FAST, a developer of software solutions for the life and annuity industry, has revealed that a US-based tier-one multi-line carrier has licensed FAST Insurance Components for its life insurance subsidiary.
The software has been licensed by the insurer through an annual subscription which includes complete testing of the first product in a product line at no additional charge.
The scope of the deployment involves full policy administration through claims.
The technology vendor said that it is working with the customer to optimise business processes as part of a digital overhaul.
FAST CEO Tom Famularo said: “I’m proud of the fact that we are ‘putting our money where our mouth is’ when it comes to the configurability and upgradability of the FAST platform. The extent of our configuration enables us to quickly configure and test complex life and annuity products, so we can pass that savings onto our customers. At the same time, because of our architecture, we can keep our customers current on new releases by offering upgrades at no charge.”
“FAST continues to push the boundaries of ‘what’s possible’ for life and annuity core systems. We’re also redefining what carriers should expect and demand from core systems providers,” Famularo added.