ISELIN, N.J.--(BUSINESS WIRE)--FAST, a leading software company for the life and annuity industry, announced today that American Life & Security Corp. (“American Life”) has licensed FAST Insurance Components for its life and annuity products. The software will be hosted by FAST as part of a software as a service (SaaS) arrangement. The scope of the implementation, which will enable a digital transformation for American Life, includes full policy administration. American Life will also be utilizing FAST’s portal capabilities for agents and policyholders.
“In selecting a technology partner, we were keenly focused on finding a digital platform that would improve the customer experience and reduce operating costs,” said Michael Salem Chairman of American Life and Co-CEO of Vespoint LLC, controlling entity of American Life. “FAST’s SaaS offering allows us to accomplish our objectives, while also enabling a rapid implementation that gets us into the market quickly.”
“We led our team on an extensive multi-month search for the best SaaS vendor and FAST was clearly the best technology stack,” added Jeff Axelson, American Life’s Director of Information Technology.
“What appeals to me very much about American Life is that we share a common vision about the critical importance of business agility and, also, the critical importance of selecting the right technology to enable that,” said Tom Famularo, CEO of FAST. “Carriers are beginning to see how FAST is ‘changing the game’ in purchasing and implementing core systems for life and annuities.”
“Increasingly, carriers are gravitating toward open, configurable software built from the ground up using modern technology architecture. This is a great example of that,” said Keith Raymond, Vice President of Research and Consulting at Novarica.
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
About American Life & Security Corp.
American Life is a life and annuity insurance company located in Lincoln, Nebraska founded in 1960. American Life addresses a market need in the life and annuity space for a technology enabled, administratively and operationally focused life and annuity carrier. American Life is a subsidiary of Midwest Holding Inc. (OTCQB: MDWT). www.american-life.com
About Vespoint LLC
Vespoint is a private insurance-focused investment, management and technology company founded by insurance and asset management veterans Michael Minnich and Michael Salem. Combining industry expertise with an innovative approach, Vespoint is uniquely positioned to take advantage of a rapidly changing insurance marketplace. www.vespointllc.com