Global Bankers Replaces Legacy Core Insurance Systems with FAST Insurance Components

FAST’s solutions will support new business, policy administration, and distribution management for life and annuity products.

(Detail of Duke Chapel in Durham, N.C., home of Global Bankers Insurance Group.)

Global Bankers Insurance Group (Durham, N.C.), a consortium of insurance and reinsurance companies, focusing on life & annuities, has licensed FAST Insurance Components (Edison, N.J.) to support new business, policy administration, and distribution management for life and annuity products. The vendor reports that the solution is expected to play a pivotal role in Global Bankers’ strategy to boost operational efficiency through system modernization and consolidation.

Joe Lurie, CIO, Global Bankers Insurance Group.

Joe Lurie, CIO, Global Bankers Insurance Group.

“After assessing the leading software solutions in the market, we believed that FAST offered the best combination of functionality and technical architecture,” comments Renga Appan, CEO and President of Eli Business Solutions.  “Overall cost of ownership and commitment to support our plans for achieving self-sufficiency were also important in the decision process and FAST had good answers here.”

Long-Term Strategic Commitment

“This is a long term strategic commitment for us, so it was very important that we picked the right partner to support our aggressive growth plans,” comments Joe Lurie, CIO, Global Bankers Insurance Group. “I think we have that in FAST. I’ve been pleased with the collaboration thus far between our firms that will be essential to our success.”

“Global Bankers has fairly ambitious plans for replacing its legacy systems,” said John Gorman, Chief Operating Officer at FAST.  “By embracing a pragmatic, Agile-based approach, we believe they can realize business value faster and deliver capabilities much more effectively.”

Global Bankers Insurance Group is part of the of Eli Global federation of independent businesses, a privately-held consortium of over 50 autonomous companies serving a diversified range of industries including insurance, financial services, healthcare services, revenue cycle management, information technology, marketing and sales, publishing, distribution, market research, and business information. Global Bankers’ member companies include Colorado Bankers Life Insurance Company, Southland National Insurance Corporation and Mothe Life Insurance Company.

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For over a decade 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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