Woman’s Life Insurance Society (Port Huron, Mich.) has adopted FAST Insurance Components, with a solution including application entry, case entry, case management, underwriting, premium quotes and issue calculations for the company’s life and annuity business. Using FAST Technology ’s Agile-based delivery methodology, a combined carrier/vendor team with an average of fewer than four full-time equivalents completed implementation in less than five months, according to a vendor statement.
“FAST has enabled us to significantly improve our new business processing capabilities in a very short period of time,” comments Chris Martin, national president, Woman’s Life. “I’m extremely proud of the way the teams from Woman’s Life and FAST were able to collaborate to deliver something that is truly impressive.”
Woman’s Life’s rapid ramp-up adds to the accumulating evidence of the type of benefits obtainable with modern, flexible core systems, asserts Chad Hersh, principal, Novarica. “When combined with an incremental and iterative delivery approach, insurers now have the option to see benefits much more quickly and with fewer resources at a lower cost,” he says.
FAST Insurance Components comprises what the vendor characterizes as a complete suite of more than 40 pre-built business process driven software components delivering targeted and end-to-end solutions. By leveraging FAST Insurance Components, carriers are able to cost effectively eliminate the redundancy in data and functionality in their enterprise, the vendor asserts. The solution allows carriers to achieve legacy modernization via a fully SOA-compliant alternative to conventional vendor systems, according to FAST.
“This implementation serves as a testament to the insurance processing capabilities, as well as the configurability of the FAST solution,” declares John Gorman, chief operating officer, FAST. “However, you can’t implement something this complete this quickly without a customer who is fully committed to taking an Agile approach.”
In addition to providing individual components, FAST provides fully integrated, pre-configured software applications for policy administration, new business and underwriting, distribution management, insurance portals and claims, according to the vendor statement.