National Life Group (Montpelier, Vt.) has licensed FAST Insurance Components to serve as the core of a significant legacy modernization initiative, the Edison, N.J.-based vendor announced this morning at the annual IASA Educational Conference and Business Show in Indianapolis. The solution will be implemented incrementally using and Agile-based methodology and will provide what FAST calls a broad spectrum of processing, including new business, case management, policy administration, licensing, commissions, appointments and claims.
“The FAST platform and implementation approach are allowing us to rapidly implement end-to-end processing in a highly collaborative way,” comments Ruth Smith, EVP, protection, National Life Group. “Our project team anticipates that the configurability and flexibility of the FAST system will allow us to quickly get to a robust end-to-end platform.”
Ruth Smith, EVP, National Life Group.
National Life Group’s selection represents a continuing trend of insurers leveraging newer software platforms that combine functional maturity and agility, suggests Tom Scales, research director of Celent’s life and health insurance practices. “The carriers that take advantage of platforms that are both feature-rich and configurable will have competitive advantage in the coming years,” he says.
FAST, which stands for Flexible Architecture, Simplified Technology, is a privately held company founded by former leaders of life insurance policy administration system vendor NaviSys, which was acquired by Accenture and was the basis of the Accenture Life Insurance Platform (ALIP).
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