(Image source: Agricultural Research Service, United States Department of Agriculture.)
American Life & Security Corp., a Lincoln, Neb.-based life and annuity insurer, has licensed FAST (Iselin, N.J.) Insurance Components for its life and annuity products on a SaaS delivery model. The implementation, which will serve as a foundation for digital transformation of the insurer, includes full policy administration. American Life will also deploy FAST’s portal capabilities for agents and policyholders.
“Increasingly, carriers are gravitating toward open, configurable software built from the ground up using modern technology architecture,” comments Keith Raymond, VP of Research and Consulting, Novarica (Boston). “This is a great example of that.”
In selecting a technology partner, American Life was keenly focused on finding a digital platform that would improve the customer experience and reduce operating costs, according to 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,” Salem comments.
“We led our team on an extensive multi-month search for the best SaaS vendor and FAST was clearly the best technology stack,” notes Jeff Axelson, Director of Information Technology, American Life.
Common Vision on Business Agility
“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,” comments Tom Famularo, CEO, FAST. “Carriers are beginning to see how FAST is ‘changing the game’ in purchasing and implementing core systems for life and annuities.”