(View of American Family Life headquarters in Madison, Wisc. Source: American Family Life.)
American Family Life Insurance Company (Madison, Wisc.) has licensed FAST Insurance Components to support new business and policy administration for a new life insurance product.
Tom Benton, Principal, Novarica.
American Family’s selection process aimed to find a system with the best combination of robust life insurance functionality and configurability, according to Jim Maastricht, associate VP, American Family. “We selected FAST,” he comments. “We also put a huge value on having a flexible technical architecture, which will be critical to our success.”
“Increasingly, we see leading carriers investing in modern, configurable PAS platforms to enable innovation,” said Tom Benton, principal in New York based research and advisory firm Novarica’s insurance practice. “The companies like American Family that make the investments now should have a leg up on their competition in the future.”
FAST, which stands for “Flexible Architecture, Simplified Technology”, is a privately-held company located in Edison, NJ founded by the former leaders of NaviSys. FAST focuses on solving the challenges our financial services and insurance clients face as they seek to modernize their systems environments or completely replace legacy systems.
(Related: National Life Pursues Rapid Modernization with FAST Insurance Components.)