Life and annuity insurance company American Life & Security has licensed the FAST’s SaaS solution, dubbed FAST FAST Insurance Components, as core platform for its life and annuity products.
Image: American Life licenses FAST SaaS solution as core platform. Photo: courtesy of David Castillo Dominici/Freedigitalphotos.net.
The software will be hosted by FAST as part of a software as a service (SaaS) arrangement.
The scope of the implementation, which will enable a digital transformation for American Life, includes full policy administration. American Life will also be utilizing FAST’s portal capabilities for agents and policyholders.
American Life chairman Michael Salem said: “In selecting a technology partner, we were keenly focused on finding a digital platform that would improve the customer experience and reduce operating costs.
“FAST’s SaaS offering allows us to accomplish our objectives, while also enabling a rapid implementation that gets us into the market quickly.”
American Life information technology director Jeff Axelson said: “We led our team on an extensive multi-month search for the best SaaS vendor and FAST was clearly the best technology stack.”
FAST CEO Tom Famularo said: “What appeals to me very much about American Life is that we share a common vision about the critical importance of business agility and, also, the critical importance of selecting the right technology to enable that.
“Carriers are beginning to see how FAST is ‘changing the game’ in purchasing and implementing core systems for life and annuities.”
Novarica research and consulting vice president Keith Raymond said: “Increasingly, carriers are gravitating toward open, configurable software built from the ground up using modern technology architecture. This is a great example of that.”
Source: Company Press Release