ISELIN, N.J.--(BUSINESS WIRE)--FAST announced today that AmeriLife Group is in production with FAST Insurance Components to provide new business and policy administration support for AmeriLife’s proprietary annuity business.
The implementation project, which took less than eight months using a team of seven people from FAST, included conversion of an existing block of business, as well as integration to support policy print, agency, commissions, reserves and accounting. FAST was selected by AmeriLife as a strategic insurance administration platform and the project established a solid foundation for future capabilities in business process automation and rapid product introduction as well as enabled AmeriLife to shut down its prior annuity platform.
“We had very aggressive timelines to meet and I’m proud of the way the AmeriLife and FAST teams collaborated to accomplish this strategic initiative,” said Paul Carter, AmeriLife COO. “With this first project, we’ve proven FAST Insurance Components provide the business capabilities we were looking for and allowed us to establish a foundation for administration of proprietary insurance products in the future.”
“I’m proud that FAST and our customers are setting a new standard for core systems implementations in the life and annuity industry. It’s an exciting time to be in our industry,” said Tom Famularo, CEO of FAST.
AmeriLife is a national leader in developing, marketing and distributing annuity, life and health insurance solutions to protect the health and retirement needs of Middle America. Leveraging a national distribution network of over 100,000 insurance agents and brokers via nearly 20 marketing organizations, and 50 insurance agency locations, AmeriLife, and its more than 75 insurance carrier partners, offers value and quality to the insurance industry and its customers. Visit www.amerilife.com and follow @amerilife on Twitter and LinkedIn.
FAST, which stands for "Flexible Architecture, Simplified Technology," is a privately-held company located in Iselin, NJ. 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.