FAST announced that Reliance Standard Life Insurance (Reliance Standard) has licensed FAST Insurance Components to serve as the core system for new business, policy administration and distribution management for its thriving annuity business.
The solution is being implemented as part of a strategic modernization initiative including improvements in technology, process and service delivery.
"Our goal with this initiative is to implement a modern platform that will enable growth and innovation in Reliance Standard’s business for years to come, so we were laser focused on finding the right partner," said Dan Falkenstein, senior vice president and chief information officer of Reliance Standard.
"Naturally, functionality and architecture were key factors in making the selection, but we also put a lot of emphasis on the people we would be working with. In this regard FAST emerged as an ideal partner during our assessment process."
"At FAST, we look to work with innovative insurance companies who share our vision for the role of technology as well as its ability to strategically create business value now and in the future," said Tom Famularo, chief executive officer of FAST.
"I’m pleased Reliance Standard selected us and we’re looking forward to delivering a fantastic solution with them."
Reliance Standard Life Insurance provides insurance products and services in all states (except New York), the District of Columbia, Puerto Rico and the US Virgin Islands.