Pacific Life Licenses FAST Software
FAST, a Verisk business, announced that Pacific Life, a provider of life insurance, annuities, and mutual funds, has licensed FAST software to serve as a key component in its digital transformation. Pacific Life will use FAST software to augment data workflows, improve its policy administration, and enhance its distribution management for its Life Insurance and Retirement Solutions divisions.
“We were looking for a platform that could address our needs across both Life Insurance and Retirement Solutions, while providing cutting-edge technology that would allow us to adapt and quickly react to challenges in the future. Our Life Insurance and Retirement Solutions operations have independent objectives, and we were delighted to find a single solution that will scale across both operations. FAST’s ability to quickly configure a complex set of products, their flexible architecture and integration, and their commitment to continually upgrade the platform were key drivers in our decision.” – Wes Wright, vice president of Life Information Technology at Pacific Life.
“We’re excited to add Pacific Life to FAST’s growing customer-base and are appreciative of the opportunity to work with both divisions on their digital transformations. FAST is proving that our platform provides the flexibility to address the needs of all insurers, big or small.” – Tom Famularo, managing director of FAST.
Verisk, which acquired FAST in December, has developed a suite of solutions that apply advanced analytics, automation, and machine learning to existing and emerging data sources. The solutions are designed to transform existing workflows in life insurance underwriting, life and pension analytics, claim insights, compliance and fraud detection, and actuarial and portfolio modeling.