Business Processes Delivered in a Services Oriented Architecture (SOA)
As an alternative to large packaged vendor systems, FAST provides the insurance industry's first complete suite of
business process driven software components: FAST Insurance Components. FAST Insurance Components deliver targeted
as well as full end-to-end solutions for Policy Administration, Distribution Management, and Insurance Portals. FAST
Insurance Components allow carriers to achieve legacy modernization without the cost and risk of "big bang" projects,
and offer a fully SOA-compliant alternative to conventional vendor systems.
Technical Components
FAST Insurance Components are comprised of replaceable technical components woven together through BPM
- Pre-configured orchestrations - supports MS-BizTalk, IBM Process Server, and standalone web services (Java or C#)
- Core web services and component code (Java or C#)
- Pre-configured Calculation Services
- Pre-configured Business Rules / Decision Services
- EXT-JS with AJAX front end
- Flexible high performance data model
- Pre-configured output
- Pre-configured Validation Services
- Flexible insurance product structures link components together
Policy Administration
More than 80 business processes from new business through claims
- Client-centric navigation
- Innovative Web 2.0 user experience
- Next-generation insurance product configuration
- User collaboration through wikis and messages
- On-line reporting
- Real-time or scheduled processing
- Bulk transaction and cash management
- Role-based common front end (across different components)
- Flexible, limitless product structure
Insurance Portal
Allow home office, distribution, and customers to share the same real-time information
- Out-of-the-box insurance views, components and processes
- Real-time data access
- Seamlessly combine data from multiple sources
- Advanced and flexible user interface
- Externalized resource-based graphics, text, and localization
- Role based authorization and navigation
- Easy and dynamic branding
- Fast / flexible customization
- Mash-ups / Integration with 3rd party web sites
Distribution Management
End-to-end business processes from recruiting through commission payments with links to all core systems
- Web-based agent recruitment and on-boarding
- Automated compliance and background checks
- Support for complex hierarchies and reporting structures
- Configurable commission structures
- Sales incentive and special compensation programs
- On-line productivity dashboards
- Production and sales effectiveness reporting
- Producer access to on-line account details and commission payment information / statements
- ACORD vendor integration
FAST Insurance Components Are Business Process Driven
Traditional vendor products lead insurers to adjust their business processes to fit the constraints of the solution. It's either
that or incur the large cost of package "modifications" that typically make future software upgrades cost-prohibitive.
FAST Insurance Components return you to letting the business define how they want to operate. Using our predefined processes to
start, you simply adjust or add new ones using standard BPM tools to define your specific business processes. These processes in
turn use FAST Insurance Components in an event-driven environment to perform their functions. The key ingredient is how the FAST
components have been designed, providing small parts to be snapped in with your existing legacy systems to perform the steps within
your business processes.
Keep using your software that already works fine!
FAST components can be used in concert with your existing legacy systems to provide critical new business capability without
the cost and risk of a large system replacement. For example, you may have a large block of older policies running on a legacy
administration system that is poorly documented, but the system is working fine except it will be cost-prohibitive to support
a new rider, or to introduce house-holding for billing and correspondence, or to enhance how you track and report on reinsurance.
FAST Insurance Components can supply the missing functionality while working with your existing system, essentially acting as an
add-on capability that is seamless to your business users. Technology features built into FAST 8x and our Insurance Components
enable this interaction to revitalize your legacy platform as well as start a process that may eventually lead to full legacy
replacement over time.
Robust Component Configuration
FAST Composer is a centralized configuration facility that allows you to set up and define how your FAST Insurance Components
work. Define your business processes; set up your events, rules and calculations for insurance products and business logic, or
integrate with existing rules and calculations; adjust and customize the look and feel of the Web 2.0 GUI; map to legacy data
sources; enter test data and test conditions that run automatically – and view test results; define system-level settings; and
establish users, roles, and security settings.