• 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.

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FAST News

Life & Annuity Veterans and Technology Innovators Join FAST

FAST is pleased to announce the addition of four seasoned industry veterans, Kevin Walma, Rob Kischell, Adam Albano, and Rich Yeni to FAST.  Their arrival positions FAST for growth by expanding FAST’s product development, delivery and sales expertise and capabilities.

Kevin Walma is the Head of Product Strategy at FAST. Kevin is focused on strategic Product direction, design and architecture. Most recently, Kevin held the role as CIO for Adminovate guiding the company’s start-up and initial product development.  Prior to that, Kevin led Product Development for AdminServer until the Oracle acquisition of AdminServer when his role expanded to include the full suite of Oracle insurance solutions.

Rob Kischell is a business architect with over 18 years of experience in the Individual and Group Life and Annuity Industry. Prior to joining FAST, Rob was a Senior Business Consultant/Architect with Majesco Mastek/SEG Software, where his responsibilities included development and design for core products, solution work and managing large customer delivery projects. He has been involved in all aspects of software design, development and implementation.

Adam Albano is a project manager with over 13 years of consulting experience in insurance, project management and software implementation.  Prior to FAST, Adam worked as a Senior Manager at Accenture with the Accenture Life Insurance Platform.

Richard Yeni is the VP of Sales.  Prior to FAST, Rich was the Chief Business Development Officer at Adminovate and the Sales Director at AdminServer.  Having worked in 27 countries, Rich has robust global sales and international product development experience.

FAST CEO, Tom Famularo, stated “Historically, policy administration systems have been transactional.  Our goal is to elevate the role of core enterprise systems to be a strategic enabler for our clients and ultimately change the way business is done.  Strategically adding resources like Kevin, Rob, Adam and Rich moves FAST one step closer to achieving that goal.”

 

FAST Grows Executive Team with Addition of Bill Bolton

Edison, New Jersey. FAST, a leading life and annuity policy administration vendor, has announced the addition of Bill Bolton to their executive team.  In his new position as Senior Vice President, Bill will be spearheading client delivery.

Bolton is a seasoned executive with a track record of over 40 successful implementations among tier one and tier two carriers.  Prior to joining FAST, Bill was Chief Operating Officer at Adminovate.

In 1993, Bill co-founded Barton and Bolton Associates where he designed, developed, and successfully deployed the North American market leading product for pricing and trading variable insurance products, Unit Value Trade System. The application is still in production today and boasts a highly satisfied client base.

Commenting on the appointment of Bolton, Tom Famularo, CEO of FAST said, “Bill is a transformational leader with extensive delivery experience.  His addition to our executive team reflects our continued commitment to delivering world class products and services to our clients.”

“I’m very excited about the opportunity to become part of the FAST team. With their superior technology, knowledgeable resources, and vision for the future I feel it is an excellent fit.  Tom has put together an exceptional team and I’m glad to be a part of it,” beamed Bill.

About FAST

FAST is an enterprise software company focused on the insurance industry. FAST Insurance Components provide a complete suite of business process driven software that deliver targeted and end-to-end solutions for new business, policy administration, product management, billing, claims, and distribution. FAST helps insurance carriers efficiently modernize legacy environments, and uses award-winning technology to deliver innovation at a fraction of conventional system cost and risk.

For more information, please visit us on the Web at www.fasttechnology.com.

Contact

Richard A. Yeni

Vice President of Sales
FAST
Phone: +1-917-513-9100
ryeni@fasttechnology.com

FAST’s Annual End of Year Meeting Celebrates 2014 Successes

Herjavec keynote underscores corporate mission

On December 18th, the FAST team gathered in Edison to celebrate a year of successes at FAST’s annual review meeting.

CEO Tom Famularo and COO John Gorman highlighted FAST’s impressive accomplishments in 2014.   Exceeding forecasts, the company doubled in size in 2014 and added numerous top level industry experts, including some from FAST’s closest competitors. While FAST has continued to expand, customer delivery has remained the #1 priority.

Robert-TomAs the keynote speaker, CEO of Herjavec Group, best-selling author, and Shark Tank investor, Robert Herjavec intertwined personal anecdotes with astute observations on the direction of the technology industry and the unlimited opportunities available to FAST employees in an engaging hour-long speech.

Drawing on his experience as a successful businessman with his fair share of failure, Herjavec revealed how fortunate FAST is to be in an industry of unlimited opportunity. Giving a number of vivid examples from his own life, he highlighted how dramatically the technology industry has changed over the past few decades and the eminent trends that will soon emerge. He encouraged attendees to recognize that, if they could embrace change and constantly evolve, the opportunities available to them, not only in the industry but at FAST, are endless. Herjavec also intimated the audience on his ten tips for success that could easily be applied to FAST’s continued success and growth.

“Speaking with many of our employees after the session, it was clear that everyone was infected with Robert’s enthusiasm and enthralled by his expertise. By drawing on our achievements over the past year, it is clear that we too can achieve our goals as we enter 2015 and continue to reshape the industry by following Robert’s example of hard work, entrepreneurial drive, and the desire to seize on the opportunities the industry provides us,” remarked John Gorman, COO at FAST.

