Reliance Standard Life Insurance Company (Reliance Standard) has converted its legacy block of traditional and indexed annuity business onto FAST Insurance Components.
Image: Reliance Standard completes converting into FAST Platform. Photo: Courtesy of adamr/FreeDigitalPhotos.net
The platform now provides policy administration capabilities for all of Reliance Standard’s annuity products. The scope of this project was to complete the policy data migration while developing the in-force capabilities of Reliance Standard’s in-production system. The successful completion of this program has allowed Reliance Standard to realize all the advantages of having one system supporting all of its annuity business operations.
RSLI Retirement Services Products Marketing senior vice president Dave Whitehead said: “It made sense at this point to take advantage of FAST and its ability to handle both our past workload and expected future volumes. The system has exceeded expectations for batch processing performance and has allowed us to better serve our agents and policy holders without adding additional staff. It has also allowed us to sunset our legacy system and use one contemporary platform to manage our annuity business out into the future.”
Reliance Standard executive vice president, Retirement Services CEO Tom Burghart said: “Being able to complete this project quickly eliminated dual reporting and administration for 2019. The value of that cannot be overstated as it alleviated pain points for the Reliance Standard Operations Team.”
FAST CEO Tom Famularov said: “It is always gratifying to see the FAST platform enabling significant operational benefits and top-line growth.
“Naturally, that takes a great deal of commitment from the customer, so we are grateful to be a part of that.”
Source: Company Press Release