FAST, which stands for “Flexible Architecture, Simplified Technology,” provides a SaaS suite of out-of-the-box components that life insurers can use to quickly enhance or replace their legacy policy administration systems
Verisk Analytics corporate headquarters in Jersey City, New Jersey. Photo: courtesy of Derek Jensen (Tysto)/Wikipedia.org.
Verisk (Nasdaq:VRSK), a leading data analytics provider, announced today it has signed a definitive agreement to acquire FAST, a leading software company for the life insurance and annuity industry. FAST offers a flexible policy administration system that helps insurers accelerate underwriting and claims to enhance the customer experience and support profitable growth.
“As customer expectations for a fast and easy insurance experience rapidly increase, life insurers are being pressured to modernize operations across the policy life cycle,” said Neil Spector, president of ISO, a Verisk business. “But transitioning from legacy solutions is a major investment in time and money. The plug-and-play software that FAST has developed lets life insurers make this transition in stages and without a large up-front capital commitment.”
FAST, which stands for “Flexible Architecture, Simplified Technology,” provides a SaaS suite of out-of-the-box components that life insurers can use to quickly enhance or replace their legacy policy administration systems. FAST software, which is used by a wide range of life insurers, also provides a channel for Verisk to deliver its new innovative analytics to support straight-through underwriting.
“The acquisition of FAST will extend our offerings to the life insurance market as we build a comprehensive suite of innovative solutions to support insurer modernization,” said Mark Anquillare, chief operating officer of Verisk. “By working with FAST technology and its customers, we’ll be able to improve our predictive models and offer integrated data analytics to life insurers through an end-to-end workflow solution.”
“Verisk has become a leader in developing solutions that help insurers make critical decisions with increased speed and precision,” said Tom Famularo, CEO of FAST. “As part of Verisk, we’ll be able to enhance our software, expand our reach, and provide robust analytics to meet the rapidly changing needs of life insurers and their customers.”
Source: Company Press Release