(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.
“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.”