Tom Famularo, CEOWith the growing competition, insurers globally are re-evaluating their strategies to identify new avenues for growth, while sustaining current business. Based on the lessons learned from economical downturn, insurance companies are equipping themselves for the future by relying on advanced technology applications and solutions. However, reducing risk while fitting new applications seamlessly into the existing application portfolio seems to be a key challenge. FAST offers insurers a unique set of pre-built and pre-configured insurance components developed on a service oriented architecture technology framework—to modernize their legacy environments, get a better handle on risk, and meet future demands.
FAST give insurers real business advantage, a focus gained from the prior experience and modern architectural concepts championed by its CEO, Tom Famularo. For Famularo, innovation is the driving force that has led his company’s emphasis on automating solutions that will simplify their complex technology environment and bloated business processes. By combining great software with deep expertise in technology and insurance processing, the company provides solutions ranging from smaller, targeted projects to broader legacy system transformation.
FAST insurance components offers a complete suite of business process driven software, delivering end-to-end insurance processing for common insurance products. Having a truly componentized core offering allows FAST to provide its customers options, which dramatically reduce risk, time, and costs when it comes to modernizing their legacy systems. These options include making small incremental business process improvements using micro services, quickly standing up new operational area to rapidly introduce new products or tackling big projects for full-scale legacy replacement, converting, and consolidating down to a single platform.
Through its software offerings, FAST delivers a user-centered design that connects customers, distribution, and home office, enabling real-time transactions and calculations, as well as allowing data aggregation and business intelligence.The company has also helped insurance clients in optimizing their legacy systems in core functional areas, including: policy administration and service; distribution management and compensation; and business process management.
FAST delivers a user-centered design that connects customers, distribution, and the home office, enabling real-time transactions and calculations, as well as allowing data aggregation and business intelligence
Its insurance portal allows customers to share real-time information using an advanced User Interface (UI) by seamlessly combining data from multiple sources.
FAST’s components and business process management tools help companies drive end-user satisfaction via an agile-based approach that delivers incremental process improvement. The company’s software development automation engine, FAST 8x, allows insurance companies to configure existing components and develop new software components or full applications faster than traditional methods. In addition, FAST has built an event driven architecture using Big Data techniques to track every event of the insurance company, providing real insights. As Famularo adds, “With SOA we’re able to quickly mix and match our components with the customer’s existing assets and other third party software, to build different apps that solve complex problems.”
In one instance, a customer of FAST took on some of the most complex insurance products, and turned to the solution provider to aid them in consolidating different systems. Using FAST's software and services, the company was able to sunset nine complex administration systems and convert all policies on their platform just over 15 months, resulting in increased efficiency and productivity.
For the road ahead, FAST looks forward to driving the pace of innovation and expertise with their software and services offerings. The company offers today’s carriers a powerful technology solution that is eminently adaptable, helps them scale, attracts more partners, and strengthens their position as a solution provider.