Pacific Life Licenses FAST Software to Enable Digital Transformation

The insurer will use the software to augment data workflows, improve policy administration, and enhance distribution management for its Life Retirement divisions. 

(Newport Beach, Calif. Image source: Pixabay.)

Pacific Life (Newport Beach, Calif.), a national provider of life insurance, annuities, and mutual funds, has licensed FAST (Iselin, N.J., a Verisk company) software to serve as a key component in its digital transformation. Pacific Life will use FAST software to augment data workflows, improve policy administration, and enhance distribution management for the insurer’s Life Insurance and Retirement Solutions divisions.

“We were looking for a platform that could address our needs across both Life Insurance and  Retirement Solutions, while providing cutting-edge technology that would allow us to adapt and quickly react to challenges in the future,” comments Wes Wright, VP, Life Information Technology, Pacific Life. “Our Life Insurance and Retirement Solutions operations have independent objectives, and we were delighted to find a single solution that will scale across both operations. FAST’s ability to quickly configure a complex set of products, their flexible architecture and integration, and their commitment to continually upgrade the platform were key drivers in our decision.”

Tom Famularo, Managing Director, FAST.

Flexibility to Address the Needs of All Insurers

“We’re excited to add Pacific Life to FAST’s growing customer-base and are appreciative of the opportunity to work with both divisions on their digital transformations,” comments Tom Famularo, managing director, FAST. “FAST is proving that our platform provides the flexibility to address the needs of all insurers, big or small.”

Verisk, which acquired FAST in December, reports that it has developed a suite of solutions that apply advanced analytics, automation, and machine learning to existing and emerging data sources. The solutions are designed to transform existing workflows in life insurance underwriting, life and pension analytics, claim insights, compliance and fraud detection, and actuarial and portfolio modeling.

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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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