ISELIN, N.J.--(BUSINESS WIRE)--FAST, a leading software company for the insurance industry, announced today that AAA Life Insurance Company (“AAA Life”) has licensed FAST Insurance Components to serve as its core new business and policy administration system (PAS) for life insurance and annuities.
“In our current environment, far too much of our spending on digital initiatives is allocated to retrofitting our legacy systems. AAA Life selected FAST because its technical architecture and robust out-of-the-box functionality can allow us to reverse that equation and enable a digital transformation,” said Matt Scully, Vice President and Chief Information Officer at AAA Life.
“We are committed to providing an excellent customer experience for our members,” added Cheryl Johns, Vice President Core Modernization at AAA Life. “After extensive due diligence, we are confident the capabilities of the FAST platform will enable us to provide a world-class experience for our members.”
“I’m very proud that as FAST has increased our market share, we are continuously reducing the total cost of ownership of the platform. Like every carrier, AAA Life has a unique set of needs and value drivers and I’m extremely pleased that we were able to create a win/win value proposition that our competitors couldn’t match,” said Tom Famularo, CEO of FAST.
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 AAA Life
In 1969, AAA Life Insurance Company became a part of AAA, offering life insurance and annuity products. Headquartered in Livonia, Michigan, AAA Life is owned by several of the largest entities in the AAA organization. With over 1,300,000 active policies, many customers have relied on AAA Life to help provide financial protection for those they care about. AAA Life Insurance Company has an A.M. Best rating of A (Excellent) as of August 2018.