Woman’s Life Insurance Society Licenses FAST for New Business and Underwriting

Edison, NJ (PRWEB) July 24, 2013

FAST announced today that Woman’s Life Insurance Society® has licensed the company’s business process driven software suite, FAST Insurance Components, to support new business processing for its life and annuity business. The solution will include application entry, case management and underwriting.

“As a fraternal benefit society, we are always looking for creative ways to improve efficiency and member service within a budget that’s appropriate for our size,” said National President of Woman’s Life Chris Martin. “FAST is allowing us to incrementally improve our core systems – starting with new business.”

FAST Insurance Components is the industry’s first complete suite of more than 40 pre-built business process driven software components delivering targeted and end-to-end solutions. By leveraging FAST Insurance Components, carriers are able to cost effectively eliminate the redundancy in data and functionality in their enterprise. The solution allows carriers to achieve legacy modernization via a fully SOA-compliant alternative to conventional vendor systems.

“We’re very pleased to be working with Woman’s Life on this important initiative,” said John Gorman, chief operating officer of FAST. “FAST is committed to solving legacy systems challenges across a broad spectrum of fraternal organizations and insurance companies.”

Chuck Johnston of Celent added, “Woman’s Life’s focus on the new business process makes a lot of sense. FAST’s componentized approach to providing insurance core process capabilities is aligned with the quick transformation process carriers must make to drive organic growth in the highly competitive life and annuity market.”

In addition to providing individual components, FAST provides fully integrated, pre-configured software applications for policy administration, new business and underwriting, distribution management, insurance portals and claims.

About Woman’s Life

Woman’s Life Insurance Society® is a not-for-profit membership organization. For more than 120 years, Woman’s Life has been offering quality financial products, including whole life, universal life, term life insurance, and flexible premium and single premium annuities designed to help women plan for a financially secure future for themselves and their families. Through the sale of financial products, Woman’s Life funds community projects held by members to benefit charitable organizations and individuals in need in the communities where members live. To learn more, visit http://www.womanslife.org, or call 1-800-521-9292.

About FAST

FAST, which stands for "Flexible Architecture, Simplified Technology", is a privately-held company located in Edison, New Jersey founded by the former leaders of NaviSys. FAST focuses on solving the challenges financial services and insurance clients face as they seek to modernize their systems environments or completely replace legacy systems. Visit: http://www.fasttechnology.com.

Read the full story at http://www.prweb.com/releases/2013/7/prweb10960520.htm

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