Modern Woodmen of America Licenses FAST for Policy Administration

FAST solution at core of modernization initiative 

Edison, NJ – May 5, 2014 .  FAST announced today that Modern Woodmen of America has licensed FAST Insurance Components to serve as its policy administration and new business system for life insurance and annuities.  The solution, which will be implemented as part of a multi-phased initiative, will provide Modern Woodmen with a state-of-the-art technology platform that will enable the organization to continue to offer world class service to its members.

“Our team did a thorough analysis of the top policy administration systems in the market and concluded that FAST offered the best solution to serve the needs of our members,” said Denny Prior, National Secretary of Modern Woodmen.  “As important, we believe that FAST is the right partner for this important journey.”

“I am pleased that FAST will be able to help Modern Woodmen with this important initiative.  As a large fraternal financial services organization, Modern Woodmen has unique needs that go beyond what we see in more traditional life insurers,” said Tom Famularo, Chief Executive Officer of FAST.  “This is a wonderful opportunity for our team.”  

“Leading carriers are looking for solutions that are more configurable and flexible than ever,” said Chad Hersh, Managing Director with Novarica.  “Carriers with such systems have a competitive advantage that has potential to drive increased profitability going forward.”  

About Modern Woodmen

Founded in 1883, Modern Woodmen touches lives and secures futures. The fraternal financial services organization offers financial services and fraternal member benefits to individuals and families throughout the United States.

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)

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