JERSEY CITY, N.J., May 06, 2021 – FAST, a Verisk business and innovative software provider for life insurers and annuity providers, has been ranked best for the strength and breadth of its offering among U.S. life and retirement insurance platforms by Information Services Group Inc. (ISG).
FAST ranked highest for competitive strength and portfolio attractiveness among 14 life insurance and retirement platforms evaluated in the ISG Provider LensTM Insurance BPO Platforms 2020 report. Based on extensive data, analysis, and secondary research, the report cited the ability of FAST to support rapid product development.
The ISG report highlighted that FAST’s business process management platform for policy administration contains no insurance-specific code—just flexible configuration that enables FAST to customize the solution effortlessly to meet the insurer’s unique requirements.
The FAST platform helps life insurers and annuity providers expedite innovative product development and improve digital customer engagement through better use of in-house data, according to ISG’s report.
“We strive to be out front in driving digital transformation in the life industry. This recognition from ISG demonstrates our continued success with both insurers and business process outsourcing (BPO) providers, as shown by our growing number of honors and, more importantly, the results our customers see,” said Tom Famularo, managing director and founder of FAST. “And we’re listening to our customers every day to keep improving.”
FAST, which stands for “Flexible Architecture, Simplified Technology,” supplies a scalable technology platform to help life insurers rapidly upgrade or replace legacy policy administration systems. Verisk, which acquired FAST in 2019, has created new underwriting solutions that are integrated with FAST software.
“FAST is a critical component in the ecosystem of tools Verisk is building to help the life industry move forward,” said Maroun Mourad, president of global underwriting at Verisk. “The FAST team is committed to our customers’ success and uniquely qualified to pursue it with constant innovation that drives our growing presence in the life industry.”
Verisk helps support life insurers across the policy life cycle with a suite of solutions featuring advanced analytics, automation, and machine learning applied to existing and emerging data sources. These solutions are designed to help transform current workflows in life insurance underwriting, life and pension analytics, claim insights, compliance and fraud detection, and actuarial and portfolio modeling.
To learn more about Verisk’s life insurance solutions, visit verisk.com/life.
FAST, which stands for “Flexible Architecture, Simplified Technology,” is a Verisk (Nasdaq:VRSK) business and a leading provider of end-to-end software for the life insurance and annuity markets. FAST, located in Iselin, N.J., provides a SaaS suite of out-of-the-box components that life insurers can use to quickly enhance or replace their legacy systems. To learn more about FAST, visit www.fasttechnology.com.
Verisk (Nasdaq:VRSK) provides predictive analytics and decision-support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company’s advanced technologies to manage risks, make better decisions and improve operating efficiency. The company’s analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, and environmental, social, and governance (ESG) matters. Celebrating its 50th anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and YouTube.
Edelman (for Verisk)