FAST to replace Kansas City Life’s legacy platforms with simplified product configuration and conversion approach
FAST, a Verisk (Nasdaq:VRSK) business, announced that Kansas City Life Insurance Company has licensed FAST software to replace its legacy platforms, streamline administration of its existing business, and enable the development of a new digital ecosystem for the future.
Kansas City Life plans to use FAST’s software to replace its platforms for new business, policy administration, billing, claims, and distribution management. This replacement will include the use of FAST’s data conversion tools and flexible product configuration to rapidly convert the in-force business of Kansas City Life to FAST’s software.
“We chose FAST because we believe they can help enable growth opportunities, meet customer and agent expectations, improve digital relevancy, and reduce expenses with more efficient processes,” said Phil Bixby, President of Kansas City Life Insurance Company. “FAST’s ability to offer highly configurable software will help us get up to speed quickly, develop our digital ecosystem, and attain our goal of becoming 100% self-sufficient on the platform.”
“We’re happy that Kansas City Life has selected FAST to support its growing business and we’re excited about their implementation and conversions plans,” said Tom Famularo, managing director of FAST. “Our open platform will support the digital needs of Kansas City Life, and our software will help automate the company’s end-to-end processes and reduce servicing costs.”
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.
Source: Company Press Release