Customer success stories with product roll-out, policy conversions, and digital experiences highlighted the event
In addition to the FAST platform providing value on its own, there was a lot of conversation around how software and data analytics come together to drive automation, decisions, process, and experience.
A few highlights from the event:
- Customer Success Stories –Including Reliance Standard’s Novarica Impact Award, for doubling their business while maintaining flat headcounts, decreasing new business times by 43%, and claims times by 54%. Also included – Prudential’s record setting Flexguard Product & a number of customer product launches and conversions
- Industry Trends – We discussed major trends related to new entrants & traditional companies going “greenfield”, financial institutions buying up big blocks of closed block policies, the future of BPO, the shift to cloud, #TheGreatResignation (along with its implications), and how data & digital are converging to completely change the buying/customer experience.
- Success Stories of a New Approach to Conversion – An Agile path to conversion that reduces cost / risk by taking an iterative approach utilizing FAST’s conversion tool, rapid product development and data driven change management processes.
- FAST’s New Capabilities — Including reimagination of the customer buying experience using data/analytics, improved customer and agent self service capabilities, more B2B integrations including DTCC, and process automations. We also highlighted our new Group components incrementally adding to FAST’s industry leading functionality to support the PRT, institutional annuities, and voluntary benefits markets. We will be making videos available to showcase some of these capabilities.
- Other solutions driven by insights from data analytics—
- Achieve Underwriting decisions in <60 seconds using EHR
- Cut lab orders by 50% while identifying 5x more non-disclosed smokers with our Tobacco Usage Propensity Model
- Combat an estimated $40B of fraud using ClaimSearch by uncovering waste and abuse in claims process
- Proactively identify customer intent earlier in the sales process through Jornaya
As FAST CEO Tom Famularo mentioned in his opening remarks, we are truly proud of the overwhelming feedback from our customers regarding how FAST is seen as a “true partner always seeking a win/win.”