(Quadrangle Building at the University of Pennsylvania. Photo credit: WestCoastivieS.)
Reliance Standard Life Insurance Company (Philadelphia, a member of the Tokio Marine Group) has licensed FAST (Edison, N.J.) Insurance Components to serve as the core system for new business, policy administration and distribution management for the carrier’s annuity business. The system selection is part of a larger strategic modernization initiative directed at supporting growth and innovation.
“Our goal with this initiative is to implement a modern platform that will enable growth and innovation in Reliance Standard’s business for years to come, so we were laser focused on finding the right partner,” comments Dan Falkenstein, senior VP and CIO, Reliance Standard. “Naturally, functionality and architecture were key factors in making the selection, but we also put a lot of emphasis on the people we would be working with. In this regard FAST emerged as an ideal partner during our assessment process.”
Historically, carriers have been reluctant to move to a more modern technology platform because of the perceived cost and risk, suggests Tom Scales, research director in Celent’s (Boston) insurance practice. “However, modern technology, agile implementation processes and increased business demands are changing the balance in favor of carriers taking on these challenges,” he observes. “It’s exciting to see carriers truly transforming their business and underlying technology.”
Strategically Created Business Value
Reliance Standard specializes in what the carrier characterizes as innovative and flexible employee benefits solutions including disability income and group term life insurance, a suite of voluntary coverage options and, with sister company Matrix Absence Management, an integrated absence management program. The carrier markets its insurance solutions through independent brokers and agents to employers of all sizes. Reliance Standard does business for both insurance products and services in all states except New York, and also markets within the District of Columbia, Puerto Rico and the U.S. Virgin Islands.
“At FAST, we look to work with innovative insurance companies who share our vision for the role of technology as well as its ability to strategically create business value now and in the future,” comments Tom Famularo, CEO, FAST. “I’m pleased Reliance Standard selected us and we’re looking forward to delivering a fantastic solution with them.”