Modern Woodmen of America Licenses FAST for L&A Policy Administration

The fraternal financial services organization described FAST as the best solution to meet the unique needs of its membership.

(Photo credit: Barco.) 

Modern Woodmen of America (Rock Island, Ill.) has licensed FAST Insurance Components to serve as the Rock Island, Ill.-based fraternal financial services organization’s policy administration and new business system for life and annuities, according to an announcement made by the Edison, N.J.-based vendor at the 2014 ACORD LOMA Forum at the Rosen Shingle Creek resort in Orlando, Fla.

Tom Famularo, CEO, FAST.

Tom Famularo, CEO, FAST.

“Our team did a thorough analysis of the top policy administration systems in the market and concluded that FAST offered the best solution to serve the needs of our members,” commented Denny Prior, national secretary, Modern Woodmen. “As important, we believe that FAST is the right partner for this important journey.”

Insurance carriers are looking for solutions that are more configurable and flexible than ever, according to Chad Hersh, managing director, Novarica. “Carriers with such systems have a competitive advantage that has potential to drive increased profitability going forward,” he said.

Tom Famularo, FAST’s CEO noted: “As a large fraternal financial services organization, Modern Woodmen has unique needs that go beyond what we see in more traditional life insurers.”

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 [email protected] or (503) 936-2803.

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