EDISON, N.J.--(BUSINESS WIRE)--FAST, a leading software company for the life and annuity industry, announced today that one of the largest life insurance companies in the United States has licensed FAST’s Policy Administration platform to support its individual life insurance business.
The insurer selected FAST after a detailed due diligence process that included extensive hands-on analysis and benchmarking against other major PAS platforms. Ease of product configuration and underlying technical architecture were major drivers.
“I was impressed with how deeply the insurer’s staff got into the details of the product configuration,” said Bob Grotyohann, chief actuary at FAST. “This allowed them to see firsthand that even the most complex calculations, like TAMRA and equity index interest, are fully configurable and not coded, which speaks to the power of the system.”
“I’ve been really impressed by the creativity and top-down leadership the carrier is showing in addressing modernization. It’s safe to say that our collective team has ‘bought in’ to an incremental Agile-based approach that will deliver value quickly,” said Tom Famularo, CEO of FAST. “I am pleased that FAST can play a role in enabling an industry leader to become more nimble and innovative.”
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. Visit: www.fasttechnology.com