EDISON, N.J.--(BUSINESS WIRE)--FAST, a leading provider of componentized software for the life and annuity industry, announced today that it has been presented with a vendor award for being the industry “Leader in Conversion Options” by Aite Group, a prominent research and advisory firm serving the financial services market, as part of their 2016 report “Life Insurance Policy Administration Systems: A Business View.” Aite’s rigorous study reviewed and compared more than 40 different vendor solutions across a set of criteria including: new product capabilities, costs and efficiency, distribution channel enhancement, digital and mobile, and self service capabilities.
The award recognizes FAST for its more than 45 different components that can be integrated as stand-alone functions or bundled for a complete solution. The report highlights FAST’s unique component-driven ability that enables carriers to modernize critical functions without disrupting existing business maintained in legacy environments. Whether an insurer’s modernization strategy is to augment existing systems with incremental enhancements or slowly phase out core legacy over time, FAST’s componentized solution provides a way to meet these goals. Furthermore, the report states “as carriers consider certain technologies, FAST makes it easy to test out specific functions and expand as the company sees fit. It helps with a more quick realization of ROI that can take years with a full conversion.”
In addition to acknowledging FAST as the conversion option leader, Aite has given the organization the highest ratings possible for product development, cost and efficiency, and technology innovation. FAST’s combined scores for these areas beat all other vendors. Importantly, it asserts that FAST “took the industry’s challenges, identified that gap, and developed a suite of products (components) to support them.” Carriers wishing to re-assess their legacy transformation options now have an alternative that allows them to modernize on their terms.
“FAST is thrilled to be recognized as a leader in the sector,” said Tom Famularo, CEO, FAST. “The Aite Group’s report confirms that the industry is looking for the type of platform we offer.”
About FAST
FAST, which stands for "Flexible Architecture, Simplified Technology", is a privately-held company located in Edison, NJ founded by the former leaders of NaviSys. FAST focuses on solving the challenges our financial services and insurance clients face as they seek to modernize their systems environments or completely replace legacy systems.
