Amica Life Licenses FAST Insurance Components

The insurer sought the most modern and flexible components and partners for its ambitious digital transformation journey.

(Image source: Amica Life homepage.)

Amica Life Insurance Company (Lincoln, R.I.) has licensed FAST (Iselin, N.J.) 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, according to a FAST statement.

Andy Mudra, VP, Amica.

“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,” comments Andy Mudra, VP, 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,” adds Hamza Rafiq, Life Technology Services Officer at Amica Life.

Digital Transformation Trend

“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, 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.”

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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