• 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 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

FAST and Insurance Technologies Partner for Industry Advancement

Two industry leaders integrate software to dramatically change the way insurance is sold and managed.

FAST, a leading provider of componentized software for the life and annuity industry, and Insurance Technologies, a prominent provider of sales automation software for the financial services industry, announced today a strategic partnership between the two organizations. The partnership brings integration between FAST’s componentized life insurance platform and Insurance Technologies’ SaaS electronic application solution, FireLight®.

The initial phase of this comprehensive integration project enables a straight-through sales process between an insurance carrier and their distributors via a real-time two-way data communication channel that will reduce data entry, improve NIGO rates, and above all help increase e-App user adoption.

The integration between the two platforms offers a real-time forms and data auto-fill solution that leverages pre-existing client data in the carrier’s policy administration system. Through this new process, producers will enter small bits of information about the client into FireLight, which will dynamically validate the data against the carrier’s existing client database. If a client match is found in the administration system, the information the carrier has stored on the contact will automatically prefill the e-App, thereby decreasing data entry and expediting the data capture process. Producers will have the capability to change any pre-filled field as needed. Defined rules within FAST’s Insurance Components will automatically accept new data captured in FireLight and match up client records in order to maintain client centricity in FAST.

David Fenimore, CEO of Insurance Technologies said, “Producers have been asking for ways to streamline and expedite the e-App process for years. The ability to have their client’s application prepopulate with pertinent information directly from the carrier is a huge step forward. The integration with FAST provides real-time access to quality data that has not been available in this fashion before, and we are excited about the possibilities this offers the industry.”

“Insurance Technologies offers the perfect path with FireLight for integration with the FAST set of componentized insurance solutions. Their e-App platform offers a simple to use interface and has garnered great adoption throughout our industry,” commented Tom Famularo, CEO of FAST. “We are now just scratching the surface of opportunities to help provide a better experience for both the producer and consumer with this partnership.”

Later phases of system integration are scheduled to include policyholder service capabilities with the same pre-filled forms options, an ability to share product definitions and rules, and integration with Insurance Technologies’ ForeSight® illustration platform.

 

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 system’s environments or completely replace legacy systems. Visit:  www.fasttechnology.com

About Insurance Technologies
Based in Colorado Springs, Insurance Technologies provides innovative sales and regulatory automation solutions to the insurance and financial services industries. Our product suite supplies carriers and distribution partners with accurate tools to automate and accelerate the sales process, allowing more time to develop new sales opportunities. ForeSight® is a mobile point-of-sale illustration platform that supports all aspects of the insurance sales process for multiple lines of business across diverse distribution channels with customized user experience and content branding options. FireLight® is a device-agnostic, user-friendly, easy to deploy e-application business fulfillment platform that automates any existing sales process across all lines of business facilitating straight-through processing.
Visit: www.insurancetechnolgies.com

 

Media Contacts:

John Gorman,
Chief Operating Officer
FAST
732.225.0008
jgorman@fasttechnology.com

Kristin Wills
VP, Marketing
Insurance Technologies
719.442.6400
kwills@insurancetechnologies.com

 

 

 

CIOReview Names FAST a Top 20 Insurance Technology Solution Provider

CIOReview selects FAST as the only policy administration system provider in their list of “Top 20 Promising Technology Solutions Providers” for 2016  .

FAST, a leading provider of componentized software for the life and annuity industry, announced today that it has been recognized for being an industry leader by CIOReview, a prominent publication serving the financial services market, as part of their 2016 research proclaiming the “20 Most Promising Insurance Technology Solution Providers.”

CIOReview selected FAST based on the company’s specialties in insurance administration systems, insurance technology and insurance software.  Key factors in the decision process were FAST’s more than 45 different components that can be integrated as stand-alone functions or bundled for a complete solution, and its microservices approach to supporting a lower risk phased strategy to replacing legacy systems.