Tom Famularo, CEO stated, “This year’s results speak for themselves.  FAST’s technology is positioned to truly transform the industry.  We continue to onboard and develop the top industry talent.  In fact, I would gladly line up my top 50 resources against any competitor in the industry.”

As the perfect close to a day of celebrations, FAST employees and consultants enjoyed a New York harbor evening tour aboard the Rendezvous.

About FAST

FAST Insurance Components is an award winning, core insurance technology solution based in North America.  FAST helps companies transform their business by providing end to end administration capabilities including policy administration, product management, new business, billing, claims, and distribution.

For more information, please visit us on the Web at www.fasttechnology.com, or call 732-225-0008.

American Family Contracts with FAST for Policy Administration

FAST will provide core system for life insurance PAS

Edison, NJ – September 19, 2014.  FAST announced today that American Family Life Insurance Company has partnered, through its license of FAST Insurance Components, to support new business and policy administration for a new life insurance product.

“In assessing FAST and other life PAS offerings, we wanted the best combination of robust life insurance functionality and configurability. We selected FAST,” said Jim Maastricht, associate vice president at American Family.  “We also put a huge value on having a flexible technical architecture, which will be critical to our success.”

“We’re very pleased that American Family has chosen the FAST PAS platform,” said Tom Famularo, Chief Executive Officer of FAST.  “Based on everything we’ve seen, American Family is very forward-thinking and I believe they will see great benefits with the platform.”

“Increasingly, we see leading carriers investing in modern, configurable PAS platforms to enable innovation,” said Tom Benton, principal in the insurance practice at Novarica.  “The companies like American Family that make the investments now should have a leg up on their competition in the future.”

About American Family

Based in Madison, Wis., American Family Insurance offers auto insurancehomeowners insurancelife insurance,  business 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)

FAST Responds to Ice Bucket Challenge

– Donation Made on Behalf of All Associates –

In response to the Ice Bucket Challenge, FAST has donated $100 to the ALS Association on behalf of each of our 84 team members specifically for research purposes.

ALS, or amyotrophic lateral sclerosis, is a progressive disease that affects nerve cells in the brain and spinal cord. The ALS Association’s recent fundraising campaign has been raising awareness about the disease by encouraging people to dump buckets of ice water on themselves and upload their videos to social media sites.

“All of those buckets of ice water have done wonders to raise awareness about ALS and the imperative need for research on the disease.  I wanted to make sure that FAST did our part in helping to find a cure,” said Tom Famularo, FAST’s CEO.  “This is a very worthy cause.”

FAST Announces Leading Carrier in Production for Policy Administration

Robust system addresses full new business and PAS

FAST is pleased to announce that a leading provider of life and annuity products is in production with FAST Insurance Components in support of a complex traditional life product.  In addition to full policy administration, the solution addresses new business, underwriting and claims.  The customer is also using FAST Insurance Components for distribution management (license, commissions and appointments).

The customer is planning to convert large blocks of life and annuity products in the coming months.

“This was a very ambitious modernization initiative that required a great deal of collaboration and commitment from both FAST and our customer,” said Tom Famularo, FAST’s chief executive officer.  “I can’t stress enough how the customer is really the ‘X factor’ in these implementations.”

FAST Adds Industry Delivery Experts

FAST is pleased to announce the hiring of an elite team of IT delivery professionals, continuing FAST’s commitment to reduce risk for PAS replacement projects while providing cutting edge technology revolutionizing the industry.  This year alone, FAST has added 23 individuals focused on delivery.  The 3 most recent acquisitions include Frank Hoo, Kim Mundrane-Tuohy, and Edward Rosa.

  •  Frank Hoo is a PM with extensive experience gained as the HEAD of PMO with Sapiens – Insurance Software Solutions.  Frank has over 16 years of experience in Information Technology focusing on Delivery.
  • Edward Rosa, a certified PMI professional, brings 15 plus years of experience managing complex IT projects to his PM role here at FAST.  Ed will ensure FAST keeps abreast of the latest technology trends and innovations.
  • Kim Mundrane-Tuohy rejoins FAST after spending 2 years with Guardian Life Insurance Company.  Kim, a business, process and QA specialist, has over 15 years of software implementation experience, including work at Prudential, NaviSys and Accenture (ALIP).

This latest group of talented individuals comes on the heels of a significant talent pool on-boarded earlier this spring.  That pool enhanced an already experienced FAST delivery team and includes Edward Abdel-Malak, an Accenture Consulting Executive; Robert Pomroy, a director of Professional Services Delivery for CSC’s Life Insurance practice; Sarah Bogan, an industry analyst with deep industry ties and experience; and Daniel Benscher, an Agile Coaching expert and PM.

Why the influx of such great talent?  Steve Demick, FAST’s HR Director commented, “The modernism of our technology, our reputation in the industry, and the caliber of our existing workforce have drawn in some of the best talent in the industry.”  FAST’s CEO Tom Famularo adds “FAST has strategically grown our organization to provide our existing client base with a seasoned delivery team to reduce risk inherent in large PAS implementations.  As we grow, we will continue making commitments with our clients’ success in mind.”

Collectively this group has been responsible for over 18 core systems implementations to 15 insurance companies demonstrating FAST’s commitment to providing excellent value and service to its customers.

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

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