Standard Life Insurance Company provides insurance products and services in all states (except New York), the District of Columbia, Puerto Rico and the U.S. Virgin Islands. In New York, insurance products and services are provided through First Reliance Standard Life Insurance Company, home office: New York, N.Y. Product availability and features may vary by state.

Both Reliance Standard and Matrix are members of the Tokio Marine Group. Tokio Marine Holdings, Inc., the ultimate holding company of the Tokio Marine Group, is incorporated in Japan and is listed on the Tokyo Stock Exchange. The Tokio Marine Group operates in the property and casualty insurance, reinsurance and life insurance sectors globally. The Group’s main operating subsidiary, Tokio Marine & Nichido Fire (TMNF), was founded in 1879 and is the oldest and leading property and casualty insurer in Japan.

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)

732.225.0008 (office)

American Family in Production with FAST Platform

Eight month PAS implementation enables innovation 

Edison, NJ – April 15, 2015.  FAST announced today that American Family Life Insurance Company is in production with FAST Insurance Components for new business processing and policy administration.  The implementation, which enabled the launch of a new life insurance product, was completed in eight months.  Leveraging FAST’s services oriented architecture, the solution includes extensive real-time integration.

“Our commitment to innovate is driven by our customers, which means having the systems, processes and people to address their changing needs and preferences,” said Jim Maastricht, associate vice president at American Family. “Creating a new technology ecosystem, and effectively implementing it using a more streamlined approach, is an important and exciting part of that effort.”

“American Family pretty much did all of the things we would advocate to have a successful project,” said John Gorman, chief operating officer at FAST.  “Using a very small team, they had heavily engaged executive management, extremely pragmatic decision making and a commitment to the Agile process.  This will provide an excellent case study and a model for others to follow.”

“By leveraging Agile implementation methodologies coupled with modern technology for implementing PAS platforms, carriers are achieving results that before would have seemed unimaginable,” said Tom Scales, Celent research director.  “It’s great to see carriers innovating their processes and technology simultaneously.”

About American Family

Based in Madison, Wis., American Family Insurance offers auto insurancehomeowners insurancelife insurancebusiness and farm/ranch insurance in 19 states. American Family insurance is the nation’s third-largest mutual property/casualty insurance company and ranks 373rd on the Fortune 500 list. Learn more at www.amfam.com

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)
Insurance Networking News: In 10 Months, National Life Rolls Out Policy Admin Revamp

Reposted from : Insurance Networking News

The life insurance carrier credits Agile development with helping it get a line of business live on the FAST platform less than a year after selection.

INN Breaking News March 20, 2015

Nathan Golia

While many insurance policy adminstration projects get bogged down, National Life Group (NLG) announced today that it is in produciton on FAST Insurance Components for new business processing and policy administration less than a year after choosing the vendor.

The launch, which included extensive SOA-based integration, according to the companies, was developed and implemented within 10 months using an Agile-based methodology.

“It was very rewarding to see the true collaboration between NLG and FAST under the direction of Eric Plasse, vice president of NLG’s Business Delivery Office,” says Ruth Smith, executive vice president for protection at National Life Group. “Together our respective teams were able to rethink our business models and execute innovative, streamlined approaches to processing our business.”

National Life is in the midst of refreshing many of its systems. The company implemented Insurance Technologies’ FireSight illustration platform for its agents last year.

“It’s a great example of the way technology can and should enable new thinking,” says Matthew Josefowicz, president and CEO of Novarica.

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