“I congratulate FAST on being recognized with the much coveted title and being a recipient of 20 Most Promising Insurance Technology Solution Providers 2016,” said Jeevan George, Managing Editor of CIOReview. “We are glad to showcase FAST this year due to its continuing excellence in delivering top-notch technology driven solutions.”

CIOReview highlights FAST’s unique component-driven ability that enables carriers to reform critical functions without disrupting existing business maintained in legacy environments. Whether an insurer’s modernization strategy is to augment existing systems with incremental enhancements or slowly phase out core legacy over time, FAST’s componentized solution provides a way to meet their goals.

“Being recognized by CIOReview as one its top 20 promising technology providers is an honor”, said Tom Famularo, CEO, FAST. “The fact that we were the only life & annuity policy administration vendor selected confirms to the industry that FAST is offering an innovative solution with real world value.”

To read the full CIO Review article recognizing FAST, please click here.

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.

Media Contact:

John Gorman, COO
FAST
732.225.0008 (office)

Catholic United Financial Goes Live Using FAST’s Insurance Components on the Cloud

FAST, a leading provider of componentized software for the life and annuity industry, announced today that Catholic United Financial, a fraternal insurance organization located in St. Paul, MN, has recently gone live on FAST’s cloud-based insurance platform to provide state-of-the-art new business support for all life and annuity policies. Catholic United Financial is using FAST to replace legacy mainframe and other software as part of a process modernization effort. As part of the solution FAST will be managing the entire infrastructure on the cloud, further reducing cost and risk for the insurer.

The FAST platform will help Catholic United Financial support a fully electronic straight-through processing model that includes illustrations, electronic applications and signatures, underwriting, and electronic delivery for policies and other documents. Catholic United Financial believes that the robust point-of-sale solution will help modernize member services and streamline policy issue. The platform is also set to deliver policy administration efficiencies to the home office as part of a second phase which also will convert all of the organization’s existing policies, allowing them to turn off legacy mainframe systems.  FAST’s service oriented architecture provides an easy expansion path as Catholic United Financial grows, adds products, and integrates with other partners in the future.

Mike Ahles, Senior Vice President and Secretary/Treasurer at Catholic United Financial, said “The FAST solution aligns nicely with our business objectives, primarily being to grow our membership.  As a fraternal benefit society, we had to make sure we selected the right partner and I am excited about the prospects for our business as we work with FAST.”

“FAST offers exactly what the market is looking for: a componentized modern insurance software platform that is quick to stand up, easy to maintain and dramatically decreases the risk normally associated with such projects,” said John Gorman, COO of FAST. “Mike and his team have been true visionaries when it comes to running core systems on the cloud. We look forward to a long working relationship with Catholic United Financial.”

“The cloud-based SaaS model is the logical next step for insurers who are looking to focus on their core competencies rather than maintaining an expensive internal IT organization,” said Tom Scales, research director in the insurance practice at Celent. “I expect we will see many more carriers adopting an approach like this in the near future.”

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.

About Catholic United Financial

Based in St. Paul, MN, Catholic United Financial is a life insurance and financial products company serving 84,000 Catholics in the Upper Midwest since 1878. As a not-for-profit, Catholic United transforms its profits into purpose, bringing together members, employees and volunteers to pursue their mission through local community grants, post-secondary education scholarships and more.

 

Media Contact:

John Gorman, COO
FAST
732.225.0008 (office)

 

FAST Bests All Competitors in Aite Group Report

Aite Group recognizes FAST with award for being the leader in policy administration system conversion options.

FAST, a leading provider of componentized software for the life and annuity industry, announced today that it has been presented with a vendor award for being the industry “Leader in Conversion Options” by Aite Group, a prominent research and advisory firm serving the financial services market, as part of their 2016 report “Life Insurance Policy Administration Systems: A Business View.” Aite’s rigorous study reviewed and compared more than 40 different vendor solutions across a set of criteria including: new product capabilities, costs and efficiency, distribution channel enhancement, digital and mobile, and self service capabilities.

