FAST Enables Six Customers to Go Live with Core Systems in Less Than Ten Months

ISELIN, N.J.--()--FAST, a leader in insurance software systems, announced today that in a two-year period, six life and annuity companies went into production in less than 10 months with new core FAST systems, including new business and PAS. These initial implementations included extensive system integration, involved carriers ranging from Tier One to Tier Three, and covered a broad range of life insurance and annuity products. One of the implementations included a full PAS conversion and replacement. On average, these implementations required eight resources from FAST.

“Now our customers are going into production in much less time than it takes our competitors to gather requirements.”

The speed of implementation, which is believed to be unprecedented in the life and annuity industry, resulted from a number of critical success factors:

  • Industry’s strongest product development tools
  • Preconfigured full policy lifecycles and robust “out-of-the-box” processing
  • Configurable and extensible components
  • Ease of integration with pre-existing adapters plugging into the native SOA architecture
  • A proven implementation methodology that leverages agile principles

The business results achieved by the carriers covered a spectrum of capabilities, including:

  • Significant improvements in time-to-issue
  • Dramatic reduction in time-to-market
  • Modern direct-to-consumer product offerings
  • Streamlined new business and underwriting
  • Policy administration, claims and billing
  • Distribution management (license, commissions and appointment)
  • Sales illustrations

The life and annuity products addressed included:

  • Universal life (fixed and indexed)
  • Whole life
  • Term
  • Deferred annuities

“Prior to joining FAST, I had the opportunity to see other vendor systems directly,” said Derek Sharron, FAST’s Vice President of Account Management. “FAST is doing something no one else in the industry is able to match.”

“When we started this company, our goal was to change the game by creating software and a methodology that would enable carriers to achieve results in a fraction of the time that I had seen up to that point,” said FAST’s CEO Tom Famularo. Tom had worked for NaviSys and Accenture prior to starting FAST.

“Now our customers are going into production in much less time than it takes our competitors to gather requirements.”

For more information on how FAST helped these life and annuity companies achieve these results, visit www.fasttechnology.com

About FAST

FAST, Inc. (Flexible Architecture, Simplified Technology) is a privately-held company located in Iselin, NJ founded by the former leaders of NaviSys. Since the beginning, we have focused on building the company with the best people, including top talent from leading software vendors and consulting firms. To learn more, please visit www.fasttechnology.com

Contacts

FAST
John Gorman, 732-225-0008
jgorman@fasttechnology.com

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