TruStage Uses Verisk’s FAST to Enhance Annuity Offerings

FAST’s flexibility lets TruStage support existing products, counteracting the challenges often posed by frequent product variations and regulatory changes.

Anthony R. O’Donnell //

(Image credit: Lectrician2/Wikimedia.)

TruStage Annuities (Madison, Wisc.) has selected Verisk (Jersey City, N.J.), a leading global data analytics and technology provider, and its FAST platform to bolster the efficiency of its annuity offerings, including the continued evolution of its registered index-linked annuity (RILA) designed to meet market demands, according to a Verisk statement.

Dave Hanzlik, VP, Annuity and Retirement Solutions, TruStage.

Harnessing the power of FAST, the RILA product was brought to market rapidly and updated based on market feedback, the vendor reports. Verisk says the flexibility of FAST enables TruStage to support existing products, serving to counteract the challenges often posed by frequent product variations and regulatory changes, allowing for enhanced operational efficiencies.

“Verisk’s FAST platform has allowed us to streamline integration and set the stage for future growth and innovation,” comments Dave Hanzlik, VP, Annuity and Retirement Solutions, TruStage. “As our business continues to evolve to meet shifting market demands, our technology is poised to help us preempt change. TruStage’s investment in the FAST platform highlights our commitment to helping our clients get access to a brighter financial future.”

Embodying Adaptability

Tom Famularo, Managing Director, FAST.

Tom Famularo, managing director and co-founder of Verisk’s FAST, echoed this sentiment, “Our FAST team embodies adaptability,” comments Tom Famularo, co-founder and managing director, FAST. “When our customers are ready to forge ahead, we respond with agile, pioneering technology and processes, helping to accelerate their digital transformation faster than they thought possible.”

To support life and annuity insurers across the policy life cycle, Verisk reports that it has developed a suite of solutions that apply advanced analytics, automation and machine learning to existing and emerging data sources. The vendor says its solutions are designed to help transform current workflows in life insurance underwriting, claim insights, policy administration, unclaimed property/equity, 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 AnthODonnell@IIReporter.com or (503) 936-2803.

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