The award recognizes FAST for its more than 45 different components that can be integrated as stand-alone functions or bundled for a complete solution. The report highlights FAST’s unique component-driven ability that enables carriers to modernize critical functions without disrupting existing business maintained in legacy environments. Whether an insurer’s modernization strategy is to augment existing systems with incremental enhancements or slowly phase out core legacy over time, FAST’s componentized solution provides a way to meet these goals. Furthermore, the report states “as carriers consider certain technologies, FAST makes it easy to test out specific functions and expand as the company sees fit. It helps with a more quick realization of ROI that can take years with a full conversion.”

In addition to acknowledging FAST as the conversion option leader, Aite has given the organization the highest ratings possible for product development, cost and efficiency, and technology innovation. FAST’s combined scores for these areas beat all other vendors.  Importantly, it asserts that FAST “took the industry’s challenges, identified that gap, and developed a suite of products (components) to support them.” Carriers wishing to re-assess their legacy transformation options now have an alternative that allows them to modernize on their terms.

“FAST is thrilled to be recognized as a leader in the sector,” Said Tom Famularo, CEO, FAST. “The Aite Group’s report confirms that the industry is looking for the type of platform we offer.”

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.

Media Contact:

John Gorman, COO

FAST

732.225.0008 (office)

 

Growing Mid-West Annuity Carrier Selects FAST as Strategic Policy Administration Solution

FAST, a leading provider of componentized software for the life and annuity industry, announced today that another innovative annuity provider, interested in modernizing its servicing capability, has licensed FAST Insurance Components to serve as its core system for new business, policy administration and distribution management. The solution is being implemented to position the annuity provider for rapid growth as part of a strategic modernization initiative.

This annuity provider is leveraging the FAST platform for fixed and indexed annuity products. Initially, the implementation will encompass their current products. A conversion of existing contracts from legacy systems is planned for later this year. Rapid product introduction, a solution feature that made FAST the obvious choice, will be key to the company’s growth strategy. Greater data accuracy and a modern, services oriented architecture were also critical attributes of the FAST solution when considering the decision.

“We started FAST because we believed today’s technology can open up new possibilities for insurers in areas never even considered before”, said Tom Famularo, CEO of FAST. “It has been deeply satisfying to see that vision become reality as we have started collaborating with this new customer to deliver significant business value. They are truly distancing themselves from the pack.”

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

Media Contact:

John Gorman, COO
FAST
732.225.0008 (office)

FAST Appoints Steve Talnose as Vice President of Business Development

FAST, a leading provider of componentized software for the life and annuity industry, announced today the appointment of Stephen Talnose as Vice President of Business Development. Talnose brings 20+ years of experience as a sales executive in the insurance and financial sectors.

Prior to joining FAST, Talnose developed a proven history of building affiliations, trust and credibility with his customers, employees and senior management teams with some of the largest insurance and financial organizations in the world. His career includes holding key management positions at NaviSys, McCamish Systems (an Infosys Company) and Synodex – in each of these roles he played an instrumental role in establishing enduring customer relationships in the life and annuity industry.

“I’ve had a great deal of respect for Steve since our days working together at NaviSys,” said John Gorman, COO at FAST. “Steve’s accomplished a great deal in his career and I’d always hoped he would join FAST when the timing was right for all of us. Not surprisingly, we are already seeing his impact.”

“With its SOA-based software and strong management team, FAST is poised and on the path for continued exceptional growth,” said Talnose. “The global insurance marketplace, and carriers specifically, are challenged by a rapidly changing landscape that is tethered to legacy systems preventing real and dramatic transformation. I could not be more excited to be associated with FAST during this time where we can help our customers make huge strides to better their business.”

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.

Contact:
John Gorman, COO
FAST
732.225.0008 (office)
www.fasttechnology.com

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.

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