As the market grows increasingly competitive insurers around the globe are re-evaluating their strategies to identify new avenues for growth while sustaining current business. Based on the lessons learned from the difficult years of economical downturn, insurance companies are equipping themselves for the future by relying on advanced technology applications and solutions. Although insurers are looking for ways to upgrade their systems, reducing risk while fitting new applications seamlessly into the existing application portfolio seems to be a key challenge. In order to help insurers automate their legacy systems, get a better handle on risk, and meet future demands, FAST offers a unique componentized service-oriented architecture technology framework with pre-built insurance rules, workflows, and implementation services.
Improving Legacy Administration Systems
Founded in 2009, FAST is deeply rooted in the prior experience and knowledge of cutting edge technology in architectural concepts of its CEO, Tom Famularo. For Famularo, innovation is the driving force that has led his company’s emphasis on automating solutions for insurance companies to simplify their complex technology environment and bloated business process. “We wanted to use our experience and modern technology for building applications that will transform the insurance industry,” adds Famularo. By combining great software with deep expertise in technology and insurance processing, the company provides its clients with solutions ranging for smaller, targeted projects to broader legacy system transformation.
Pioneer of FAST
Tom Famularo, CEO of FAST oversees the strategy and ongoing operations. He is particularly focused on the company’s long-term product development strategy. Prior to FAST, Tom was the Head of Product Development at NaviSys, where he and his team built what went on to be the leading life and annuity system in the market for many years. Tom was instrumental in designing the NaviSys Front Office system and led the re-architecture of NaviSys Home Office. After Accenture acquired NaviSys, Tom was the global lead for the life insurance software unit.
Set of Services
FAST offers a robust set of insurance software components that help augment or replace existing core legacy administration systems. Their offering is designed to provide insurance carriers various options to support their modernization strategy. These components can be used as the fundamental building blocks for carriers as well as a launch pad for customization. They may also be used to surround and starve smaller parts of larger legacy systems, or replace old systems entirely.
FAST has a true modern Service Oriented Architecture. This allows them to take a componentized approach to updating legacy systems rather than forcing carriers into completely replacing systems. This approach costs less, requires less resources to build and manage, and dramatically lowers project risk. FAST has won several awards for their innovative architecture and the way they support carriers in their modernization strategy, making them truly unique in the market.
Lowers the Risk of Failures
For the FAST team, it’s fun to solve hard problems. They look for people who have the resourcefulness, creativity and perseverance needed to solve the difficult issues insurance companies face in today’s marketplace.
FAST clients are seeing many benefits of using the FAST Insurance Components. These organizations are finally realizing that they can have a system that provides the fundamental building blocks they need yet still be able to customize areas that make them stand out from their competition. Insurance companies are also seeing that a componentized approach lowers the risk of failure. These components allow them to take on smaller projects where they can see immediate value rather than waiting years for a single big payoff. FAST also has a specialized implementation plan that ensures their clients are successful with their purchases. This plan includes the use of highly trained partners like EY, Cognizant, PWC and Edgewater that support the project where needed.
Leveraging the Changing Scenario
Twenty years ago carriers had teams of developers internally building and supporting systems. Since the financial crisis, carriers have dramatically reduced their internal IT resources and their internal core systems are paying the price. These legacy systems use obsolete code and are prone to break, presenting major roadblocks when it comes to new innovation. Carriers know they must make changes and are allocating more in their budgets to modernize and reduce maintenance costs to become more competitive in today’s ever-changing digital world.
Today these same insurance carriers are finally realizing that they don’t have to replace entire systems to meet their end goals of modernizing core systems. This makes the team at FAST more confident about the company’s future. They are also excited that carriers are starting to embrace technology again seeing that it adds real value. In addition, they see the introduction of IoT with more and more carriers and have started embracing these new technologies into their components.