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.
FAST, which stands for “Flexible Architecture, Simplified Technology”, is a privately-held company located in Edison, NJ founded by the former leaders of NaviSys. FAST focuses on solving the challenges our financial services and insurance clients face as they seek to modernize their systems environments or completely replace legacy systems. Visit: www.fasttechnology.com
John Gorman, COO