Iselin, N.J., April 22, 2020 — FAST, a Verisk (Nasdaq:VRSK) business, announced today that Pacific Life, a leading provider of life insurance, annuities, and mutual funds, has licensed FAST software to serve as a key component in its digital transformation. Pacific Life will use FAST software to augment data workflows, improve its policy administration, and enhance its distribution management for its Life Insurance and Retirement Solutions divisions.
“We were looking for a platform that could address our needs across both Life Insurance and Retirement Solutions, while providing cutting-edge technology that would allow us to adapt and quickly react to challenges in the future,” said Wes Wright, vice president of Life Information Technology at Pacific Life. “Our Life Insurance and Retirement Solutions operations have independent objectives, and we were delighted to find a single solution that will scale across both operations. FAST’s ability to quickly configure a complex set of products, their flexible architecture and integration, and their commitment to continually upgrade the platform were key drivers in our decision.”
“We’re excited to add Pacific Life to FAST’s growing customer-base and are appreciative of the opportunity to work with both divisions on their digital transformations,” said Tom Famularo, managing director of FAST. “FAST is proving that our platform provides the flexibility to address the needs of all insurers, big or small.”
Verisk, which acquired FAST in December, has developed a suite of solutions that apply advanced analytics, automation, and machine learning to existing and emerging data sources. The solutions are designed to transform existing workflows in life insurance underwriting, life and pension analytics, claim insights, compliance and fraud detection, and actuarial and portfolio modeling.
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) is a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services. Using advanced technologies to collect and analyze billions of records, Verisk draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk helps customers protect people, property, and financial assets.
Headquartered in Jersey City, N.J., Verisk operates in 30 countries and is a member of Standard & Poor’s S&P 500® Index. In 2018, Forbes magazine named Verisk to its World’s Best Employers list. For more information, please visit www.verisk.com.
About Pacific Life
For more than 150 years, Pacific Life has helped millions of individuals and families with their financial needs through a wide range of life insurance products, annuities, and mutual funds and offers a variety of investment products and services to individuals, businesses, and pension plans. Whether your goal is to protect loved ones or grow your assets for retirement, Pacific Life offers innovative products and services that provide value and financial security for current and future generations. Pacific Life counts more than half of the 100 largest U.S. companies as its clients and has been named one of the 2020 World’s Most Ethical Companies® by the Ethisphere Institute. For additional company information, including current financial strength ratings, visit www.PacificLife.com.
Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of June 2019 is compiled by Pacific Life using the 2019 FORTUNE 500® list.
Edelman (for Verisk)