FAST Recognized Again in Gartner Magic QuadrantTM Analysis
September 03 2020 - 10:18AM
JERSEY FAST, a Verisk business and leading software provider for
the insurance and annuity industry, has been acknowledged again in
the Gartner Magic QuadrantTM, an analysis used by many companies to
help evaluate technology providers. Specifically, FAST improved its
position on the Quadrant's ability to execute axis compared to the
previous year.
For the third consecutive year, FAST was recognized by Gartner
in the August 2020 edition* as a Leader for life insurance policy
administration systems in North America for its completeness of
vision and ability to execute. FAST has been acknowledged in the
Gartner Magic Quadrant for the past five years.
FAST, which stands for "Flexible Architecture, Simplified
Technology," provides a scalable technology platform that life
insurers can use to quickly enhance or replace their legacy policy
administration systems.
"We believe this recognition from Gartner is a testament to the
continuous improvements we're making to help life insurers thrive
in a digital world," said Tom Famularo, managing director and
founder of FAST. "At a time when many IT budgets are under
pressure, more insurers are turning to us for scalable solutions
that enable efficient and cost-effective policy
administration."
Verisk, which acquired FAST in 2019, has created new
underwriting solutions for life insurance that can be integrated
into FAST software.
"FAST is relied on by many insurers as an integral platform for
modernizing operations across the policy lifecycle," said Maroun
Mourad, president of global underwriting at Verisk. "The FAST
team's relentless focus on customer-centric solutions and extensive
experience is helping us expand our presence and deliver a wide
range of innovative tools to the life insurance market."
To support life insurers across the policy life cycle, Verisk
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 current workflows
in life insurance underwriting, life and pension analytics, claim
insights, compliance and fraud detection, and actuarial and
portfolio modeling.
To learn more about Verisk's life insurance solutions,
visit verisk.com/life.
* Gartner, Inc. "Magic Quadrant for Life Insurance Policy
Administration Systems, North America," Richard Natale, Rajesh
Narayan, 3 August 2020.
Gartner does not endorse any vendor, product or service depicted
in its research publications, and does not advise technology users
to select only those vendors with the highest ratings or other
designation. Gartner research publications consist of the opinions
of Gartner's research organization and should not be construed as
statements of fact. Gartner disclaims all warranties, expressed or
implied, with respect to this research, including any warranties of
merchantability or fitness for a particular purpose.
About FAST FAST, 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 and part of the Nasdaq 100 Index. For more
information, please visit www.verisk.com.
Media Contacts: Joseph Madden Verisk Public
Relations 201-232-4486 Joseph.Madden@verisk.com
Brett Garrison Edelman (for Verisk) 212-639-4903
Brett.Garrison@edelman.com
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