FAST Insurance Components

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

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.

FAST Insurance Components Screenshot

Products

  • Term Life
  • Whole Life
  • Universal Life
  • Deferred and Immediate Annuities
  • Long-Term Care
  • Critical Illness
  • Fixed, Variable, Equity Indexed

Business processes

  • New Business / Case Management
  • Underwriting
  • Policy Administration
  • Cash Management
  • Claims
  • License and Commissions
  • Producer / Consumer Self-Service

Features

  • Individual & Group processing
  • International
  • Real-time financial processing
  • Full audit history of all changes
  • Role and user security to field/button
  • Business intelligence and analytics
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