Pacific Life Licenses FAST Software to Enable Digital Transformation of Its Life Insurance and Retirement Solutions Divisions...
April 22 2020 - 12:00PM
FAST, a Verisk (Nasdaq:VRSK) business, announced today that Pacific
Life, a leading 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,” said Wes Wright, vice
president of Life Information Technology at Pacific Life. “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.”
“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,” said Tom
Famularo, managing director of FAST. “FAST is proving that our
platform provides the flexibility to address the needs of all
insurers, big or small.”
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.
About FASTFAST, which stands for “Flexible
Architecture, Simplified Technology,” is a Verisk (Nasdaq:VRSK)
business and a leading provider of end-to-end software for the life
insurance and annuity markets. FAST, located in Iselin, N.J.,
provides a SaaS suite of out-of-the-box components that life
insurers can use to quickly enhance or replace their legacy
systems. To learn more about FAST, visit
www.fasttechnology.com.
About Verisk Verisk (Nasdaq:VRSK) is a leading
data analytics provider serving customers in insurance, energy and
specialized markets, and financial services. Using advanced
technologies to collect and analyze billions of records, Verisk
draws on unique data assets and deep domain expertise to provide
first-to-market innovations that are integrated into customer
workflows. Verisk offers predictive analytics and decision support
solutions to customers in rating, underwriting, claims, catastrophe
and weather risk, global risk analytics, natural resources
intelligence, economic forecasting, and many other fields. Around
the world, Verisk helps customers protect people, property, and
financial assets.
Headquartered in Jersey City, N.J., Verisk operates in 30
countries and is a member of Standard & Poor’s S&P 500®
Index. In 2018, Forbes magazine named Verisk to its World’s Best
Employers list. For more information, please visit
www.verisk.com.
About Pacific LifeFor more than 150 years,
Pacific Life has helped millions of individuals and families with
their financial needs through a wide range of life insurance
products, annuities, and mutual funds and offers a variety of
investment products and services to individuals, businesses, and
pension plans. Whether your goal is to protect loved ones or grow
your assets for retirement, Pacific Life offers innovative products
and services that provide value and financial security for current
and future generations. Pacific Life counts more than half of the
100 largest U.S. companies as its clients and has been named one of
the 2020 World’s Most Ethical Companies® by the Ethisphere
Institute. For additional company information, including current
financial strength ratings, visit www.PacificLife.com.
Pacific Life refers to Pacific Life Insurance Company and its
affiliates, including Pacific Life & Annuity Company. Client
count as of June 2019 is compiled by Pacific Life using the 2019
FORTUNE 500® list.
Contact:
Brett Garrison
Edelman (for FAST)
917-639-4903
Brett.Garrison@edelman.com
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