ISELIN, N.J.--(BUSINESS WIRE)--FAST, a leading software company for the insurance industry, announced today that Amica Life Insurance Company (“Amica Life”) has licensed FAST Insurance Components to serve as the core policy administration system (PAS) for its life insurance business. The cloud-based software will serve as a core system in Amica Life’s ongoing digital transformation.
“In selecting a core life system, we were keenly focused on the openness of the technical architecture and the ability to integrate to the broader ecosystem we are building as part of our digital initiative,” said Andy Mudra, Vice President at Amica Life. “We have an ambitious agenda, so it was important to find the most modern and flexible software components and partners out there.”
“When we went through the selection process, in addition to its technology, what stood out about FAST was its Agile-based implementation approach and focus on continuous delivery of working software,” added Hamza Rafiq, Life Technology Services Officer at Amica Life.
“In the past couple of years, I’ve seen an increasing trend of leading property and casualty insurers starting to focus on digitally transforming their life and annuity business as well,” said Tom Famularo, CEO of FAST. “Amica Life has a strong vision for how to provide the best service to its customers and align with our core value of creating a win-win.”
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 Amica Life
Amica Life Insurance Company, a wholly owned subsidiary of Amica Mutual Insurance Company, was founded in 1969. Amica Life, based in Lincoln, Rhode Island, offers life insurance and retirement products directly to customers. Through its products and services, Amica Life aims to be the most trusted and innovative service provider by securing and simplifying the most important aspects of its customers’ lives. The company has also earned a rating of A+ (Superior) from A.M. Best, a leading insurance rating agency and the nation’s authority on insurance company financial stability. For more information, visit AmicaLifeLessons.com.