Woman’s Life Insurance Society Goes Live with FAST for New Business and Underwriting
–Configurability of FAST solution enables an implementation in less than five months–
EDISON, NJ (PRWEB) November 21, 2013–FAST announced today that Woman’s Life Insurance Society® is in production with FAST Insurance Components. For Woman’s Life, the solution includes application entry, case management, underwriting, premium quotes and issue calculations for the company’s 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.
“FAST has enabled us to significantly improve our new business processing capabilities in a very short period of time,” said National President of Woman’s Life Chris Martin. “I’m extremely proud of the way the teams from Woman’s Life and FAST were able to collaborate to deliver something that is truly impressive.”
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.
“This implementation serves as a testament to the insurance processing capabilities, as well as the configurability of the FAST solution,” said John Gorman, chief operating officer of FAST. “However, you can’t implement something this complete this quickly without a customer who is fully committed to taking an Agile approach.”
Chad Hersh of Novarica added, “This is further evidence of the type of benefits that are obtainable with modern, flexible core systems. When combined with an incremental and iterative delivery approach, insurers now have the option to see benefits much more quickly and with fewer resources at a lower cost.”
In addition to providing individual components, FAST provides fully integrated, pre-configured software applications for policy administration, new business and underwriting, distribution management, insurance portals and claims.
About Woman’s Life
Woman’s Life Insurance Society® is a not-for-profit membership organization. For more than 120 years, Woman’s Life has been offering quality financial products, including whole life, universal life, term life insurance, and flexible premium and single premium annuities designed to help women plan for a financially secure future for themselves and their families. Through the sale of financial products, Woman’s Life funds community projects held by members to benefit charitable organizations and individuals in need in the communities where members live. To learn more, visit www.womanslife.org, or call 1-800-521-9292.
FAST, which stands for “Flexible Architecture, Simplified Technology”, is a privately-held company located in Edison, New Jersey founded by the former leaders of NaviSys. FAST focuses on solving the challenges financial services and insurance clients face as they seek to modernize their systems environments or completely replace legacy systems. Visit: www.fasttechnology.com.
Office: 800.707.9190 X 803
John Gorman, COO