FAST, a Verisk Business, Recognized as Leader in North America Life Insurance Policy Administration Systems for Third Consecutive Year
JERSEY FAST, a Verisk business and leading software provider for the insurance and annuity industry, has been acknowledged again in the Gartner Magic QuadrantTM, an analysis used by many companies to help evaluate technology providers. Specifically, FAST improved its position on the Quadrant’s ability to execute axis compared to the previous year.
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For the third consecutive year, FAST was recognized by Gartner in the August 2020 edition* as a Leader for life insurance policy administration systems in North America for its completeness of vision and ability to execute. FAST has been acknowledged in the Gartner Magic Quadrant for the past five years.
FAST, which stands for “Flexible Architecture, Simplified Technology,” provides a scalable technology platform that life insurers can use to quickly enhance or replace their legacy policy administration systems.
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“We believe this recognition from Gartner is a testament to the continuous improvements we’re making to help life insurers thrive in a digital world,” said Tom Famularo, managing director and founder of FAST. “At a time when many IT budgets are under pressure, more insurers are turning to us for scalable solutions that enable efficient and cost-effective policy administration.”
Verisk, which acquired FAST in 2019, has created new underwriting solutions for life insurance that can be integrated into FAST software.
“FAST is relied on by many insurers as an integral platform for modernizing operations across the policy lifecycle,” said Maroun Mourad, president of global underwriting at Verisk. “The FAST team’s relentless focus on customer-centric solutions and extensive experience is helping us expand our presence and deliver a wide range of innovative tools to the life insurance market.”
To support life insurers across the policy life cycle, Verisk has developed a suite of solutions that apply advanced analytics, automation, and machine learning to existing and emerging data sources. The solutions are designed to transform current workflows in life insurance underwriting, life and pension analytics, claim insights, compliance and fraud detection, and actuarial and portfolio modeling.
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