(Image source: Pacific Life homepage.)
Pacific Life’s (Newport, California) level-premium term life insurance product, Pacific Elite Term, is in production with Verisk’s (Jersey City, N.J.) FAST platform for new business, policy administration and claims. A Verisk statement characterizes the go-live as marking another important milestone in Pacific Life’s digital transformation, which is focused on continuing growth with digital capabilities that power distinctive customer experiences, operational excellence and data-driven decisions across Pacific Life.
Verisk describes the FAST platform as being seamlessly integrated into Pacific Life’s workflow, and supporting the carrier’s full range of offerings—from today’s relatively simple term product launch to more complex products.
“Pacific Life has been a strong and stable provider of innovative financial solutions for more than 150 years,” comments Wes Wright, CIO, Life Insurance Division, Pacific Life. “With our implementation of the FAST platform, we take the next step in our digital transformation journey to simplify our product development cycle, enabling Pacific Life to continue its legacy of innovative and competitive life products designed to protect what matters most to our customers.”
Highest Flexibility, Superior Experience
Leveraging FAST’s real-time, event driven architecture, Pacific Life independently configured most events and triggers required to integrate the platform into its ecosystem, according to the Verisk statement.
“Pacific Life embraced digital transformation of its insurance ecosystem in an impressive manner to deliver the highest flexibility and a superior experience for distributors and policyholders,” comments Tom Famularo, managing director, FAST, Verisk. “Many of our customers are empowered to implement FAST systems and we’re excited to see Pacific Life reap the rewards of learning and performing configuration on our flexible and intuitive platform.”