-Subscription-based license provides access to FAST’s policy administration platform-
Edison, NJ – April 9, 2018. FAST, a leading software company for the life and annuity industry, announced today that one of the largest multi-line carriers in the United States has licensed FAST Insurance Components for its life insurance subsidiary.
The carrier is licensing the software through an annual subscription which includes configuration and full testing of the first product in a product line at no additional charge. The scope of the implementation includes full policy administration through claims. FAST is working with the customer to optimize business processes as part of a digital transformation.
“I’m proud of the fact that we are ‘putting our money where our mouth is’ when it comes to the configurability and upgradability of the FAST platform,” said Tom Famularo, CEO of FAST. “The extent of our configuration enables us to quickly configure and test complex life and annuity products, so we can pass that savings onto our customers. At the same time, because of our architecture, we can keep our customers current on new releases by offering upgrades at no charge.”
Mr. Famularo added “FAST continues to push the boundaries of ‘what’s possible’ for life and annuity core systems. We’re also redefining what carriers should expect and demand from core systems providers.”
FAST, which stands for “Flexible Architecture, Simplified Technology,” is a privately-held company located in Iselin, NJ. FAST focuses on solving the challenges our financial services and insurance clients face as they seek to modernize their systems environments or completely replace legacy systems. Visit: www.fasttechnology.com
John Gorman, COO