Our Customers Challenge the Status Quo

FAST’s flexible business model has helped more than 25 insurance customers begin their core systems transformation into digital and the future. We strive to have all relationships be a “win-win”, reduce implementation risks, and bet on our customer’s success.

Here’s What’s Possible (because it’s been done)

FAST has helped customers reduce the risk of implementation time and cost to a small fraction of traditional models. We apply a version of the famous “Moore’s Law” to ourselves – striving to consistently and dramatically reduce the time and cost of our implementations through better software and processes. Customers have achieved tangible results for today while positioning for the future.

  • New Strategic Life Platform in 3+ Months

    Project opens up direct to consumer as new channel with straight-through-processing from eApp through underwriting, policy administration and claim and creating platform of the future. Allows for rapid test and learn. “Allows us to try different product concepts we could not otherwise do very quickly”. Project duration: 14 weeks How Do We Do It

  • Operational Efficiency and Flexibility for Distribution

    After consolidating 4 distribution management systems, converted legacy PAS for all annuities leveraging DTCC and streamlined New Business, Policy Admin, and Distribution Management. “Allowed us to double our business and only added one operations staff member”. Project duration: 9 monthsHow Do We Do It

  • Speed to Market Drives Growth to Exceed Expectations

    Fixed and indexed annuities across New Business, PAS, and Distribution Management. “Technology made it so we were able to beat all projections because we were able to add 9 products in the first 18 months after implementation”. Project duration: 3 monthsHow Do We Do It

  • Up and Running in Record Time

    Straight-through-processing for annuities from eApp and portals to Policy Admin in the cloud. “We were able to re-launch our entire company in just a few months”. Project duration:  Less than 3 monthsHow Do We Do It

  • Top-Tier Carrier Reaches Scale for Annuities in Six Months

    End-to-end processing for annuities, integrated with more than 200 subsystems to provide scale for business. Used SAFe for implementation and trained worldwide delivery centers on path to self-sufficiency. “Able to do all of this work with no software modifications contrasting previous experience with other vendors with significant code mod. In 6 months, we were able to do what typically takes 2+ years”. Project duration:  6 monthsHow Do We Do It

  • Two New Customers Added in BPO in 3 Months

    Connected Policy Administration into ecosystem to allow for new products to launch two new top-tier insurance carriers. Project duration: 3 monthsHow Do We Do It

  • Cross Sell Across Life and P&C for D2C

    Straight-through-processing from New Business, Underwriting, Policy Admin and Claims integrated into cross LOB/P&C customer portal for term and whole life. “This opened up a whole new division for our company to reach our newest customers directly”. Project duration: 7 monthsHow Do We Do It

  • Converted 5 LOBs onto platform in 5 months

    Implemented brand new system and converted all whole Life, ISWL, Term, UL, and Fixed annuities for Policy Administration. “Selected FAST because no other vendor could meet the time constraints”. Project duration: 5 monthsHow Do We Do It

  • Consolidated 9 legacy PAS systems in 18 months

    350,000 life and annuity policies across all major lines of business for PAS. “These were some of the most complex legacy products we’ve ever seen”. Project duration: 18 monthsHow Do We Do It

Results that Speak for Themselves

  • While some customers use FAST’s individual components, others use the full suites for Policy Administration, New Business, and Distribution Management as the foundation for their digital transformation
  • Averaging implementations in 3-6 months with teams of 5-7 people and leveraging SAFe to help customers scale
  • Set up products in just days – including IUL/UL/VUL, Whole Life, ISWL, Term, Indexed/Fixed annuities, MYGA, Single/flex pay, and specialty lines
  • Customers have consistently taken upgrades of FAST’s software and share a single “source” of core software
  • Leveraged microservices and other forms of integration across hundreds of subsystems, portals, and legacy systems
  • Supported business expansion (e.g. direct to consumer, new product lines, and alternate distribution models)
  • Customers have converted policies and agents from more than 15 different legacy commercial or homegrown systems
  • Customers have achieved their desired result of self-sufficiency, control, and significantly lower TCO
  • Gained operational efficiency and allowing users to work seamlessly with true straight-through-processing. A customer reported that they were able to double their business without adding any users
 

American Life Licenses FAST SaaS Solution as Core Platform

“In selecting a technology partner, we were keenly focused on finding a digital platform that would improve the customer experience and reduce operating costs. FAST’s SaaS offering allows us to accomplish our objectives, while also enabling a rapid implementation that gets us into the market quickly.”

Michael Salem
Chairman of American Life and Co-CEO of Vespoint, LLC

Reliance Standard Completes Conversion onto FAST Platform

“It made sense at this point to take advantage of FAST and its ability to handle both our past workload and expected future volumes.  The system has exceeded expectations for batch processing performance and has allowed us to better serve our agents and policy holders without adding additional staff.  It has also allowed us to sunset our legacy system and use one contemporary platform to manage our annuity business out into the future,”

Dave Whitehead
Senior Vice President of Reliance Standard Life Retirement Insurance Services Products Marketing

Amica Life Licenses FAST Insurance Components

“When we went through the selection process, in addition to its technology, what stood out about FAST was its Agile-based implementation approach and focus on continuous delivery of working software.”

Hamza Rafiq
Life Technology Services Officer at Amica Life

AAA Life Licenses FAST Insurance Components

“In our current environment, far too much of our spending on digital initiatives is allocated to retrofitting our legacy systems.  AAA Life selected FAST because its technical architecture and robust out-of-the-box functionality can allow us to reverse that equation and enable a digital transformation.”

Matt Scully
Vice President and Chief Information Officer at AAA Life

American Life Launches FAST Platform in "Record Time"

“We are extremely fortunate to have partnered with FAST. It is the best technology platform in the industry and their ability to quickly integrate into other systems and vendors is unmatched.  Their relationship with Amazon Web Services enabled us to become a fully cloud-based insurance company overnight, reducing our fixed costs, securing our clients’ data behind the industry’s best protection, and providing a full disaster recovery solution we could not replicate even at a multiple of the cost.”

Justin Oliver
Enterprise Architect of American Life

Amica Life Licenses FAST Insurance Components

“In selecting a core life system, we were keenly focused on the openness of the technical architecture and the ability to integrate to the broader ecosystem we are building as part of our digital initiative. We have an ambitious agenda, so it was important to find the most modern and flexible software components and partners out there.”

Andy Mudra
Vice President at Amica Life

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