Vantis Life (Windsor, Conn.) has licensed FAST Insurance Components to support commissions processing for the insurer’s life and annuity business. The solution, which the vendor describes as a business process-driven software suite, will provide commissions-related capabilities, including schedule management, calculation, reporting and accounting.
“Vantis Life is always looking for cost-effective ways to improve service to our agents by leveraging best-of-breed technology,” comments Scott Smith, the company’s executive VP and chief operating officer. “FAST’s componentized approach will allow us to make those improvements incrementally.”
FAST Insurance Components comprises more than 40 pre-built business process-driven components that can be assembled to deliver targeted, end-to-end solutions, according to the vendor. The offering enables carriers to cost-effectively eliminate data and functional redundancy within their enterprises, FAST asserts. The vendor characterizes FAST Insurance Components as a fully SOA-compliant modernization alternative to conventional vendor systems.
Deb Smallwood, founder of SMA suggests that FAST’s business process-driven approach will enable Vantis Life to create a more tailored environment for commissions processing. “Most insurers face challenges in the distribution management space, each with its unique business and technology needs,” she says.
“Vantis Life is able to leverage FAST’s components to align to its specific needs and position for advantage.”
FAST also provides integrated, preconfigured software applications for policy administration, new business and underwriting, distribution management, insurance portals and claims.