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Global Bankers Insurance Group (Durham, N.C.) has gone into production on FAST Insurance Components after a four-month implementation period. The company is currently using the FAST Platform to support new business and policy administration capabilities for its annuity business. The scope of the first release included 10 integration points, including accounting, correspondence, inbound and outbound banking feeds for payment and disbursement processing, policy print, and data warehouse integration, according to a FAST Technologies (Iselin, N.J.) statement.
Global Bankers utilized FAST’s agile-based proprietary implementation methodology that leverages FAST’s out-of-the-box processing functionality, integration capabilities and configurable product engine to complete implementations in unprecedented timeframes without requiring any programming, the vendor reports.
“Member company Colorado Bankers Life Insurance Company chose the launch of its new flexible premium deferred annuity, called Preferred Asset Growth II, as our pilot project on the FAST Platform,” comments Joe Lurie, CIO, Global Bankers. “Critical to its successful launch was speed to market, which we achieved with a one team model approach and strong partnership with FAST. From this pilot, we plan to implement a series of products on FAST.”
“We were pleased to achieve our aggressive timelines and launch the new product on schedule,” comments Renga Appan, a senior member of the Global Bankers Leadership team in India. “The collaboration between the FAST and Global Bankers team members was exceptional which helped us leverage FAST product capabilities better, in addition to achieving a faster turnaround. We’re now looking forward to further roll out of the platform as part of our long term strategy.”
Three- to Six-Month Implementations Becoming Common
“It’s great that customers like Global Bankers and others are demonstrating what’s possible with the FAST platform. Among our customer base, three to six month implementations are becoming common and we’re very pleased about that,” comments Tom Famularo, CEO, FAST.